2009 Financial Goals Recap

Posted by Mrs Money on January 1st, 2010

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Well, it’s now 2010. Remember my 2009 financial goals? Here’s how I fared:

Mortgage
I love seeing the principal balance on our mortgage go down. I hate seeing how much of our payment goes to interest each month, so every extra little bit I can throw towards our mortgage is a good thing. I’m hoping that I can make one extra monthly payment as a principal only payment for 2009. I can do it one of two ways: at the end of the year, pay $960 in a lump sum on the mortgage, or break it down to a monthly payment of $80 extra on principal. I’ll probably just pay $80 extra a month and forget about it. Our mortgage interest rate is 6.375% and we’ve got about 28 years left.

Failed. We did end up refinancing to a lower rate of 5.59% and didn’t make an extra mortgage payment at all this year. We do round up and make a little bit of extra principal payment each month though.

Second mortgage
Our payment is $172.75. We’ve been paying $200 a month, with $27.25 extra towards principal. This is a 20 year loan at 6.89% and we’ve got 18 years left. We should have it paid off in about 15 years at the rate we’re paying.

See “mortgage” above.

Retirement
I’m going to keep putting 8% of my pay into my ROTH 401K at work. I have some concerns that we’re not saving enough for retirement because Mr. Money’s work does not offer a retirement plan at all. He’s 31 years old and I’m 25 so I feel like we’ve got time on our sides, but it’s still scary to think we don’t have enough money for retirement. We both have ROTH IRAs but we aren’t contributing. I almost want to take some money out of savings and put it in those to reduce the amount of taxes we pay on the interest in our savings account.

Success! We kept contributing to my 401k at work even though they chopped the match.

Student Loan
My calculations show that by making the minimum payment on the student loan each month we’ll pay down $2160 in principal. That will leave a balance of $3940. I’m hoping we can pay this off in 2009.

SUCCESS!!! We totally paid this off in 2009!

Car loan
Making minimum payments, we’ll pay down $3000 in principal in 2009. I would love to pay this loan off too, but it’s not my number one priority because we’re paying 0% interest and we’re trying to get the student loan paid off first.

Success! We paid off over $4750 this year!

Savings
I’m going to keep putting 25% of my paycheck into savings. From here, we can decide whether we want to send the funds to retirement, pay off more debt, or just keep it in the emergency fund.

Success!

How did you do with your 2009 financial goals?

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5 Responses to “2009 Financial Goals Recap”


  1. Congratulations on all your successes in 2009! Great work!

    [Reply]

    Mrs Money Reply:

    Thank you!

    [Reply]

  2. Evan says:

    Mrs. Money,

    I just ran some numbers on bankrate:
    http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx

    And it look likes you’ll pay off your 2nd mortgage in 2022 (12 years) not 18. I would make sure you aren’t prepaying your interest vs. making payments on the back end via;

    http://www.myjourneytomillions.com/articles/my-extra-payments-towards-my-auto-loan-was-not-being-applied-to-principal/

    [Reply]

    Mrs Money Reply:

    Hi Evan!

    I actually consolidated that 2nd mortgage last year. :) I haven’t made a lot of principal only payments on my mortgage yet- still trying to pay off a car loan!

    [Reply]


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