Reviewing Your Goals

by Kevin on July 29, 2009

We’re over half way through 2009. January 1, 2010 will be here before you know it. (And sadly football season will be over with as well.)

If you haven’t done so recently now is a great time to assess your progress toward your SMART goals. I’ve tried to continually write about goals. If you don’t have goals you don’t have direction. Without direction where exactly are you headed? Are you just piling up money for no purpose?

Fix that problem today. Get some goals and figure out where you are going.

Our Progress Toward Financial Goals in 2009

We have been very blessed this year when you look at our 2009 goals. We’ve earned a consistent income even with part of my income being commission based.

Here are our goals and our progress toward them:

  • Put away $5,500 for a new vehicle for my wife: So far this year we’ve put away roughly $3,750 for a new car. We’re on pace to save $5,430 by the end of the year. Despite the fact that we will come up a little bit short we are still on pace with the overall goal of replacing her car in August of 2012.
  • Save $200 per month for future kids all year long. We’ve exceeded this goal and are putting away $225 each month for kids sometime in the future.
  • Fully fund two Roth IRAs ($5,000) by the end of the year. Technically you can fund an IRA up until the time you pay your taxes, but we’re trying to get on an annual schedule. We’re on pace to do this and have set aside $833.33 per month for the last 6 months. Unless something drastic changes we should still achieve this goal this year.
  • Continue with our financial plan. This originally included socking up money to pay off our house in a lump-sum. We’ve adjusted our strategy a bit here. Part of the money left at the end of the month goes toward our savings to help build up a little bit of a buffer to financial stability. The rest is going toward paying off our second mortgage faster. We’re drastically cutting our interest costs by paying extra each month.

Track Your Goal Progress

What about you? How are you coming on your goals? Has 2009 been a great year or have you suffered setbacks due to the economic downturn?

If you have goals, but aren’t tracking them… well that makes it pretty difficult to know where you are doesn’t it?

Track your goals in whatever manner works best for you. If you have to tape a piece of paper to the refrigerator and do it by hand… do that. If you can utilize a spreadsheet to track your goals… do that. Do whatever works best do something to track your goals.


Steve @ Start-Up July 29, 2009 at 12:58 pm

I track my goals monthly and am very happy with my progress. I find that tracking my goals on my blog helps me stay committed to them.

So on January 1 the Vols will be done playing football? No big bowl game this year? Where’s the faith?

Mrs. White July 29, 2009 at 7:11 pm

I just completely re-did our financial plan a few days ago. We’ve had a lot of setbacks so this should put us back on track.
This post is excellent and motivating.Thanks for the ideas!

Golfing Girl July 30, 2009 at 8:21 am

Kudos to all your milestones! We are also in the process of saving for a replacement vehicle and are about on the same path as you–falling just slightly short by year end. But I think that our ’95 Jeep will hold out past year end so it may not be an issue.
Also saving for upcoming baby due at year end–as we’re trying to prepare for the copays and hospital bills.
Sounds like you are really on the right track with balancing savings, retirement, and mortgage payoff.

Kevin July 30, 2009 at 8:28 am

@Steve: It definitely does help you stay motivated. “Hey, we had another great month!” “Wow, this really is working…”

@Mrs. White: Keep your chin up and keep moving forward. Good job re-evaluating.

@Golfing Girl: Thanks! That’s the beautiful thing about planning ahead… if the Jeep fails you’ve got most of the money saved up. If it keeps going you are buying yourself time to save more money. We’d like to think we’re on track… I’d still love to be mortgage free. That’s going to take… a while. 🙂

PT Money July 30, 2009 at 9:10 am

You guys are kicking butt. I like your idea of getting on an annual schedule for the Roth. I’ll have to consider that next year.

Kevin August 2, 2009 at 1:11 pm

@PT: Yea as long as you know you will have the cash flow there then you get nice and even growth. If the market goes down you go down with it and if it goes up… you get the idea.

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