Monday, June 27, 2011

2011 Goals - July Update

(1) Max out 401k(s) - $15,943 (48%)(goal is $33,000)
(2) Max out IRA(s) - $10,000 (100%)(goal is $10,000, this goal is completed)
(3) Add to e/r fund - $4,885 (49%)(goal is $10,000)
(4) Pay down mortgage - $2490 (50%)(goal is $5,000)
(5) House projects - $1600 (32%) (goal is $5,000)
Total - $34,918 (55%)
Half way through the year, we are generally on target to complete our goals.  We have finished goal number two, we are generally on pace to complete goals one, three and four.  We are behind on goal number five, in fact we just started funding this goal the last month or so. 
How about you, have you done a mid-year review?  Made any adjustments upward or downward regarding your savings, debt payments or other financial goals?

1 comment:

Jason said...

We are on track mostly.

We have the following goals this year. Replacement Car Fund, Vacations Fund, Taxable investments, Cash for non-monthly bills and IRA's. The 401K is automatic so I don't consider that a goal right now although I would like to increase our contributions before 2012 starts.

We do spend out of these as needed for example when we take vacations the money comes from that category but we track both current balance, expected total balance and spent.

Most are right on track at about 55% funded. We simply put the percentages of each months excess into them distributed as need to reach each goal on the final paycheck of the year. However we are behind about 25% on the taxable investment, and we have spent more of the cash for non-regular bills than we would have liked.

This is due to a much larger than expected federal tax bill in March. Which we pulled some targeted for both of these to fill the void. However if we receive any yearly bonuses we plan to use it to replace these short comings first before anything else. We enjoy getting the bonus but never count then into the equation. If we do get bonuses we simply split it at the same percentages as our normal paychecks.