10/20/2010

J&J's Goals

I wanted to do a 2010 checkup on the goals that I started out with this year.  I did a search and found that they changed so often, it's no wonder that I feel like I havn't acheived much.  Of course, we did have the huge success of becoming debt free this year - but we didn't realize any of our savings/planned spending goals.  Part of this was the merging of our finances and working to sort out what that would look like.

In 2011, we have two huge life changing events.  Not only are we getting married, we intend on being prepared to buy a house.  While I can appreciate that it is important to have money set aside for all types of different things - these events will happen, so we best plan for them.  The other part of these two goals is that we wan to realize them before/on August 6, 2011.  That means, we have 8 months to get organized.

We currently have just over $6k in our house fund.  I had to move some money around to pay off our credit card bill before the due date, but have some money set aside to pay ourselves back next month.  By the end of December, we will have just over $11,250 set aside.  We anticipate needing, at a bare minimum $20,000 to purchase our first house (I've posted about the details of this before, but if you want them again, just let me know). 

So, goal Number One:  Save $8,750 in 8 months (by August, 2011)

Next is our wedding.  We currently have just under $300 set aside, but we have also already spent almost $6,000 of a project budget of just over $22,000.  By the end of December, we anticipate having set aside about $1,750.  We also anticipate that we will spend some of our planned spending budget (paid via credit card) will be eaten up by wedding expenditures - so we won't have to actually have that much cash sitting aside next summer.  That combined with talking with some family members, we anticipate some monetary gifts that will help us realize this in time

So, goal Number Two: Save $7,500 in 8 months (by August, 2011)

I imagine that we will continue to put money away for both Christmas/gifts as well as vehicle maintenance/emergencies - however this will be about $100/month - without strict goals.  We need the flexibility to be able to achieve our primary vision of a wedding and a home.
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3 comments:

  1. I believe you can make both these goals, but it's going to take focus!

    ReplyDelete
  2. So you need $16k saved in total by Aug 2010?

    Isn't that past? Or do you mean 2011??

    ReplyDelete
  3. @ FB - whoops! I meant 2011. Thanks! I made the change in the post above.

    ReplyDelete

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