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All goals have been met for the year....please let me know your thoughts

July 8th, 2012 at 11:36 pm

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!

7 Responses to “All goals have been met for the year....please let me know your thoughts”

  1. snafu Says:
    1341790949

    It can be helpful to use the end of June to review your net worth. I suggest examining your retirement holdings and their value June 2010, 2011, 2012 and expectation for 2013. Do they reflect current and expected economic conditions?

    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.

  2. Analise Says:
    1341791680

    Congratulations on reaching your goals! You are a great example of why it is so important to set goals... they give you a focus and your progress helps keep you motivated to reach them.

    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.

  3. Banker Gurl Says:
    1341801084

    Thanks for the suggestions!
    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.

  4. LuckyRobin Says:
    1341802350

    I think I would beef up the emergency fund. It always makes me nervous when my EF is low. If you really want to make headway on the mortgage, you could split what you've been saving and do half to the EF and half to the mortgage.

  5. ceejay74 Says:
    1341803812

    If the EF isn't enough to cover 3 months of expenses with no income, I would consider putting toward that. Otherwise, I see one of your goals is to be a better homeowner, so I suppose either home improvements or mortgage reductions would be positive steps toward that intangible!

  6. Katherine Harper Says:
    1341940457

    Here are my thoughts..
    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".

  7. Banker Gurl Says:
    1342388524

    Thanks everyone for all the suggestions!

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