Our current financial goals are:
1) Continue making minimum payments on our student loans (the interest rate is actually lower than our savings rate)
2) Pay the loan our parents gave us by July 2008
Getting close! We still owe a decent amount, but we should be able to pay off a large chunk in June.
3) Put 10% of my income into the stock market – we are now doing this
This has been kinda fun! We are using sharebuilder to purchase the stocks and so far we have been doing well. We are doing long term buy/sells (so much better with a volitile market). Whatever goes into that account that isn’t used to buy stocks earns interest.
4) Put 6% of DH’s income into his retirement account – we are now doing this
5) Put a set amount per month into an account for DS – we are now doing this
6) Fund my retirement account to a set min level by Sep 2009.
Well, the stock market falling isn’t exactly helping this. We may not get to the amount we want by 2009, but we can always make a new goal for Sep 2010. If I am going to stay home (or DH if he wants to) then we want a retirement account that will be earning interest since we wouldn’t be putting anything in it at that point. Whoever is still working can keep putting the minimum (to get the matching) into their account and it will eventually catch up. We came up with this goal using retirement calculators. I’ll try to find links in a future blog. We just plugged in what we wanted in the account when we retire, our age, and expected interest rates and out popped the numbers – simple 🙂
7) Pay off our mortgage – we would love to do this by Jan 2011!
We are 23% there! I don’t think the goal date is possible, but it is worth a shot. The stimulus check and a ton of overtime should help us make a good payment this upcoming month.
Hopefully completing these will allow me to stay home with our baby! What are your financial goals?