Work in Progress: Financial Shape 2008

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Tuesday, January 15, 2008

Financial Shape 2008

As part of the challenge on Money Saving Mom I thought I'd share our financial goals for 2008.

Short Term goals:
- Have all debt paid off by the end of March (about $5,600)
- Use April's savings money to take a vacation
- Get Life Insurance on both Anthony and I
- Transition into using cash almost exclusively

Long Term goals:
- Have fully funded emergency fund (6 mo. worth of expenses) by December (about $10,000)
- Start investing 10-15% (Roth IRA, etc.) after the emergency fund is complete
- Move all extra funds at that point towards paying of the mortgage within 7 years

*We'd really like to be in a place 7 years from now where we can buy/fix-up and either sell or rent houses. But in order to do that we want our current house paid off.

One of the ways I'm trying to contribute towards these goals is by lowering our budgeted grocery amount. I've started CVSing and really planning my menus and shopping lists around sales and coupons which has helped tremendously. Check out what I got at CVS last week!

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