Tuesday, November 26, 2013

2013 Savings Goal - Another One Down

(1) Max out 401k(s) -        $27,677 (79%)  (goal is $35,000)
(2) Max out IRA(s) -         $11,000 (100%)  (goal is $11,000) completed
(3) Add to e/r fund -          $9,200 (92%)    (goal is $10,000)
(4) Pay down mortgage -   $5,000 (100%)    (goal is $5,000) completed
(5) Trading account fund - $4,902  (98%)    (goal is $5,000)
(6) House projects -          $2,300 (77%)     (goal is $3,000)

Total:  $60,079 (87%)

Today I closed out goal number 4 and I made the last extra principal payment to CitiMortgage.  In 12 months we have reduced our primary home mortgage by $18,500 which includes the $5,000 in extra payments.  Pleased to see our mortgage principal is now below $240,000.

At present, we are about $3,600 behind on our original 2013 savings goals.  To the extent we want to meet our revised 2013 savings goals, then we need to save another $2,950 before the year ends in just over a month.  I have another $1,998 in 401k contributions before the end of the year.   Which means that we would need to save another $1,000 towards our emergency fund, our trading account or our house project account.  Assuming we have five weeks left in the year, we will need to save $184 per week to meet our revised 2013 savings goals.

I think reaching our revised goal should be do-able, but December is always an expensive month.  

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