There’s a few things going on around here and goal changes are needed;
- 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 £89,620.82. Yay! But with our planned house sale (and the repairs needed before hand), we may not make this goal. I haven’t given up on it, but below £85k may be more realistic.
- Contribute/save at least
£3,000£2,500 to our future financial freedom. Total added to goal in 2012 £1,608 (pension contributions)
- Save at least
£1,000£4,500 for house repairs. Ongoing.
- Save £900 for gifts. On track with a monthly saving of £75 (which we’ve now bumped up to £90)
- Save £1,300 for a family holiday. Goal completed and trip booked.
- Save £4,000 for a trip to Washington/NY in 2013. Goal on hold as we need to pay approx £4k for house repairs.
- Save £700 for a mini break to Italy. Goal completed and trip taken.
Financial Freedom Goal: £300,000 Net Worth by December 2020
- We expect our cash holdings to go down after paying for the house repairs, but the work has to be done before we can even think about selling our house.
- We still have £191,340.96 to go to achieve our long term financial freedom goal and that’s making two big assumptions 1) the house sells 2) the house sells for £175k!
How are you doing with your long term financial goals?