2012 Financial Goals Report #7

To get our much needed house repairs completed and paid for we’ve made some slight changes to our 2012 goals.

  1. Reduce the mortgage to less than £83,000 £80,000 by December 31st 2012. We started this year with a mortgage balance of £106,322.34. After making a few over payments the balance is now £91,543.85. Yay!
  2. Contribute/save at least £3,000 £2,500 to our future financial freedom. Total added to goal in 2012 £1,407 (pension contributions. 
  3. Save at least £1,000 for house repairs. Ongoing.
  4. Save £900 for gifts. On track with a monthly saving of £75 (which we’ve now bumped up to £90)
  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. Goal on hold as we need to pay approx £4k for house repairs.
  7. Save £700 for a mini break to Italy. Goal completed and trip taken.

Ongoing Financial Freedom Goal: Net Worth £300,000 by December 2020

On our current figures to achieve our Net Worth goal we need to:

  • Finish paying off our mortgage by the end of 2015 and then save approximately £20,500 every year until 2020

I’m trying not to think about the next 8 years and just concentrate on this year and the mortgage. £11,543.85 to go before we hit our year end target of £80k.

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Comments

  1. Niki says

    Wow Laura, your mortgage pay-off alone is amazing but with all the other goals you are knocking out of the park I am in complete awe of your awesomeness.

  2. Fiona says

    Wow…I just converted those figures into Australian dollars…that is UNBELIEVABLE progress in just over 6 months! I’m blown away!