2012 Financial Goals Report #3

As I’ve done in previous years I’m keeping track of the progress we’re making towards our annual financial goals on a monthly basis. The key word here being progress. Because that’s what I’m concentrating on this year. Progress. No beating myself up because I’m not perfect. No beating myself up because I bought something - which I still do on occasion.  Just steady moves in the right direction, with a little fun along the way.

1) Reduce the mortgage to less than £83,000 by December 31st 2012:
We started with a mortgage balance of £106,322.34 and I’m pleased to report that it now stands at £99,963!! Woot! I can’t tell you how happy we are to be under six figures!

2) Contribute/save at least £3,000 to our future financial freedom: 
In February we made a pension contribution of £201 and added £138 in cash. Goal total £786.

3) Save at least £1,000 for house repairs:
No change this month.Goal total £73

4) Save £900 for gifts: 
We made a budgeted deposit of £75 to this account, but spent £30 on presents. On track for goal.

5) Save £1,300 for a family holiday:
Added £650 this month. Goal complete.

6) Save £4,000 for a trip to Washington/NY in 2013: 
No change.

7) Save £700 for a mini break to Italy. 
Goal completed and trip booked, however we under estimated the cost and will probably need another £200-£300 for this goal. Saved an extra £54 in February.

Net Worth:
Goal: Increase Net Worth to at least £125k/$200k by December 2012
We spent a lot of cash in February but our mortgage reduction enabled us to increase out net worth by £1,415.89 to £97,851.70.

I was really pleased with our goal progress in February, getting our mortgage balance below £100k was a biggy and something we’ve been working towards for a few months. Now we’ve done it we’re chasing the £90k. That’s the thing with finances: there’s always work to be done! :)

How are your annual goals progressing? Are you tracking them monthly?

 

Comments

  1. Maureen says

    Excellent Progress it’s bloggers like you which keep me on track, thanks…….

  2. Northern Living Allowance says

    I wish I was as organized as you are! I write down goals all the time, but just don’t prioritize them. Perhaps that’s the problem – it appears that I’ll have to change that now I’m going back to school (I love the sound of those words…! :). Regardless, congrats on a great job with yours! Italy sounds lovely. I hope you’ll share some photos when you’re back.

    • laura @ nomorespending says

      Hi NLA – I’m probably too goal focused, but I’m so determined to move to Portugal – if we don’t hit our goals, then we can’t move..which makes me sad, so I keep going! :)

      I’m so pleased for you – going back to school! Wow!

      Rome photos will be shared probably on Move to Portugal :)

  3. Jane says

    Great job Laura, especially getting your mortage down below six figures and paying for a couple of trips already! Yes, I track my progress monthly and am right on track:)

  4. mochiandmacarons says

    I’m fairly pleased with my goals from this month and I see you have similar ones too! *high five*

    You’ll get there in record time, especially reducing that mortgage.