First Quarter Financial Review
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?