2012 Financial Goals Report #6

I’m keeping track of the progress we’re making towards our annual financial goals on a monthly basis. 


Okay it looks like we may definitely need to change our goals for 2012. The building work and house to do list needs to take priority over saving for next years trip, so we’re putting that on hold for a while. 
 In the mean time, we’ll top up our travel fund until it has a balance of £1k (and our family holiday to Portugal is done and dusted), and then start paying for house repairs. I’m thinking that we may have over stretched ourselves (with our goals), this year, but we’ll continue to attack the mortgage for as long as possible.

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 £93,607.69, a debt reduction of £12,714.65.  We’re nearly half way to reaching our priority goal for 2012.

2) Contribute/save at least £3,000 to our future financial freedom: 
Only pensions contributions made this year (moved all other money out).  Total added to goal £1,206.

3) Save at least £1,000 for house repairs:Way behind on this goal. Currently £41.00 in this fund. FAIL!

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

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:
On hold!


7) Save £700 for a mini break to Italy. 
Goal completed and trip taken – this trip ended up costing £1042.65!! A lot for 3 days, but worth it.


How are you doing with your annual goals?



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Comments

  1. Janine says

    Looks like you are making great progress towards your goals!!! My goals feel like a mess right now because of things that could happen within the next little bit. It kinda feels like I need to put my goals on hold.

    • Laura @ No More Spending says

      When I get knocked off track I often feel like giving up on goals, but I know that’ll lead to a worse mess. Once I stop planning the wheels can really come off.

      PS. Enjoy San Francisco – I hope to make it there one day :)

  2. anexactinglife says

    For myself, I’m definitely of the opinion that house and car need to take priority – lack of maintenance could mean even bigger expenditures later. It’s amazing you are able to stay on track with so many goals! (I am watching your Financial Freedom bar charts for when your mortgage amount creeps up to 33.3%!)

    • Laura @ No More Spending says

      Next month we should hit the 33%! Yay! And thank you for cheering us on, it really helps.

      You’re putting me to shame with your vegetarian month – I was supposed to do it this month too, but forgot! I had ham on a pizza last weekend so it was too late already. I’m aiming for July now. :)

  3. Niki says

    Lookin’ good! I am super impressed with your mortgage update.

    I was just looking over all my goals for the year. I have some catching up to do. Although I am gonna cut myself some slack considering how hectic everything has been. Good to see you are doing so well.

    • Laura @ No More Spending says

      Thanks Niki! You have a lot going on so it’s understandable that you’re not on top of all your goals. But hey, you’re moving to Hawaii AND you’re credit card free. It’s all good! :)

  4. Jane says

    As I changed up my goals by paying off my line of credit my goals are a bit of a mess, but hopefully all will be back on track by year’s end.