First Quarter Financial Review

Posted by Mrs Money on April 3rd, 2009

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The first quarter of this year is already over, so I thought it would be a good time to retouch on my 2009 financial goals.

-Mortgage. I had originally planned on adding extra towards principal each month or once a year just making a lump payment. I have decided against this as I’m trying to save any extra money into our emergency fund. I feel we’ve got a pretty good chunk of change saved up, but I figure I can’t have too much in liquid savings right now.

-Second mortgage. Last month I skipped the $27.25 a month. I think that this is a reasonable amount to be paying extra towards the second mortgage. I’m really not going to miss that money. I can make that work.

-Retirement. I dropped it to 6% because I am scared about the market. Stupid, I know, but I figured I can put that extra 2% into savings (I am) and later on I could make a contribution to one of our ROTH IRAs.

-Student Loan.
Just like everything else, I cut back on paying extra as well. We have made a few extra payments, bringing the principal balance owed to $4569.32.

-Car loan. We now only owe $7950!

-Savings.
This is one area I think we’ve made some really good headway in. I upped my savings percentage to 40% of my paycheck. It’s going into our emergency fund at the moment.

I’m satisfied with the progress we’re making. We are not necessarily paying off debt as quickly as I’d like, but by making minimum payments we’re still doing well. The extra money in the savings account can be used to pay off both loans if we feel the need. That makes me feel good.

How are your 2009 goals coming along?

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4 Responses to “First Quarter Financial Review”


  1. Miss M says:

    You know what I’m going to say, now is the wrong time to dial back your retirement savings. But I agree with your strategy to save up extra cash, I’m doing the same while keeping my 401k contrinbutions :) When I cashed out my 401k years ago I told myself I’d put the money back eventually, 7 years later and I still haven’t done it.

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  2. Mrs Money says:

    Miss M- I probably should go back to the 8%. I will meet with one of our financial advisers soon to make sure I’m in the right funds, etc. It’s all so confusing!

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  3. Deirdre says:

    Interesting – I’ve made pretty much the opposite choice: under the theory that there’s a good chance we’ll experience hyper-inflation soon, and savings (and especially investments) will be pretty much worthless, I’ve been funnelling as much money as possible into my debt. I figure if necessary I can live off bartering, live with relatives, forage, etc., if I don’t have money coming in — the only thing that I ultimately *need* money for is to pay off debt, so I want to get that paid off as quickly as I can. And, except for one small credit card balance with a zero interest rate, there’s no interest I could make in savings–or profit in investments–that would match what I have to pay in interest on my various debts.

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  4. Mrs Money says:

    Deirdre- My two loans are at 0% and if something happened that we lost our jobs we could defer payments. I am really glad you commented because this is an awesome point of view. Sometimes I wish I had the freedom of not being tied to a house, but other times I love the house, so it’s a catch 22. I’m sure things will work out well for you! :)

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