June Status of 2008 Financial Goals

I am thinking of reporting on a monthly basis the status of our 2008 financial goals. I have noticed confusion on my part about how much progress we are making on our goals (especially on our house savings goal) so reporting status each month would help me keep it straight and see how we are progressing.

Here's our latest status:

  • 1) Primary House Down Payment Goal ($80,000) - Started year at $36,500. There was a modification to this goal as we redirected $13,750 of our house savings to cancel PMI on House #3 so we are counting that equity as part of the available cash for our house downpayment. Current Status: On track ($57,150/$80,000)

  • 2) Fully Fund wife's 2007 Roth IRA contributions ($2,900 left) - Current Status:Complete ($2,900/$2,900)

  • 3) Fully Fund my 401(k) ($15,500) -Current Status: On-track ($9,680/$15,500)

  • 4) Fully Fund our 2008 Roth IRAs ($10,000) - I thought we were on track until I put this report together. Turns out the regular $400 monthly contributions made to my wife''s account for the 1st 4 months of the year were for 2007 so I have some catching up to do. Current Status: Slightly behind ($3,300/$10,000)

  • 5) Fully Fund my wife's 401(k) to Max Permitted ($15,500) - Looks like we aren't going to achieve this goal since my wife won't be working this year with our China assignment extension. I think we should come up with an alternate - like investing $10,000 in our taxable brokerage account instead. Still need to discuss this with my wife. Current Status: Not Applicable ($0/$15,500)

  • 6) Fully Fund my wife's car fund ($20,000) - At the beginning of the year my wife had about $17,000 saved. Current Status: On-track ($19,400/$20,000)

Related in Financial Goals:

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A personal finance weblog of my journey to reach my goal of $2 million + the value of my primary residence.
Current Net Worth: $1,938,393


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