As we're are nearly three quarters of the way through the year, I thought I'd do a review of where we're at with our financial goals; I'm constantly reviewing our goals as I find that it's the only way that works for me.
Being mortgage free. The mortgage has reduced by £3,685 in 2010 so far. We've been making a small monthly over payment of £57; this is set to increase in January.
Saving a one year emergency fund. Completed. We've settled on an £11k emergency fund which is approximately 11 months of essential expenses if the worst ever happened and dh lost his job.
Saving a travel fund for a big trip to NY in 2012. This fund is stagnant at the moment, although I will be automatically depositing all the wages from my new job into it. Current balance £1,130/£5,000
Increasing our net worth to £100k by December 2011. Our net worth has increased by £9,474 this year, however our cash holding has reduced by £2,992; all the 2010 increase has come from our home: mortgage and value. Our long term plan for the house is to rent it out when we live abroad and continue to overpay the mortgage so that when this is paid off {2020} the rental money will provide us with income. I'm continuing to track our net worth as it's motivational, but I'm more interested in building up passive income streams for our future financial independence.
Increasing our net worth to £400k by December 2020. See above^
Building pension funds. Hubby continues to contribute £150 a month into his work pension scheme.
Building passive and alternative income to £500 a month. In 2010 we have made an average of £71 a month from savings interest, my websites and our cash back credit cards. (this figure doesn't include eBay/Amazon money)
Saving over 50% of our income. Hubby got a promotion so we will be at 40% by the start of 2011.
Planning and saving ahead for all purchases. Ongoing.
Paying for and finishing our house renovations. We've had three new windows installed and the chimney repaired so far in 2010. No further progress.
Renting out our house {2012}. Not yet.
Getting a part time job - completed
Owning a profitable side business. I'm procrastinating on this like you wouldn't believe!
What about you, how are you doing on your goals in 2010?
:: For free updates you can subscribe to this site here. Thanks for visiting!
My only goal for this year was to set up a budget and stick to it, so that the rest would follow, and so far I,ve succeeded. Your goal achievements are awesome, well done.
ReplyDeleteGood job on the goals! I'm really looking forward to hitting the big 5figure savings this year.
ReplyDeleteThanks Maureen! You're doing great this year and being able to stick to a budget really moves things in the right direction :-)
ReplyDeleteeemusings: Thank you. Hitting five figures is awesome! Good luck :-)
ReplyDeleteYour doing great with all your goals. Keep it up!
ReplyDelete