My goals this year are:
*Pay off Mortgage
*$30K into Equities
*Save $5K for Holiday money
*Save $5K for future House Repairs/Remodel
*Read 50 books - one of my goal last year, I'm hoping to actually achieve it this year.
*Workout 4 times a year (I meant a week, lol). I have been doing this for the last 3 months now, I'm hoping to keep going.
*Continue the 'no buying soft drinks' rule this year.
*Get back to blogging, at least once per week.
*Re-do landscaping in both front and back yard.
*Use floss and piksters everyday
*Wake-up before 7am. I have been trying to get up around 5am this week. This one is going to be hard one to achieve.
*Continue getting rid of "Stuff". Aim for this year is to get rid of around 10% of our stuff.
*Organise my emails.
Viewing the 'Goals' Category
My goals this year are:
Living Expenses- $1,932.34
Mortgage Repayments = $6,818.00
(Interest = $112.17)
(Principal = $1105.83)
(Extra Repayment =$5,600.00)
Other Expenses = $1,220.48 - big chunk of this was for my Samsung Note. Also spent a bit on house repairs, gardening, new BBQ and Rubber mats.
I don't know how I feel about that big extra repayment to the mortgage that we paid last month now, maybe we shouldn't have done since DH quit his job (but we didn't that was going to happen - not so soon) it would have been good to have more liquid cash in hand, but at the same time because of that repayment we will most likely be paying less than $100 of interest every month from now on.
Changes in our Goals this year:
The biggest one is that we will most likely NOT be able to pay off the mortgage this year, unless of course DH find another job fairly quickly. We could however cash in some investments to pay it off but really we want to keep cash or assets we can easily cash in if we need to. Also all extra repayments we have made to the mortgage is in what they call "Redraw Account" that technically we can redraw if we want to. But we will not be doing that unless something catastrophic were to happen. The other reason that I'm not as bothered by it is that our interest rate here (which I guess is similar in the US) is at it's all time low. So putting off pre-paying it for now is not so bad and even if we don't ever make any extra payment the whole thing will be paid off in less than 20 months. Unfortunately here in Australia we done get any tax incentives in delaying paying our mortgage off that's why all this time I have been very determined to pay it off as soon as possible. Anyway, at this time our plan is just being delayed, definitely not abandoned.
It goes without saying that another change we will have to do while DH is not working is to stay within our budget as much as possible and even try to tighten it. We can definitely save some money in some categories, especially under transportation cost - DH won't need to buy train pass.
ARggh I lost my post earlier today I pressed Save as Draft and it disappeared.
DH just gave his 4 weeks notice, after May he will not be working anymore. DH just had enough and I don't blame him and I fully support his decision. I'm actually surprise it took him this long. He almost quit back in Dec and again in Jan.
2 years ago there were new bunch of upper management that got hired and I guess they were told to get rid of people. 2 years ago their team used to have 12 people in it and now there are only 3 left and 1 of them has been taken to do something else (he is complaining about it but there is not much he can do). Being the team leader a lot of the stuff falls on DH. 2 years ago they used to have a Business Analyst, a couple of Data Managers, few testers and few developers (including DH). They used to have a boss that looked after them but he left in October and still haven't been replaced, he didn't get along with his new boss DB (which now DH has to deal with, he is horrible to say the least). The BA and data managers and some of the developers and testers had been let go over a year ago. The 2 testers that were left quit this year (actually 1 got another job and the other decided to retired early instead).
The other developer has already told DH that she will not renew her employment if they get extended after June. That's if they actually get extended, they say they will but 2 months to go and there hasn't been any actions to show it yet. DH had been lied to few times now and he just can't trust them. DH had to step up a lot especially since his old boss left but they wouldn't acknowledge it.
