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.

1) Reduce the mortgage to less than £83,000 £80,000 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 £97,747.83!! Woot! Still very happy to be under six figures

2) Contribute/save at least £3,000 to our future financial freedom:
On track. Pension contribution of £201 made in March.

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

4) Save £900 for gifts:
On track with goal. Budgeted deposit of £75 made to this account in March.

5) Save £1,300 for a family holiday:
Goal completed and trip booked.

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.

We moved our money around a little in March to get as much as possible into my ISA (tax free savings account), before the start of the new financial year. It got me a little confused with my goal tracking, but I think I have it all worked out now.

The result of the changes means that we now have £6.2k in a Freedom Fund, which we previously had labelled as the ‘Portugal Fund’. This fund is to cover all our expenses when we move; the initial first six months rent in Portugal, the costs involved in getting our UK house rented out and perhaps (if we have the time and the money), an extended stay in NY. It all depends on so many things that it’s impossible to plan it too much. But we can save for it.

We’ve set the goal at £30k which sounds so much when written down, especially when adding the mortgage pay down but I like to set big goals lol.

Our travel fund, which got a little depleted in the money move around, is currently sitting at £697.31, although we have to pay another £271.33 for Rome this week. Holiday cash flow is a little tight for the next two-three months but most of our costs were due in the first half of the year and towards August things should start building up again.

How are your 2012 financial goals progressing?

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