Friday, March 13, 2009

Get Your Finances In Line In 2009: February Recap

In January, I mentioned that I am planning to do a monthly post on our financial goals and progress. I shared our excitement with you that we became debt-free in December and that we can't wait to meet our next goal of fully funding our 6-month emergency fund (in addition to a few other goals).

Since I just started my business last year, we are uncertain as to the income that might bring in this year, but we set out goals high and if we don't quite make it, that's okay. Our 2009 goals have changed just a tad. I added two more goals at the bottom, even though they are not in order:

Goal #1: Pay CASH for our 5-day vacation to *SURPRISE*! :) ---- 50% completed ----

Goal #2: Fully fund our 6 month emergency fund and put into a money market account to be left UNTOUCHED unless there is an actual emergency. ---- 10.4% completed ----

Goal #3: Save for my husband to get a "new" (that means used) car.

Goal #4: Raise retirement contributions to 12% (with a 4% match).

Goal #5: Open a money market account for each of our children.

Goal #6: Begin paying extra principal on our mortgage.

Goal #7: Establish a will and testament. (I know - shame on us for not having one yet!)

Goal #8: Get disability insurance for both my husband and me.

We had a few projects that needed to be addressed since my last post, so we didn't made HUGE headway on our goals in February, but we didn't move backwords and we paid cash so we are content with that. We filed our taxes last weekend. Our state refund was deposited today and we are now just waiting for our federal income tax check to be deposited into our bank account. We don't like to give the government a free loan, but we don't want to owe anything either, so we try to carefully plan out my husband's deductions. Once our federal check arrives, we'll be a bit further along in our goals. For now, we are happy to be out of debt and happy to know that we are on the right track.

If you don't currently have any financial goals, I really encourage you to consider making some. Especially considering the dismal economy we're living in right now, it's very important to have a plan in case the worst should happen.

For more "Get Your Finances In Line In 2009" posts, check out the Mr. Linky at the bottom of Crystal's post over at MoneySavingMom.


Anonymous said...

How is it that you are debt free - if you have a mortgage payment?

Heidi Stone said...

ANONYMOUS: I guess I wasn't clear. I guess I incorrectly assumed that my readers had followed our debt-free journey for the past few months. We are debt-free with the exception of our mortgage.

Megan said...

Don't feel bad about the will. We just got ours done last spring. I will tell you though, it was a huge relief to have it done. It only cost us $150 to have an attorney here in town draw it up for us. I was expecting to pay at least twice that.