After fully funding my emergency fund last month, I’ve decided to scale back the amount I am saving each month in the spirit of throwing more money at the first portion of my mortgage and student loans. Moving forward, I will have my goal set at $500 per month for long-term savings. This of course may change depending on any given month’s circumstances, but this will be my benchmark for the foreseeable future.
Financial Goals:
- $500 into savings
- $1,300 extra to mortgage
- $650 into retirement accounts
- $100 extra to student loans
- Limit variable spending to $500
- Bring in an extra $200+
Household Goals:
- Complete demo & removal of concrete walkway in yard
- Touch-up paint on moldings, windowsills, and trim
- Re-calk & grout 2nd bathroom bathtub
Personal Goals:
- Bike to/from work–21 miles/day
- Start up P90X
- Run 5 times or more each week (marathon training time!)
What are your October goals?
Glad you are back and glad to hear you made it to the airport on time.
Good luck with you goals this month!
Nice goals. How quickly will you get your mortgage paid off at that rate?
Love the plan and I am fully on board with it. You haven't neglected your savings, just scaled them back to achieve other goals and you left the idea for adjustments to your plan open in case the needs arise.Again. Totally love the plan and your household and personal goals are awesome. You amaze me.
Yay for extra toward SLs and mortgages! I wish I had your energy for home projects. We have so many that could get done, but only the ones that are "need right now" ever seem to get tackled. (with the exception of all the electrical work that got done while my father was visiting).
@Niki–thanks! I'm happy to be back, although I did love the vacay time!@Jackie–I'm paying off the first part of my mortgage as fast as possible (it's a blended mortgage) because it's at a higher interest rate than the bulk of it. I have just under $30K to go, so I hope to have this done in the next 3 years or less. But this is all contingent upon it remaining my highest interest debt. If the balance falls below that of my student loans in terms of interest being paid, I'll most likely switch to paying off the student loans faster. Hope this makes sense, I'm writing a post about this in the next week or so!@Rafiki–thank you so much, I love reading your comments because they are so supportive and definitely motivate me! You're doing some stellar work yourself, my friend!@Shanendoah–I'll admit that I have an immense affinity for (OK, addiction to) HGTV and DIY Network. I love that feeling of accomplishment, especially knowing I did it all by myself!