Couple months ago they finally got approval to hire DH old boss position, the one that left in October. DH wasn't really interested in applying for it but at the same time thought may as well since he has been doing this job for months now and also the lady that said she will be living in June said that she would stay if DH gets the job. But ultimately DH just want them to hire someone so he can just concentrate in doing his role that he was hired to do. Anyway, he got interviewed for it and at the end DB said that this the last interview and that he will find out in the next 48 hours. 2 weeks later still nothing and in the meantime DH found out that they actually interviewed 2 more people after that. So on Friday DH asked him if he could talk to him but he said he is busy and would like to discuss it later on that day he will call DH then. Anyway 4:45 that afternoon DH still haven't heard from him. He tends to do this he just ignored things that he doesn't want to deal with, like not answer emails for weeks. DH contacted him to ask if he could talk to him, he said can we do it on Monday but DH really wanted to deal with it then he didn't want another weekend to pass. Lucky he did because DB was actually away on Monday and Tuesday. DH thinks he likes to delay stuff in a hope that people will just forget about it he has done it few times before to DH. In Dec last year DH emailed him something and he didn't respond to it a month later and actually told DH off for not ringing him about it instead. WTF. Apparently, a lot have got caught out with it were they email him stuff that he wanted but never get a respond and down the line they get told off for not ringing him about it. Things that are important to him cannot just be emailed to him they must contact him via phone but the problem is people don't always know what he consider important. He is in a major power trip. Anyway, he told DH that he didn't get the job which is fair enough apparently other applicants had a lot more managerial experience. DH understands and wanted to know when the new person will be starting? Well apparently he will not be hiring anyone he wants to post the job again through a job agency this time. Another WTF. That means it would take at least another 2 months in the meantime DH still has to deal with everything. No thank you! He has been so stress out about work lately and hasn't been sleeping well from constantly thinking about work, he just can't deal with it anymore. So we decided that he should just resign now even without another job to go to. He can have a rest while looking for another job. A quick calculation we should have enough cash in hand to last for the rest of the year. I will look into it more this weekend.
Our goals will have to change this year but hopefully only for short time.
ARghh! Lost my post!
Yesterday we got an entitlement and acceptance form for one of DHís stock. He is entitled to acquire 4 new shares for every 5 existing shares, at an offer price of 20cents per shares. All up it amounted to $110.20. Iíve decided to use the Sunny Day Savings for this.
Iíve added another goal for this year Ė to read at least 5 books per month. Right now I am re-reading ďThe Magic of Thinking BigĒ. I have not read this for about 15 years. This was the first Ďself-helpí book that I read. Someone gave this book to my mum in the early 90ís and just sat in the bookshelf for years until one day (I must have been bored) I picked it up. Iíve probably read 100 self-help books since then.
These are our goals for 2013.
Goal 1: Pay extra $30K into the mortgage principal.
Action Plan: Must put in $2,500 extra on average per month.
Goal 2: Save $3000 into the Holiday Fund.
Action Plan: To be done by March (at least $1,000 p/m)
Goal 3: Add $6000 into the Household Fund (There is a long list to do/get).
Action Plan: Will put any extra money to this from Mar to Aug (avg $1000 p/m)
Goal 4: Save $2000 into the Xmas/Anniversary Fund.
Action Plan: To be fully funded by Dec.
Goal 5: Add $2000 into the Car Fund.
Action Plan: Put any extra money towards this goal.
1 Jan - Run for 40 mins (once around the track)
The other day I ran it for 35 mins, my best time so far. I guess yesterday I wasn't feeling 100%, was still recovering from the last run and was also tired from NYE activities, we played badminton at the picnic.
After our run we went straight to my mum's for lunch. Then in the afternoon we went to the local pool. Just a light session to help me recover. Then last night we watch a 3d movie at home. So that's how we spent our new year day.
Next year I am looking forward to:
1. Seeing the mortgage go under $100K Ė we are getting very close, it could be a nice birthday present for me in April.
2. Hitting the 1/2 a million (this sounds better than $500K) mark in net worth. We are currently around $470K. As long as the stock market and real estate is stable next year then we should hit this mark.
