Overall, I would say that 2009 was a financial success. We managed to save for new roof, we maintained our 6 month emergency fund, and paid $100 extra a month towards our mortgage. My 2009 Roth IRA has been funded ($5,000), my 2010 Health Insurance Deductible ($2,500) is waiting for me in case i need it and I saved $11,250.72 for a new car! Whew! Don’t get me wrong it wasn’t all sunshine and rainbows, we had our financial ups and downs along the way- including some very expensive car repairs!
Hands down, I attribute our success to planning and following a budget. In my opinion, the two most important things you can do to be financial successful is 1) Know how much income you have coming in and going out. This is where your budget starts! and 2) Setting financial goals is essential! There’s just something motivating about tracking progress towards something you want to accomplish!
Here are my financial goals for 2010.
1.) Save $3,750 to reach my goal of saving $15,000 towards a new car.
2.) Save $1,500 to completely fund my 2010 Roth IRA (I currently have $300 deducted monthly so by Dec 2010 I’ll already contributed $3,500).
3.) Continue paying $100.00 extra a month on the principle of our mortgage.
4.) Add $1500 to our Emergency Fund (a long-term goal of mine is to build our ER Fund to cover 1 year of expenses).
Of course, I’ll keep you updated on my progress throughout the year and as these goals are accomplished I will be adding more.
I would love to know your financial goals for 2010!
Leave me a comment!
Hi! I'm Jamie, a wife and mom who is passionate about living debt-free, saving for a rainy day, and spending money wisely. This blog is my way of teaching other how to save so that they can live a debt-free life!