Wednesday, October 10, 2018
Third Quarter Update
At the beginning of the year, I set some goals for myself. Let's see how I am doing.
1. Add $10,500 to retirement savings with the goal of having $35,000 saved for retirement by the end of the year. $5,500 will go into my roth ira and $5,000 will go into a taxable account. Come on stock market growth and no recession! Last year I contributed $9,500 so this will be an increase of $1,000. PASS. I am done with this goal! I have contributed $10,600 to retirement this year. I plan to continue contributing throughout the year.
2.Increase EF to $18,500. I am slowly adding money to this goal. My total emergency savings are about $16,800. I hope to increase this over the next 3 months to meet this goal. However, that might change based on what happens with hurricane Michael.
3. Pay an extra $290/month toward principal on the mortgage. My easily reachable goal is to have the mortgage paid down to $200,000 by the end of the year. The ultimate goal is to have the balance paid down to $197,500 by the end of the year so that the PMI will drop off the mortgage. PASS! I have been adding an extra $400 a month to the mortgage. I am definitely on track to have this under $200,000 by the end of the year. I might have it under $200,000 by the end of the month. However, again, that might change based on what happens with this hurricane.
4. Save an additional $5,000 for my car replacement fund with the goal of having $10,000 in my car replacement fund by the end of the year. I will be aiming to purchase a new car in 2019. I hope with a trade in and any money saved in 2019 to have $20,000 to put down for a new car. My car replacement fund is sitting at $7,617 as of the time of this entry. Again, I hope to focus on this more after you know, hurricane michael.
5. Read 15 books. I have completed at least 3 books this year. I have been starting books, but not finishing them. Hopefully I'll do better for the next report.
6. Lose 20lbs. I plan to try to lose about 3lbs a month which should place me at 36lbs for the year. However, I know I struggle with weight loss so I think 20lbs is a good goal. I also want to commit to exercising 30 minutes a day for 4 days a week and eating more vegetables. I haven't weighed myself, but I have been getting in 4 days a week of exercise most weeks (Except when traveling).
7. Donate $300 to charity. This is up $100 from last year, I hope to be able to donate more than $300, but let's see how the year rolls. I plan to increase this amount each year. I have contributed $278 to charity so far this year. I'm actually ahead of schedule for where I should be at this time of year! I can't wait to see how much I actually end up donating by the end of the year.
8. Build medical fund up to $1,000. This is sitting at $0, but I have been using this for various medical appointments. I need to add to this to cover my dentist appointment at the end of the year and the one I just had.
9. Continue to build car repair fund up to $1,000. This is currently at $173, but I will need an oil change before the end of the year.
10. Get more life insurance. No progress here.
11. Try to figure out a happy medium for the travel reimbursement fight. I want them reimbursed in 30 days and the firm will wait 60 -90 days to reimburse me. I think I will argue for 45 day reimbursement and all outstanding travel vouchers to be paid at year end. I haven't had a chance to even begin to address this. However, there are a lot of changes coming at work and this might be a bargaining tool for me.
12. Find a new primary care doctor and receive treatment for anxiety and depression. I have been researching doctors, but I have not selected one yet.
13. Make a decision about my career and job. No progress.
14. Try something new (or outside of my comfort zone) each month (restaurant, activity or social event). I did pretty good at this for the first quarter, but not so great for the second quarter. I did try a new restaurant, opened a new savings account for a higher interest rate and continued to tip cleaning staff at hotels. I'm did not do super well with this for the third quarter either. I HAVE to do better this last quarter.
15. Increase net worth by $25,000. I failed to do a net worth post at the beginning of the year. I have been adding to my retirement savings and paying extra on the mortgage so I am definitely making progress on this goal. I am up almost $20,000 since my March net worth update.
How are you guys doing on your yearly goals? Are you on track or falling behind? I feel like tracking my yearly goals helps me make progress.