3. Going on holiday with family, it will be nice family reunion, most of them I havenít seen for almost 20 years.
4. Having $70K+ in shares and managed funds, currently at $59K. This is dependent on the stock market doing well.
5. Also hitting the $120K+ in our retirement accounts, again I am relying for the stock market to be at least stable. Just contribution alone should get us very close to the $120K mark.
Today is our last day of the month, the property rate will be taken out of the account today. We are done with this month.
Grocery - $272.68 (over $52.68) *We were way under last month on this so we were low on some item this month.*
Utilities - $102.45 (under $97.55)
Rates - $142.00 (under $0.46)
Home Phone - $14.95 (under $55.05)
Mobile - $70.00 (over $20.00)
Internet - $55.00 (even)
Fuel & Fare - $199.84 (under $0.16)
Health Insurance -$249.21 (under $0.79)
Entertainment -$116.70 (over $6.70)
Gifts -$0.00 ($50.00)
Personal/Medical - $85.65 (over $25.65)
DH Allowance -$100.00 (even)
DW Allowance - $75.00 (even)
Miscellaneous - $65.55 (over $35.55)
TOTAL = $1,533.57 (under $63.43)
Had 9 NSDs Ė so $90 into my Sunny day saving fund.
Household fund and Xmas Fund is now fully funded.
Have also put in another $1,650 in to the Holiday Fund .
I have been looking at our budget/spending (the 21K challenge) this year and also our potential spending plan for next year. By the end of this month we will have just under $3000 left for the month of December but according to the budget we could live off on $2,400-$2,500, so in the end of this year we will be under budget by around $500-600.
Next year we will most likely try to do the $21K challenge for the year again. The number will change in some categories. I know that utilities, health insurance and transportation costs will be higher than this year.
Also been making plans for a holiday that we will be taking in February next year. We have already booked the flights, my mum is going with us and we are paying for her too. We are budgeting $10K for this trip, by the end of the year we should have 75-80% already of it save so another ~$2K to go for next years budget.
I'm anticipating lower income next year but our goals and budget will be very similar to this year. Wash-rinse-repeat...
DH got paid on Friday and he put in another $3,000 into the mortgage. So happy because we are not under the $120K mark in our mortgage and that means Goal #1 is DONE! Itís good to get that out of the way, so much earlier than I expected. When I came up with this goal at the start of the year I thought it was going to be really hard to get it knowing that income will be few thousands lower than last year. The interest rate cuts this year helped a bit in achieving this goal easier, unlike last year where interest rate went up few times throughout the year.
Mortgage Current Balance = $119,690.85
I deposited my cheque on Friday as well it probably wonít get through to the account until Tuesday. So I went to the city to do it and had a late lunch with DH (just a quick sushi near his work) and then afterwards just did a bit of window shopping in a hope to get ideas for Christmas gifts and was also looking to get a birthday gift for DH but I could find it. I think can only get it online these days. I did get a free vegetable peeler just for watching this guy in one of the department store demonstrating a set of knives for about 5 mins. I needed to take a break from all the walking that Iíve done by that stage anyway (I did really well this day with my walking challenge). I then meet up with DH and few of his workmate for drinks. We went to a nice German pub for happy hour they had a really nice refreshing beer. And then after that DH and I went to have dumplings for dinner (less than $15 for dinner and a can of coke, great value). I think the whole day only ended of spending about $50, not bad (DH covered the drinks and I picked up the bill for the dumplings). We both got a bit saved up of our allowance at this stage so we donít mind spending a bit of it, although I still want to save up as much of my allowance for when we go on holiday sometime next year.
12 Sept: 10,414 steps (getting to 10K is getting easier now )
13 Sept: 11,251 steps
14 Sept: 18,087 (the window shopping did it, although my legs that night was so sore I had to get a massage)
15 Sept: 10,256 (took it easy yesterday, my legs needed to recover a bit)
Due getting some unexpected pay this month, I've had to make changes to my goals for next year. And I've now posted it on my sidebar.
