Our 2010 Financial Goals

by Kevin on January 1, 2010

Our financial goal planning is pretty dull. We initiated a plan a few years ago and are still in the midst of that plan.

Parts of the plan we are still implementing:

  • maxing our two Roth IRAs each year
  • saving on a schedule to buy two new vehicles with cash in 2012 and 2014
  • saving for potential future children’s education and living costs
  • paying off our second mortgage ASAP

We’ve successfully stayed on track with all of the above — especially the mortgage! I recently wrote Dominating Our Second Mortgage in 2010. If everything goes to plan we should be able to pay it off in August of this year.

That will be a very good day!

Looking at our goals I am happy with where we stand. We have stayed the course and moved forward successfully.

Here’s to a great 2010!

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January 17, 2010 at 1:34 am

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Golfing Girl January 2, 2010 at 12:46 am

When you say, “saving for potential future children’s education and living costs” I’m hoping you’re simply putting money into an emergency fund for the meantime. I would really worry more about the 2nd mortgage than education for unborn kids!

As for our 2010 goals, since baby #2 is due any day now, we’re hoping to successfully live off DH’s salary (without touching the EF) and I will stay home for the first year or two. We accomplished our 2009 goal of reaching $20K in the emergency fund so that it would be possible. I remember thinking that $20K sounded so unattainable, but when you start living off one salary before you have to, it gets much easier!

Kevin January 2, 2010 at 10:23 am

With the kid’s education and and general cost categories… the money is just sitting in our savings account. We keep all of our money together in the same few accounts and just divvy it up into categories on a spreadsheet. We haven’t invested it anywhere because we don’t have enough to meet most investment requirements!

Good luck with the one salary thing. We would love to be able to do that, but we’ve got to get our side incomes from blogging and a cake business up a lot before that can happen.

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