This year – for the first time ever – we met all of our financial goals for the year. This makes us all the more motivated to stretch further in 2009 and see what we can do. Here’s our list:
- $5000 into my IRA
- $5000 into my husband’s IRA
- $5950 into our HSA
- $200/month into our car savings account
- $300/month into our solar panel savings account
- $100/month into our son’s 529 plan
- $100/month into our emergency fund
- decrease our mortgage principal by $20,000
The first seven things on the list are pretty much just a continuation of what we’ve been doing. We put $5000 into each IRA this year, and put $5800 into our HSA (the IRS increased the limit for 2009, so we will increase the amount we contribute). We have been putting $100/month into our emergency fund for two years, and have been contributing to our solar panel fund, our car savings account, and our son’s 529 since the middle of 2008.
It’s that last item that will be a stretch. I am not sure if we’ll be able to reach that goal, but what’s the point of setting goals if you know that you can get there easily? Having such a large number in our minds will force us to live very frugally next year. And even if we don’t get to $20,000 (I can’t even type it without swallowing hard), we’ll be a lot closer to owning our house by this time next year if we make this a major focus for 2009. Right now our total mortgage balance stands at $154,861. If we live very frugally (which we’re pretty good at), I think we can make a major difference in that number over the next year. We won’t be spending much of anything on things that aren’t on the goal list, but that’s ok – we like it that way.
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