Goal 1: Get mortgage down to $120K (Bal. Dec 2011 = $149K)
Action Plan: Must put in $2,500 per month.
Goal 2: Put $5000 into the Holiday Fund.
Action Plan: Will put $500 until Oct.
Goal 3: Save $2000 into the Xmas/Anniversary Fund.
Action Plan: To be fully funded by Dec.
Goal 4: Add $7000 into the Household Fund for new windows, etc.
Action Plan: To be fully funded by Dec.
Goal 5: Add $3000 into the EF - this will get us to a very tight 6 months living expenses.
Action Plan: Put any extra money towards this goal.
It has been a pretty quiet and feels really sloooow week. We had a bit of NSD this week because we couldn't go anywhere. I actually had plans to go shopping on Boxing day sales, I was hoping to get some christmas stuff for next year. I need to get more christmas wrapping paper and decorations and maybe even a new christmas tree.
The only spending this week was phone bill, less than $20, also the locknut key for $40 and yesterday DH bought an air pump thingy to pump the spare tyre and that only cost $20. DH wanted to have one in the car handy, only need to attach it to the cigarette lighter.
Tomorrow I will need to go grocery shopping and maybe have a look if there are any christmas wrapping left.
I need to finalise my Spending Plan for next year and hope to post it this weekend. We are now over $1500 this year, not good but some of the spending could not be helped. I am hoping to do better next year
Yesterday when DH got home he checked his email and was suprise to find a payslip, informing him that he got pay that day. He wasn't expecting this for another 2 weeks. Apparently, DH will get paid every two weeks now, instead of every 4 weeks. I've pretty much closed this year financially but my goals for next will need to be change.
Today DH put in another $1000 into the mortgage, so now we are under $150K to start the new year. Also with this extra money I can take 2012 goal number 2 off from my previous post because it is now fully funded. Cool, we achieved a goal before actually starting.
I think I'm gonna like getting DH's payday every 2 weeks, a lot less waiting.
1. Get the mortgage down to $120K.
I will put $2500 a month in here before putting any money into the other goals.
2. Put $2000 into the Car Fund.
This will take us to $15K Car Fund with a bit extra for car service /repair for next year.
Iím hoping our car will last another few years. Now that DH donít drive to work anymore we havenít needed much work on it (knock on wood), apart from fuel of course.
3. Put $5000 into the Holiday Fund.
I donít know if this is enough but it will be close enough to what we will need for our next vacation.
4. Put $1500 into the Xmas/Anniversary Fund.
The same amount as this year, but I am hoping to spend less on our anniversary and more toward Christmas.
5. Put $6000 into the Household Fund.
The main thing we will need next year is a new oven and windows. I donít know if this will be enough.
6. Put $3000 into the EF.
This will be worth a very tight 6 months living expenses.
Itís funny how in the past Iíve always just had the extra mortgage payment as the last goal. It was always whatever is leftover will go towards prepaying a bit to the mortgage but next year mortgage payment will be number one goal everything else will just have to wait.
We only got 5 goals this year and they are mainly continuation to last year.
Goal 1: Save $10,000 into the Household Fund (2 bathrooms renovation).
Action Plan: To be fully funded by April, ~$2,500 per month.
Goal 2: Save $1,700 into the Christmas/Anniversary Fund.
Action Plan: To be fully funded by May.
Goal 3: Add $5,000 into the Car Fund.
Action Plan: To be fully funded by December 2011.
Goal 4: Add $3,000 into the Holiday Fund.
Action Plan: To be fully funded by December 2011.
Goal 5: Prepay $20,000 into the Mortgage by the end of the year.
Action Plan: Put any extra money towards this goal.
Everything is pretty much straight forward. We are planning to throw anything extra into the mortgage this year. Any bonus, interest received, dividends, etc. will be paid into it.
