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.

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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.

20K Challenge:

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!