Thursday, May 30, 2013

Financial Stuff Update #2

I decided it was probably time for another post on how we're doing with our financial goals. Our last update showed some things already crossed off and I'm happy to report that more has been slashed! But then again, we've been really good at spending money instead of saving money.

I think it's because we know that pretty soon we will be living off of one income instead of two and we are trying to get a bunch of last minute projects in that cost money. Since the chances of us having extra money any time soon are pretty slim, we want to get certain things done.

But still, we aren't doing too bad.

Short-term Goals
  1. Pay off Mastercard balance (We had completed this but fell a little behind again)
  2. Use cash/envelope system for groceries
  3. Pay off Mastercard regularly
  4. Top up emergency fund
  5. Start to tithe more (Another ongoing thing but so far we have been doing pretty good with it)
  6. Make a monthly budget and stick to it
Long-term Goals
  1. Transition to one income (we are still in the process of doing this. February was awesome, March and April not so much. But May has been pretty good so far and I'm hoping June is too!)
  2. Put extra money towards paying down the mortgage
  3. Put money into savings account to go towards yearly expenses (This is mostly complete but I'm still hoping to get another paycheque or two into our savings account before I quit.)
To Buy/Save For
  1. Furnace installation costs (in garage)
  2. Freezer (scored for $100 cheaper than we originally thought!)
  3. Quarter cow from local farmer
  4. Hedge
  5. Split rail fence
  6. Surround sound system
So there's our mini-update on our financial goals. I think that come the end of June Dan and I will sit down and tweak them again. That's the thing about finances, they are constantly changing and you need to go with the flow. Even now, looking over this update, I can see areas where we need to work on and how this list is a little out of date. So stay tuned for more financial updates this summer!

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