$3000 into the holiday fund is a lot for this year and we are not really looking to go on holiday this year, except for visiting family interstate. Visiting family interstate doesn't normally cost for more than few hundred dollars. But we are planning to go overseas (somewhere in Asia) late next year, that will cost a bit so if we can save for some of it this year it will not be as tight next year. I always look at our Holiday Fund as our reward for hard work. I am hoping that by the time we take this holiday to Asia we would have paid an extra $50,000 into the mortgage. Won't that be sweet.
We are going back to 20K challenge this year, 19K was just way too tight. I've omitted the item donation. We decided to sponsor a child again this year, we used to do this years ago and unfortunately had to stop when DH was unemployed. Now is the time to start it again, we will try it for a year. I guess I don't want to classified it as living expenses esp since we can get tax refund for it. I will still budget for it but it will not be included in the 20K challenge.
I have made the necessary adjustments and I hope that things will not change too much this year.
Grocery - $2,800.00
Utilities - $2,200.00
Rates - $1,350.00
Home Phone - $300.00
Mobile - $250.00
Internet - $550.00
Fuel & Fare - $2,400.00
Car Registration - $630.00
Car Insurance - $502.00
Home Insurance - $525.00
Health Insurance - $2,520.00
Entertainment - $2,000.00
Gifts - $800.00
Personal/Medical - $700.00
Clothing - $300.00
Allowances - $1,820.00
Miscellanous - $353.00
TOTAL = $20,000.00
I hope we do better this year than last year.
I hope everyone here in SA achieve their goals this year.
We can all do it guys!
These were our 2009 goals:
1.Save $1K p/m into Saving/Invest
TTD = $12,000 (100%) DONE Dec
2.Add $5K into the Household Fund (Jan-May).
TTD = $5,000 (100%)DONE Apr
3.Add $3K into the EF (May-Aug).
TTD = $3,000 (100%)DONE May
4.Add $4K into the Car Fund (Aug-Nov).
TTD = $4,000 (100%)DONE June
5.Put $1K into 2010 Xmas/Ann Fund in Dec.
6.Any extra (up to $1K) put into Holiday Fund (as a reward!).
TTD = $1410
I achieved all but 1 goal in 2009 but it was because I changed my mind about it. I've decided not to fund goal #5. Instead I am moving this goal to 2010. Because we needed to put as much money into our household fund that is why I didn't bother with putting money into the 2010 xmas/anniversary fund.
Anyway this is our 2010 Goals:
Goal 1: Save $1,200 into the Christmas/Anniversary Fund.
Action Plan: This goal will be achieve by saving $300 per month from Jan to April. This money will keep in one of my online saving account until needed.
Goal 2: Save $1,500 into the Holiday Fund.
Action Plan: Will also be adding $300 per month from Jan to May for this goal.
Goal 3: Save $10,000 into the Household Fund (this is mainly to be use for more house renovation).
Action Plan: For the first 5 months of the year we will put any extra money into this goal after goal 1 and 2 has been achieved every month.
Goal 4: Add another $2,000 into Baby Fund.
Action Plan: Put away $500 a month from June to September.
Goal 5: Add another $2,500 into the Car Fund
Action Plan: Put away $500 a month from June to October.
Goal 6: Save or Invest $10,000. This year most of this money will go towards prepaying the mortgage.
Action Plan: We will put any extra money towards this goal from June to December after goal 4 and 5 has been covered.
Other non-financial goals:
‚ÄĘ Read at least 20 books.
‚ÄĘ Do more stretching and more active activities, such as running, swimming, etc. Do this 2-3 times a week. I will keep track of this in my Wii Fit data.
‚ÄĘ Keep caffeine and sugar consumptions low.
That's for my 2010 goals. I will write about our 19K challenge tomorrow
1. Grocery bill under $200, by sticking to the Menu Plan and by only buying what is in the Grocery List.
2. Entertainment exp no more than $100
3. Living expenses under $1,100
4. Spring Cleaning
5. Blog more often to stay motivated.
This is a bit late, was going to update my sidebar last week but had some computer problem.
