Thursday, September 12, 2013

2013 Savings Goals - September Update

(1) Max out 401k(s) -        $24,233 (69%)  (goal is $35,000)
(2) Max out IRA(s) -         $9,631 (88%)    (goal is $11,000)
(3) Add to e/r fund -          $7,200 (72%)    (goal is $10,000)
(4) Pay down mortgage -   $2,075 (42%)    (goal is $5,000)
(5) Trading account fund - $50  (1%)           (goal is $5,000)
(6) House projects -          $1,800 (60%)     (goal is $3,000)

Total:  $45,819 (66%)

At present we are @$3,200 behind on our savings goals.  I have restarted goal number 4, prepayment of mortgage principal, and if I double up on our payments for a couple of months I can get back on track.  I also expect to complete goal number 2 over the next few weeks.  We are on target for goal number 3 as well.  We will not be able to complete goal number 1, maxing out our 401ks, due to Mr. Sam's layoff.  But, I am hopeful that we can add some money to the trading account fund to make up for that shortfall.

Since it is September, and because of Mr. Sam's job situation, I am starting to think about how to close out our savings year such that we can beat last year's savings number ($62,066).  We need to save another $16,281 to exceed last year's total.  That is going to be a stretch.  If we complete goals 1 (by adding to goal 5), 2, 3 and 4 we will reach $17,000.

We shall see.  

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