I’m keeping track of the progress we’re making towards our annual financial goals on a monthly basis.
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 £95,527.36, a debt reduction of £10,794.98. Yay!
2) Contribute/save at least £3,000 to our future financial freedom:
On track. Pension contribution of £201 made in April.
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’re currently paying catch up with our travel fund after moving our funds around in March. After paying for the rest of our Rome trip and buying some Euros, the balance is £300. This needs topping up by at least another £1k before we start saving for next years trip.
Are you tracking your annual goals monthly? If so do you find it keeps you on track?
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My goal at present is just to make it through the month LOL
Good work on those holiday plans…..
Good luck Maureen!
It’s wonderful that you can build in travel while paying down your mortgage so aggressively!
It’s the travel that keeps me going – we live quite frugally (by choice) outside of it. We figure trips will be reduced a lot when we live in Portugal…dh will be earning a lot less and we’ll have a whole new country to explore.
Thats great your mortgage reduction. As I always say ! you are so focused. ( I hang my head in shame!).
I am keeping a spending diary at the moment! xtrying honest
Thanks Mrs No Spend.
I really struggle with focus sometimes (like this week), when that happens I take one day at a time – it really helps. Keep going with your spending diary xx
I’m so jealous of your future Washington/NY trip! Well done on keeping so many goals ticking over at the one time.
Thanks Mrs Darcy – setting monthly targets really helps
It’s so inspiring to see that with planning and focus, it can be done!
Trying to discuss with DH at the moment if we can reduce our weekly personal spending, so we can start a travel fund.
Good luck – hope he agrees
:)