I’m wrapping up our 2013 goals in order to clear the decks for our 2014 budget!
Financial Goals for 2013: (Goals updated in August)
- Reduce our mortgage balance to less than £72,000 The final balance on our mortgage for 2013 is £73,500. Our original goal was to reduce our balance by £25,000 – we managed £11,450. Way off goal, but still progress
- Complete and pay for all house repairs - Approximate cost £4,000. All done and goal completed, although we’ve spent £8k+ this year.
- Spend no more than £2,500 (originally £2,000) on groceries – 2013 Total: £2,614.34/£2,500 a monthly average of £217.86
Ongoing Net Worth Goal: Increase NW to £125K in 2013
We sneaked in!
We don’t include pension savings in our NW as we both have (now frozen) Final Salary Pensions. However following a recent pension change, we now have online access to my husbands (new) scheme and will be including this in our NW going forward.
2012-2013 increase: £14,539
Overall it’s been a very good year for our finances and we’re very grateful. Thank you for your continued support xoxo
2014 Financial Goal: Reduce our mortgage by £15,500
Things have changed a little this year and in August we made a few changes to our 2013 goals.
New Financial Goals for 2013:
- 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. We only made a small over payment this month, but we’re very happy to have paid off £10,810 in 2013.
- 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. All done, goal completed!
- Spend no more than £2,500 on groceries – I spent £174.09 in October despite being away for 10/11 days! I’m NOT gonna make this goal. 2013 Totals: £2,373.11/£2,500.
I’m very grateful for the progress we’ve made in 2013, but there’s been a lack of consistency throughout the year. Some of it caused by personal stuff (my Dad being poorly really knocked me for six), and some of it caused by indecision – do we continue with mortgage payoff, or do we invest? We’re currently working on our budget & goals for 2014 (and beyond!) and this is the main topic of discussion.
Our Net Worth went up £391.58 in October…at least it’s going the right way.
Things have changes a little this year and in August we made a few changes to our 2013 goals.
New Financial Goals for 2013:
- 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.
- 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!
- 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)
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