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:
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.
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?