The first half of the year I did really well meeting my financial goals. I was able to pay down my consumer debt and increase my savings as well as my investment accounts. Keeping up with my quarterly strategy, I now have new financial goals to set. To be honest, the summer months usually equate to a slightly reduced income, but I should still be able to set attainable financial goals that move me in the right direction.

Third Quarter Financial Goals:

  • Pay off my Fed tax debt – $1,950. I’ll finally be able to meet this goal in August when I am paid for my summer teaching job. That will free up $250 a month that I’ll apply to my mutual fund.
  • Increase my mutual fund monthly deposit by $250 (see above) to $500 monthly. Once my tax debt is paid, I can apply that monthly amount towards the mutual fund. Whoo hoo!
  • Keep depositing $200 a month towards my savings account. This was originally the Reverse 52-week Savings Plan, but I realized that I could do better than that and started a bi-monthly automated deposit. The only month I’m skipping is (ironically) this month. Instead, that $200 that should go towards savings is paying off the rest of my consumer debt.
  • Deposit any extra income earned towards the mutual fund. This strategy wasn’t originally part of my plan, but it’s been working terrifically! I’ve increased my overall mutual fund amount by $3,000 this year so far.
Third quarter goals!
Third quarter goals!

My ultimate goal this year is to stash cash like a squirrel stashes acorns! I’m in a mad rush to buy a home by late next year and need to have at least 7-10% saved (or $35,000). Home prices have been soaring in my area, so hopefully things will slow down within a year and I’ll be able to purchase a starter home for around $380,000 – $400,000 (California is crazy expensive!) I’ve found some adorable (albeit small) homes in an okay neighborhood selling for low $400’s, but I’d like those prices to dip a bit. 😉

Notice I’m leaving out exercise goals for now. I’ve been pretty good about getting in bike rides 3-days a week and will pick up more steam come fall.

How are you doing on your goals this year so far?

6 Comments

  1. Money Beagle Reply

    Those are some nice goals. I look forward to seeing how they turn out. Good luck!

    • @Money Beagle – This year is going very smoothly so far. If the second half is as prosperous as the first, I’ll easily meet these goals.

  2. Poor Student Reply

    Sounds like good goals 🙂 Oh wow that’s really expensive, fortunately home prices in my area aren’t that high… I wish you the best of luck!

    • @Poor Student – Yes, homes are really pricey in my neck of the woods. I’m hoping the market slows down a bit and I can find something in a good neighborhood for high $300’s instead of low $400’s. We’ll see.

  3. Jon @ Money Smart Guides Reply

    Great job!! Our goals are coming along great. We have a goal to save 50% of our income. We’ve been on target every month but for June. We had a lot of things break last month and couldn’t hit our savings goal. We plan to make up for it this month though.

    Also, I have a Debt Payoff All Star list to help motivate people get out of debt by seeing just how much others have paid off. Would love to add you to the list! Shoot me an email when you get a chance!

    • @Jon – That’s awesome! Yes, I need to email you my information on my consumer debt repayment for this year. I’m looking pretty good so far!

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