Every year we set financial goals for us. Here are the goals I set for 2010, and here are the 2009 financial goals. Personally I think this year was a pretty good year for us financially, and I am very thankful for that. Here’s a recap of the goals I set and whether or not we accomplished them.
1. Mortgage- This year I’d like to pay off at least $3,500 off the principal of my mortgage. Last year I aimed for making one extra payment a year and that didn’t work out.
Fail. We paid off $2500 in principal on the mortgage this year. This is definitely more than we would have paid off if we had just made regular payments. About halfway through the year, I decided that I would make at least one $100 extra principal only payment on the mortgage each month. While it’s not a lot, it still helps. I like seeing the balance of the mortgage go down faster than normal! Unfortunately, the mortgage that we refinanced to has a prepayment penalty of 1%. We knew this going into it, and since we didn’t pay any closing costs we decided it was fine. Closing costs on a conventional mortgage would have been much more than the 1% penalty.
2. Retirement– I want to bump my contribution up to 10%. Right now I contribute 8% and I want to put more in for 2010!
Fail. I actually kept the contribution the same. I think the percentage goal didn’t work out as well as I had hoped. I’m thinking that for 2011 I may come up with a certain dollar amount to increase my 401k amount by and go with that. In 2011, I may also add a goal to contribute to a Roth IRA for Mr. Money as well, which will be in dollars. I think that will help out a lot!
3. Car Loan– I want to PAY OFF the car this year! I know this is definitely attainable, and I hope I can do it in the first quarter! When I pay this off, we will be completely debt free! Woo!
Success! In October, we ended up being debt free (minus the mortgage) with the car loan payoff! It is so awesome to not have to worry about making a car payment each month, and knowing that we can live on less. It’s a great feeling! Over the past few years, we’ve worked extremely hard focusing on paying off student loans, credit cards, and even the car loan. Being debt free is awesome! Now to chip away at the mortgage…
4. Budget– Come up with a good budget and actually stick with it!
Success! My budget may not work for everyone, but it does for us, and I’m happy with that. Why mess with it if it’s not broken?
5. Savings– Keep tossing money into savings accounts!
Success! Over the course of the year, I’ve been able to contribute extra money that I’ve earned, bonuses from Mr. Money, and some freelance income into savings. It’s nice to have it just in case we need it. In 2011, I’m going to set concrete goals for savings amounts for specific things we want to do.
We obviously didn’t accomplish every goal we set, but overall I’m happy with our success. I’m looking forward to 2011!