Monday, July 2, 2012

Half Way - Savings Goals

(1) Max out 401k(s) - $19,230 (57%)(goal is $34,000)
(2) Max out IRA(s) - $4105 (41%)(goal is $10,000)
(3) Add to e/r fund - $5200 (52%)(goal is $10,000)
(4) Pay down mortgage - $2490 (50%)(goal is $5,000)
(5) House projects - $650 (13%)(goal is $5,000)
(6)  Trading account fund - $50 (1%)(goal is $5,000)

Total - $31,725 (46%)

Well, we are half way through the year and accordingly, we should be 50% of the way done on our savings goals (or $35,827).  As demonstrated above, we continue to lag behind on our 2012 goals.  At present, we are $4102 behind on our goals.

As I have posted before, we have spent approximately $10,000 on two certification courses for Mr. Sam this year.  And, we just paid for a third program, so at present we have $4200 on the credit card*.  Accordingly, I am pleased that we are only $4100 behind since we have spent $14,000 on classes this year.

For the second half of the year, we must up our focus and keep our day to day spending in check.  We are ahead of schedule on the 401k contributions, and in fact Mr. Sam's 401k will be maxed out early this year, in September, so we'll have "extra" cash available to put towards our house and trading accounts.  Our emergency fund contributions and mortgage principal payments are on track so no adjustment is needed to these two goals.  We need to keep adding to our 2012 IRA, we should have $5000 saved to date, so we are $900 behind on that goal.

How are you doing on your 2012 goals?  

*We don't normally use credit for day to day expenses, but big expenses will go on our credit card to get the 1% cash back discount.  Then we spend the next month trying to pay it off and if we are short by the time the payment is due, we will pull from our savings to pay it off.  No sense in getting cash back if you are paying interest.  

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