Saturday, April 10, 2010

Keeping financial goals

High angle view of a piggy bank on American bank notes

Since I have started this blog, writing down my goals for the coming year has become increasingly important. For one, I have a place where I can reread what I am focusing on. Two, detailing the goals for someone more than myself is extra motivation to keep on task. This year is no exception and here is my progress:

1. Fully fund my 2010 Roth IRA ($5,000) in a calendar year.
Accomplished! I funded the balance not covered by my automatic monthly contributions using 2009 tax refund. Assuming I keep making my contributions, my Roth IRA will be maxed out by December 31, 2010.

2. Save $3,000 for purchase of a newer vehicle.
Going into 2010, I thought this was a stretch goal and my savings account reflected I was not track to reach the goal. However, my merit increase + promotion increase has increased the amount of my automatic transfers plus there are two more "extra" pay periods this year so I have hope I can reach this number.

3. Have $2,000 in my farm savings account at the end of 2010.
As with my car savings, I was pushing myself to make this number. However, this looks to be within reach now that I have a larger paycheck from which to save money. Depending on how it goes this year, I might increase this goal.

4. Save $700 by the end of August 2010 for a potential vacation.
This goal was on track from the beginning of the year as it was based on what I had been saving. Since I have now committed to the trip, I plan to keep on my budget.

I am also hoping to turn my furnace off permanently on April 15, but weather determines if this is a realistic goal. Despite a run of unseasonably warm weather, my region was also hit by colder weather that resulted in my house becoming cooler than 54 degrees Farenheit, an uncomfortable level for me. Therefore, after having turned off my furnace for a week, I resorted to turning it back on.

What progress have you made on your goals?

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