Thursday, July 2, 2009

Q2 Update on Financial Goals for 2009

I've posted a series on my family's Financial Goals for 2009. Here is an update on what we've accomplished toward our goals in the second quarter of 2009.

1. Refinance our home - DONE in Q1

2. Fully fund our Roth IRAs and 401ks
This goal has changed a bit, as we've decided that I will stay at home with the kids. So while my husband will fully fund his accounts this year, I will not. I'll be investigating opening a spousal IRA for myself and will update on that process.

3. Maintain 6 months living expenses in an emergency fund- DONE
With the addition of our new daughter, it made sense to add to the existing 6 months of living expenses that we already had in place. We've funded an additional 10% to our emergency fund.

4. Cut "fixed" monthly expenses

5. Review/Adjust asset allocations across retirement accounts - DONE in Q1
My husband and I reviewed all 4 retirement accounts and decided on an asset allocation strategy we were both comfortable with. We've adjusted and rebalanced our accounts as necessary to get in line with our strategy.

6. Check for better credit card deals (rewards/interest)
7. Review Life Insurance policy/needs
8. Make a Will

9. Open 529 for #2 - DONE!
It took longer than expected to get a Social Security Number for our new daughter, but as soon as we got it I opened the account and we began contributing.

10. Contribute $2000 to each 529 account - 1/2 DONE
We've met this goal in one of the 529 accounts and still need to do it for the second account.

11. Put $2000 extra to car loan 3/4 DONE
We've sent an extra 1500 so far, just 500 more to go!

4 goals accomplished, and 7 more to go! 7 seems like a lot, but 2 of those are partly completed so that gives me hope that we'll finish all of our ambitious goals for this year.

Practicing Thrift Copyright 2009

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