July Status of 2008 Financial Goals
I have started to report 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. We also raised some cash this month by selling some stock. Current Status: On track ($75,437/$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 ($11,146/$15,500)
- 4) Fully Fund our 2008 Roth IRAs ($10,000) Caught up a bit by making an extra contribution to my wife's Roth this month. Current Status: Slightly behind ($5,300/$10,000)
Fully Fund my wife's 401(k) to Max Permitted- Since it doesn't look like my wife will have the opportunity to contribute to a 401k in 2008 we still need to figure a substitue goal should be. We had considered a goal of investing $10k in our taxable brokerage investments, but it turns out we have already invested mre than that amount this year. Current Status: N/A
- 6) Fully Fund my wife's car fund ($20,000) - At the beginning of the year my wife had about $17,000 saved. No progress to report this month. Current Status: On-track ($19,400/$20,000)
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