Well, we did goal #4 last month and even had $150 extra, which I put in the holiday fund. I want to put at least another $1,000 in the holiday fund before our holiday in few months time.
I don't think I will bother putting in any money into next year's christmas fund until Dec. Once I put in $1K into the holiday fund I will put in as much more into the Household fund. I want to do more house repair this year rather than waiting for next year.
Our $19K challenge is still doing well but the grocery and entertainment budget is still looking very bad. Overall, we are ahead of our challenge. So we are halfway there and so far so good.
I met all my financial goals last month but didn't make a dent on the other stuff. We spent $1,820 out of the $19K challenge. About $1,200 of it was for our annual car and home & content insurance. It was a very good month overall.
I am particularly very happy about our $100 grocery challenge for the month. I guess the most obvious goal for this month is to make sure we keep the grocery expense within our normal grocery budget (which is about $230p/m). BTW we did our first grocery shopping for the month today and spent just over $120. I tried not to get too much meat, just in case we get another blackout. We lost our power the other, luckily it was for just over an hour (unlike some households who didn't have power for 2-3 days in a 40+ deg celcius heat).
Another good thing that happened last month is I managed to put more than double what I expected to put in the Household fund. yea!
And 17 NSD for the month! A record for us.
Anyway, here's my goal for the month of Feb:
* Declutter Spare Bedroom (Started)
* Put junk into boxes in garage
* Do some painting
* $1K into Saving/Invest
* $900 into H/hold fund
* Grocery budget under $240 ($119.56 left)
* 10 NSD for the month
I really hope to be able to get some of these non financial goals done this month.
1 Feb - 5:30pm
Our goals for next year are just a continuation to this year's goals:
1. Save $1,000 p/m into Saving/Investment.
I'm hoping to continue saving a thousand dollars a month, as we have been doing for the last 3 months.
2. Add $5,000 into the Household Fund (from Jan to May).
I want to fund the Household first because that is one that's been drained the other day with the recent repair work.
3. Add $3,000 into the EF (May - Aug).
I'm hoping (& should be able) to add some money into the EF at the end of this month which would increase it to $5,000. Adding another $3K will put us up to almost 5 months worth of living expenses without mortgage. Our ultimate goal is to have 12 months worth ($20K).
4. Add $4,000 into the Car Fund (Aug - Nov).
We will have $2,000 in the Car at the end of this year. I am hoping to put in another $3K next year to this total. The extra $1K next year is for car service/repair.
5. Put $1,000 into 2010 Christmas/Anniversary Fund in Dec.
We should be able to fund next year's Christmas expenses by the end of this month, thanks to DH's tax refund (the check is already coming our way). Our fund this year for xmas was $850, I'm going to make it an even $1K to include for our anniversary celebration.
6. Any extra (up to $1,000) put into Holiday Fund (as a reward!).
I really like funding one item at the time, I guess having some money into each fund already make it easier to do it this way. I've already set up a time line on when I expect to fund each item. It is based on what I expect we would be able to save each month. These savings are only base of our fixed income & income that I know is for sure, any extra will obviously speed up the timeframe (I'm obviously hoping for this to happen).
---what's with these weird characters---
I've made a decision to change the way I am going to go about the way I save for our funds. Rather than only spreading the minimum amount to each funds each month, I've decided to do a snowball effect instead. I will only be putting $500 in the Saving each month until each item is fully funded. This is how it is going to look like. Hopefully we can follow it and maybe even achieve our targets earlier.
With this new strategy, I hope to save a further $7,000 for the remaining of this year. The $10K (see sidebar) might just be a bit too much but with extra effort and with some extra income we could get there. We will see, and I will just leave that goal there for now.
The remaining amount to fully fund each item is listed on top of the table. I estimated that we have about $2,300 left each month to distribute towards the funds/savings. We should be getting some extra money this month (the rebate I already received and DH should be getting a bit extra this month too). If I'm diligent in getting my tax return done in early July, I should get the refund in Aug. I estimate it to be around $1,000.
