Our 2008 Goals
Categories: Goals
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Here are our personal finance goals for 2008. These are not New Years Resolutions. I always fail at resolutions. These are concrete S.M.A.R.T. goals.
- Pay for a trip to New York City by November 2008 - $3,000
- Put $80 into savings each month for school through August 2009
- Put $50 into savings toward emergency fund (until we reach 3 months of expenses)
- Put as much money as possible toward 2007 Roth IRAs - $8,000 maximum
- After we do our taxes, put as much money toward 2008 Roth IRAs - $10,000 maximum
- Continue to pay extra on our 2nd mortgage
So far we have been very successful toward these goals. We put $200 each month toward our New York trip. We should have the trip paid for with cash in hand by August. The school saving and emergency fund come out, too. The Roth IRA contributions come from our free cash flow. We should be able to open our first one next month.
In the long term (not 2008) we are going to start saving for new cars and a trip to Europe. We use a “savings snowball” method to our savings. I’ll share more on that later.
What are your goals for 2008?
