We hit our first goal of 2020! While I wish I could say it was the one about reducing the principal on our mortgage by $40,000, it isn’t. Give us time~we’re working on it! What we did hit was the goal I thought would be our last to reach, and that is increasing our 401K to 12%. Now with the company match of 3%, we are at 15%.
The reason we decided to do the increase now came from Hubs getting an unexpected raise. Given that our income is very irregular, it is near impossible to figure the exact amount, but Hubs calculates it to be about 5%. Since we are already used to living on his current wages, we prefer to continue doing just that. Depending on what his checks look like, we will likely incrementally increase our 401K by another 3%.
Another goal we are closer to achieving is getting rid of the PMI on our mortgage. The real estate broker was here today to do a walk-thru of our house and get pictures for the BPO (broker’s price opinion.) The BPO was supposed to happen yesterday, but the agent rescheduled for today because of a car-related issue. Now it’s a matter of waiting on the report. Hopefully, we will know something within a couple of weeks.
Our goal for our house remodel/addition plan is in the works. We’ve had the expected back and forth communication with the designer. The house sure looks good on paper! It will be a couple of years before we can break ground, but I sure am eager to do so!
We have made a tiny bit of progress on our savings goal. I have put $191.36 into our emergency savings account, and hope to do more before the end of the month. I anticipated that this goal would be a little slow to happen since I also want to build up our checking account.
Another area for savings that I didn’t initially plan for is to keep some extra cash on hand. The idea for the additional available money is primarily related to my father’s steadily declining health. This month alone, he has had something like nine or ten falls. Earlier this week, he was transported via ambulance to the hospital because he needed sutures. A few days ago, I sat down and wrote out a list of what I’d need/want to take with me if I had to leave on a moment’s notice. I remember when I received the call that my mom was actively dying, it would have been helpful to have had a list~and not have to stop at the bank! In situations like those, it is easy to forget things. Anyhow, I know I’d want to have cash on hand for making the trip when that call does come.
So far so good with tracking ALL of our numbers this year. I must admit that it helps that I’m trying not to spend much!
A little over three weeks into the year, and I feel like we are making progress for 2020. I’m keeping our list of goals in front of my budget binder as a reminder of what we want to accomplish. I feel like it is good to keep them front and center.
You are doing FANTASTIC!!! You’ve already reached a goal and it isn’t even February yet!!! It is just amazing how focused you are!!!
We are moving along with the remodeling as well – have the new garage door ordered as well as a new front door, security door, and side garage door. We are waiting for the estimate from the contractor for all the other work….not really looking forward to getting that!! I am more than slightly overwhelmed, but am trying to take it one thing at a time….that is all you can do, right?
So sorry about your dad – that must be so hard!!! Great idea to have everything ready to go when you need to and not have to waste time running errands!!!
Thanks! Certainly a great way to start out the new year! Sounds like you are moving along nicely, too! Those are all good improvements to make to your home.
It is tough seeing my dad go through this. Dementia isn’t kind, but it is also a strange blessing because he isn’t aware from day-to-day.
Congrats on hubby’s raise and goal met! Great way to start out the year, for sure.
Thanks! The raise came as a complete surprise. May as well put it to good use!
Congrats on hitting the goal. So sorry to hear about your father. Praying for strength and comfort. As for my personal goals, I would like January to get over so I can really start tracking stuff.
For whatever reason, your comment ended up in my spam folder. Sorry about that, Rhitter. Thanks for the congrats! It is tough watching my dad fade away. I’m thankful, though, that he seems so unaware. You’ve had a busy year already. I like that you are setting money aside to replace your vehicle. That is good planning!
Look ar you go! You are handling your money like a pro. Good job on hitting your 401k goal.
Thanks! It took us plenty long to do so, but better late than never!
Keep going! It is such a great feeling knowing you are making your retirement savings a priority and each 1-2% really has a very small effect on your take home. You killed it with your debt pay down, now kill it with your retirement save up.
Congrats!
DeeCee
Thanks! It sure is a great feeling! I agree with those small increments. Combined with the tax savings, there never seems to that much of a change with our checks. I’m eager to keep increasing our contributions.