I want to fund the House Fund sooner that the others because we will be needing some of it sooner than later. As for the Holiday Fund, we got enough to spend for our weekend getaway this month. It should only cost us couple hundred dollars. We are also planning a long weekend away in Aug, which should only cost few hundred dollars. I think we have enough money in the funds to accommodate for these expenses. After all these, we wonít be able to get away until Oct and the destination will most likely be somewhere overseas. As for the Tuition, I am not in a hurry to fully fund this until the end of the year. We wonít need 1/3 of it until Nov/Dec.
With this new strategy we will be achieving something almost every month, which makes it more fun.
This is going to be our version of the $20 Challenge.
Our challenge for 2008 is to keep these items in the list under $20K for 2008. As can be seen, we spent over $23K+ on these items in 2007. Conservatively, we probably should budget $22K for these stuff but this is not called a challenge for nothing! I love a challenge, and so we are turning the knob a little bit tighter. I think if we can reduce the grocery, entertainment, gifts and miscellaneous items we should be able to do it. I do anticipate that the entertainment and gifts will be a lot lower this year (wonít be spending as much this year for our anniversary).
Iím already accounting for an increase in the utility bills (there has been a lot of talk in the media about this already). Property rate has already increase for the last 6 months and will continue for the next 6 months and will most likely increase further after that. Have increase the home phone but will try to not use the mobile phone as much. Our internet usage can be erratic, to be in the safe side I have increase it. Fuel should be lower this year since our gas conversion. Fare will be increasing in the middle of the year as per usual. For insurances, I just hope they wonít go up too much but we are already planning to increase our coverage for the health insurance (to include maternity) around the middle of the year. The amount for the Personal/Medical will not include the surgery that was meant for Dec in here (in my 2008 year budget I have put this as a separate item). I have lowered this quiet a bit, there were stuff that we did last year that we shouldnít need this year, eg. I wonít need contact lenses I got enough that should last for over a year. The miscellaneous item is really the thing that I hope we can really keep down. Need to be more discipline about not buying useless stuff.
I would really like to save $3K for these items this year. That $3K would really be great contribution to the holiday fund (as a reward).
Things that are not in the ($20K challenge) list but are in the 2008 spending plan are:
CC repayments Ė Will be paying minimum and will reassess at the end of the year on whether we want to just pay it off or not - $1,600
Medical (surgery) Expense - ~$1000
Tuitions Ė Depends on how many subject will be doing this year, still undecided (kind of playing it by ear on how busy it is at work) - $3,100 maybe
Text Books Ė Depends on above decision - $420 maybe
Baby Fund - $50p/m ($600)
Car Fund - $150 p/m ($1,800)
EF - $50 p/m + some from extra income (until fully funded - $3000, only need $1K now) ($600)
Xmas Fund - $70 p/m ($840)
Repair/Furniture Fund - $500 p/m (planning to make some major repairs this year) ($6000)
Holiday Fund - $350 p/m (but if we can achieve our $20K challenge we wonít need to put away as much and will put more in the savings) ($4,200)
Various Retirement and Investments - $330 p/m ($4,000)
LONG TERM SAVINGS - $500 p/m + whatever extra left in the monthís income ($6,000).
I am really excited about 2008 itís going to be a great year.
He will be getting some company shares, worth around $700+. That pushes us over the $5,000 mark, which means Goal #9 is now done.
Thanks everyone for your warm welcome and encouragement!
I decided to list more minor goals, these minor goals will help me achieve my big goals for 2007.
1. I will not buy any clothes in the next 6 months except for 2 winter coats and underwear. Clothing budget for the next 6 months is only $150.
2. Cut down on the groceries. I will try to only spend $50 this week, and try to use up what's in the pantry and fridge already.
3. Only spend $50 on entertainment this month.
4. Look into lowering the house insurance premium.
That's it for now.
By writing these down, I will be able to see whether I'm making progress. This is a good habit for me to get into.