At the end of June, my finances were looking a bit stagnant. But since I only update my savings amounts every quarter, I hadn’t taken all of my progress into account. Lo and behold! I didn’t do too badly. My focus this year was to Boost My Savings. I still think I can do better and know that I have some car maintenance expenses coming up that are going to put a dent in my recent progress, but I’ll harp on that later. Today, I’m glad to say that I’ve saved almost half of my original goal. Take a look:
- Original goal: Save $9,000 this year. Current progress at the half-year mark: $4,125. I’m a little below the $4,500, but this isn’t too terrible considering my income has slowed down this year. (I live on a fluctuating income and that makes saving more challenging – but not impossible.)
- Open up a wealth building fund. I opened up a slow-growing mutual fund a couple of months ago and automatically deposit a portion of my income each month. I also opened up a more aggressive mutual fund recently and am depositing half the amount of the more conservative fund. This is positive progress in my opinion.
- Bike 1,000 miles this year. Current progress at the half-year mark: 300 miles. I’m behind. I really need to get my butt in gear (literally), but can’t boost those miles until I finish a teaching position that has me driving 62 miles round trip weekdays this month. (It was a great position for me to take on and add to my resume and I already had factored in the driving costs).
How can I improve these stats? I know that I need to really focus on paying myself first. It’s a bit trickier if my income isn’t the same each month, but I can use the 10% method that I seem to oscillate on. If I can pay myself first using this figure, I should be able to come close to meeting my goal. This fall will also be most trying as I’m not able to work from September through December (but there is a glimmer of hope – it’s an itty-bitty glimmer, but it’s there.) So I can’t say for sure what will happen to my savings goal during this period. It depends on how everything plays out (luck, timing, luck and perseverance).
As for biking, I need to kick it up a notch and ride my little heart out during August through December when I won’t be commuting long distances at all. That should help me meet my original goal of 1,000 miles.
How are your goals for this year coming along?