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.
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?