OK please weigh in and let me know what you think.
We have met all of our goals for the year (see left side of screen). It shows the cushion still not met, but I put $10 a week towards that and only have about $40 left, so it will be met very soon.
So my question is now that we have met all of the goals for the year...Should we:
A) Set some new/additional goals
-Beefing up the EF
-Beefing up the new car fund
-Saving for specific home improvements (We NEED a new patio door, new garage door...we WANT to put in a sprinkler system...and our AC is on the fritz)
or
B) Since we've met all the goals for the year, put all extra funds to the mortgage, and use the existing savings for the above projects as needed. Then make new savings goals for 2013 and start saving again then.
The reason I want to even look at option B is because as many of you may know....there is ALWAYS something to save for! And now seemed like a good time to break from savings and make a dent in the mortgage since we surpassed the $20K challenge and are nearly to $25K (not counting retirement or our HSA).
Please let me know any thoughts you have as any extra input or suggestions would be appreciated.
Thank you!
All goals have been met for the year....please let me know your thoughts
July 8th, 2012 at 11:36 pm
July 9th, 2012 at 12:42 am 1341790949
You need a new patio door for energy conservation or? Have you had the home energy assessment? There are so many small DIY fixes that combine to make a difference.
July 9th, 2012 at 12:54 am 1341791680
Since you already have saved for the patio door, I would put some extra funds toward the mortgage and some toward beefing up your EF savings.
July 9th, 2012 at 03:31 am 1341801084
We need a new patio door because it doesn't lock anymore, we would just replace the lock, but the door is very old and beat up anyways, so it would be best to replace the whole thing now.
The garage door we don't need this minute, but you can see where it is warped and started to rot under the paint...and of course once that needs to be replaced it will need to be replaced immediatley since we can't just leave our garage open.
July 9th, 2012 at 03:52 am 1341802350
July 9th, 2012 at 04:16 am 1341803812
July 10th, 2012 at 06:14 pm 1341940457
Great job on meeting all of your goals mid year! Woo hoo!!
Since you finished early, throw everything towards your mortgage. The sprinkler system and ac can be next years goals.
You've already funded the car and patio door accounts.
Maybe you need to go ahead and purchase one of those so you can have a "feel good moment".
July 15th, 2012 at 10:42 pm 1342388524