Thursday, February 7, 2008
January Budge Recap
After closing out the month and reviewing my expenses against my budget, I discovered that I had an extra $470.91 in my budget that I did not spend. So I put it against my HELOC. Yea!
Tuesday, January 1, 2008
2008 Financial Goals
I've established several goals for myself this year. My financial goals are:
1) Increase emergency fund to $2K
2) Save $600 for Christmas Fund
3) Save $1,500 for Vacation Fund
4) Pay down HELOC to $25,000 (Current balance is: $49,999)
5) Contribute max towards 401(k) to get match*
6) Max out IRA contribution ($5,000)
7) Live frugally!
My employer matches 100% on the first 4% I contribute. My goal is to save 10% of my salary in my 401(k), so I'm contributing 6% of my salary. With my company's 4% match I'm making my 10%.
With the $5,000 in my IRA I'm beating my goal of saving 12% of my salary.
Depending on how I'm progressing at the mid point toward my goal of paying down my HELOC, I may re-look at these goals.
1) Increase emergency fund to $2K
2) Save $600 for Christmas Fund
3) Save $1,500 for Vacation Fund
4) Pay down HELOC to $25,000 (Current balance is: $49,999)
5) Contribute max towards 401(k) to get match*
6) Max out IRA contribution ($5,000)
7) Live frugally!
My employer matches 100% on the first 4% I contribute. My goal is to save 10% of my salary in my 401(k), so I'm contributing 6% of my salary. With my company's 4% match I'm making my 10%.
With the $5,000 in my IRA I'm beating my goal of saving 12% of my salary.
Depending on how I'm progressing at the mid point toward my goal of paying down my HELOC, I may re-look at these goals.
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