Monday, December 6, 2010

atTENding to Our Finances in 2010 December update

Time once again to update our financial goals, which I posted at the beginning of the year.

Our first goal was to pay cash for our oldest daughter's bat mitzvah.  Completed!

Our second goal was to create an emergency fund.  This was completed, but then we dipped into it due to unexpected bat mitzvah expenses (see goal 1).  Now it is a little lower than I'd like, but I will still call it completed. 

Our third goal was to pay off our home equity line of credit.  We made principal payments toward it - not as much as I'd like, but we are also mindful that we have some large bills coming up.  We don't have our property tax escrowed, and the payment is coming up.  Normally we would set aside 1/12 of the payment each month, but that money ended up going toward the first two goals... so we are saving for it now.  In addition, our car insurance payments will also come due soon.

So, compared to the amount owed at the beginning of the year, we've paid off 13% of our home equity line.  We're hoping to make a much bigger dent in that next year - in fact, I hope to pay it off entirely! 

Once that is paid off, our only debt will be our home mortgage.  We refinanced back in 2002 with a 15 year mortgage, which means that we only have 7 years left now.  7 years maximum (or less if we can pay it off early, as we would like to) until we have no more payments!  We can't wait!

How did you do this month?  I'd love to hear about your successes.  Leave a comment below!

Check out more financial goals at Saving on a Shoestring @ Cha-Ching on a Shoestring, Coupon Teacher, and Money Saving Mom.

Bookmark and Share


Post a Comment

Next Post Previous Post Home
Content © 2010-2014 by Frugal Follies.   © Blogger templates The Professional Template by 2008