I can't believe it's already July, meaning six months since I posted my Financial Resolutions for 2009 (and one year until our wedding!). Now is a good time to review my resolutions and see if I'm on track. In January, I resolved to:
1. Save up a $2000 Emergency Fund
Not on track. I got a little caught up in the emergency of losing my job but now that I have a better job and no rent to pay this shall be an attainable goal. To do this in six months, however, I would need to start saving $333 a month. I gotta think on this for a while as I'm not sure how that would impact the wedding savings and whether I should take into account my fiance's emergency fund when contemplating our emergency savings. I'll get back to you.
2. Eliminate Law School Loan (Current Balance = $1932)
By paying $14 extra each month I am still on track to eliminate this loan in less than three years. Listing all my student loan debt today was a little sobering, however, so I have decided to try to knock out this entire loan in 2009. According to a a debt payoff calculator in order to do this I have to start paying $289.87 this month to reach this goal.
3. Save up a Christmas Fund of $300
Failure but then again no one really expects a couple trying to save for a wedding to go huge at Christmas. Maybe now that I (and I can't say this enough today) not paying rent I will devote more attention to gift savings.
4. Save $1000 for Special Event in 2010
Yeah I was thinking about saving for the wedding several weeks before we were even officially engaged. Don't shoot me. Six months later I look upon that quaint little $1000 figure and laugh my head off. Make that $10,000 is the amount I need to save in the next year. Not including what we already have paid out and what my fiance has contributed to the Wedding Fund already I need to start chipping in a whopping $833 a month.
5. Continue to save 10% of my salary for retirement.
6. Pay off all short term debt - don't acquire new debt.
Woohoo, it felt so good to get rid of my overdue utility debt, my Capital One balance and of course my Boyfriend Debt.
So that's where I stand right now. I'm very excited for the next six months of this year to start seeing some progress. In the past year (yes it's been over a year since my first post) I've gotten pretty good at actually paying my bills (a skill that had eluded me in 10 years of adult life) but now the next year is going to be devoted to actually planning and saving for the future.
Look out for my new budget to be posted next week as I attempt to incorporate these revisited goals.