2013 Savings Goals - August Update

(1) Max out 401k(s) -        $22,285 (64%)   (goal is $35,000)
(2) Max out IRA(s) -         $9,020 (82%)    (goal is $11,000)
(3) Add to e/r fund -          $6,000 (60%)   (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 -          $1,500 (50%)      (goal is $3,000)

Total:  $40,930 (59%)

We are about $300 behind on our 2013 goals.  And with Mr. Sam's lay off I expect that number to grow.  In July, I kind of kept up with most of our goals in that I continued to fund 2, 3, and 6.  But, all that money is sitting in my Capital One 360 (formerly know as ING) savings accounts, so I know that I can access that money if we need it.  I didn't put the $415 towards paying down our mortgage in July, since I'd rather have liquid assets available.

As for our 401ks, Mr. Sam can no longer contribute to his 401k this year, but with his match he has saved $15,676 for 2013.  While we don't normally count the match towards our savings goals, he is happy that he's not too far off our goal of maxing out his 401k.  In fact, with his match he is only short $1,824.

I would like to continue to fund my 401k during the lay off, although we've talked about whether it makes sense to scale back.  Frankly, I almost think it is more important to save towards our future during this time.  I still need to crunch the numbers and see if it is feasible.  And while I keep our 2013 IRAs money liquid, I'd like to be putting that into our IRA if we can (and we have until April 2014 to decide).