NO MORE SPENDING
02. 10. 2013

Things have changes a little this year and in August we made a few changes to our 2013 goals.

New Financial Goals for 2013:

  1. Reduce our mortgage balance to less than £72,000 – Our mortgage balance is now down to £74,700 and we’re creeping ever closer to the 50% milestone. Yay! We’re super happy to have paid off £10,250 in 2013.
  2. Complete and pay for all house repairs – Approximate cost £4,000. Ongoing! All repairs should be finished and paid for by the end of September…fingers crossed. All done, goal completed!
  3. Spend no more than £2,500 on groceries – I spent £287.10 in September! I did quite a bit of stockpiling and sent my son back to university with a lot of staples.  I have £300.98 left for the next two months, quite doable with just the two of us at home. 2013 Totals: £2,199.02/£2,500.

October Net Worth: (£434.58)

Net Worth

We keep getting very close to our 2013 Net Worth goal of £125k……and then moving backwards. I’m sure the latest house repairs/updates have increased the value of our house – we’ve added a new entryway – but for now we haven’t made any changes to its worth on our spreadsheets. Perhaps we should get a current market valuation done.

Further reading: Financial Freedom Goals

Laura

In 2014 my husband & I downsized our home to speed up our quest for Financial Freedom. We swapped our large three bed house, for a small two bed apartment to clear our mortgage and give us enough budget freedom to travel and still save for the future. Our dream, after achieving Financial Freedom, is to spend part of every year living abroad.

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14 Responses to “2013 FINANCIAL GOALS (UPDATE #10)”

  1. Econowiser says:

    Wonderful! I’ve also adjusted our goals for 2013.

  2. Congrats on completing the house repairs! And you are so close to your next two benchmarks, 50% on the mortgage and 125,000 on net worth!

    • Thanks Dar! I really don’t like the out NW going down a little but it’s only the everyday cash totals….the mortgage and locked away savings are at least moving in the right direction.

  3. Fiona says:

    I just love how focussed you have been on the end goals no matter what curve balls have cropped up.

    I’m sure it’s only a temporary dip in the NW…it would be interesting to see the difference in NW if you do have another market valuation done after the renovations. Might be a very pleasant surprise :)

    • I hope it’s temporary, but it’s been a funny year in a lot of ways and I’m not counting my chickens lol….best made plans and all that! I’m super happy about your news though :)

  4. Good on you for finishing & paying for your home improvements & stockpiling the pantries of you & your son. It’s tough to make progress each & every month when other things in life demand our dollars (or pounds). I bet you make your net worth goal soon!

  5. Viv says:

    You are doing well with your mortgage – our fixed rate ISA’s are slowly coming to an end now one by one and the interest rate to re-invest is much lower so perhaps now time to pay off some mortgage. The food shopping I find is getting tighter and tighter in that the money does not stretch very far as prices seem to still be on the increase. I didn’t do very well with my grocery shop this week compared with last week – you will read about it soon – have yet to post about this weeks challenges!
    I think it would be worth getting a valuation – prices here are on the rise.

    • The fixed rate ISA rates are half they were 2 years ago but after working it out we’re still better leaving it in them. Houses are selling quite well around here, perhaps it is time to get a valuation.

  6. Laura, after reading this post and the one on your other site, I just keep getting that feeling that you and hubby are so close, so very close. I hope you feel that too and I hope it motivates you to stay strong and stay the course. Cheers – Pru

    • Thanks Pru! Some days I struggle to stay motivated but it really helps that I’m attempting this with the support of others. So we all have to keep going. Thank you for the continued inspiration :)

  7. Well done on decreasing your mortgage balance by over £10k this year! You seem to have it all under control, very inspiring!

  8. SarahN says:

    It must be frustrating to see the dip, even if it might increase the overall value of the place! I know I had to pace my ‘adaptations’ to my place, so I didn’t spend all my savings in one month. It was annoying at times, felt like I was always wishing things done, but it meant I never stressed out too much about having ‘no money’.