3/20/2015

Savings/Debt Goals

Moving forward on the update train is where we are at with our saving/planned spending goals and our debt-pay off.

The goals for the first three planned spending categories come  from our average spending over the last few years in each.  It's how we set up our monthly savings rate as well.  The trick here of course, is that throughout the year, we draw on these accounts (which is what their for), so we never actually reach 100%.

We've been chipping away at the Baby Fund for a long time.  The idea here, is then when we do start our family, we won't be stressed and strapped for cash when I go on Maternity Leave.  I would love to see us reach $10,000 by the end of the year - we're actually on track to hit this in 2015, woohoo!

We don't have targets for each year for the Mortgage or the Kia either - these we just chip away at with the regular payments...though I do often do extra payments on the Kia...just little bits to help knock it down.

The LOC goes up and down...every time I make a few really good payments, we get behind somewhere else or something unexpected comes up and I need to dip in.  We are making progress here, but it's slow.  We put $800-$1,000/month here and as we hit other savings or debt targets (like paying off the escape), we add that payment to the LOC.

We don't have retirement savings goals for each year as a dollar value - my goal is to get to 10% of Jordan's gross pay, but right now we're still sitting around 7.75% right now...but each year we get a bit closer....because of my pension, I'm already sitting at 10%.

Phew! There it is.
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