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Mid January Update

January 12th, 2009 at 03:28 pm

First mid month update for 2009.

I have a lot of goals on the left and there are 2 basic approaches I could take – the shot gun approach or the laser approach. Most of us don't have enough financial leeway to accomplish all of our goals at the same time. The shotgun approach is trying to hit all the goals at the same time with little progress being made on any. I don't know about you, but I get a little frustrated seeing my goals progress at a snail's pace.

I prefer the laser approach. I like the idea of focusing my resources, hit the goal, and saying "what's next".

Last year, when I was setting up the goals, I was inclined to but a little money on each. But now I decided to hit a few and try to quickly progress through them.

Why the change? Well, it really worked well for my wife and me in 2008. Also, my contract has been extended to end of March, so prioritizing the EF seems like a great idea.

So right now, I am focusing my resources on the EF and maxing the 401 (k). All other ones are secondary at this point.

So far, I have saved $3,319 out of a total of $30,000 to top of the EF. I divided in to smaller increments so that the wife and I can feel we are accomplishing things. Most of the $3,300 was saved in December. I was debt free in mid December and started throwing everything extra at the EF.

The second thing I am currently funding is the 401 (k). I currently have $769 saved out of $16,500. Seems like so little, almost not worth mentioning. LOL.

The last thing I am working on is refinancing my mortgage. I currently have a 30 year at 5.5%. I am looking at switching to a 15 year at 4.75%. Will see how that goes. Rates spiked up a little at the end of last week, so I am just waiting for them to go down.

Since I am hourly paid, my paycheck has been less over the holidays due to less hours. I am bringing home about 70% of what I normally do. Also with FICA and 401 (k) contributions coming out of the paycheck again, I have had to redo the budget a few times. By end of February, the budget should once be stable again and I should be able to project better when goals will be hit.

And for those keeping score at home, I am starting to budget for new furniture and rugs and stuff. So, yes the wife won.

5 Responses to “Mid January Update”

  1. Koppur Says:

    Sounds like you have a great plan set up. Great start to the EF!!

  2. Broken Arrow Says:

    Yeah, I prefer the laser approach as well. I basically focus on one thing at a time, and semi-automate the rest....

  3. mooshocker Says:

    Little steps lead to great travels. Don't underestimate yourself or your plan. Having one is the first step and you have clearly taken it. Best of luck and God bless.

  4. merch Says:

    Thanks guys.

    Yep, focus and persistence. Hoping 2009 is atleast as good as 2008.

    What did I say?

  5. Petunia Says:

    I'm inspired by reading your blog . . . and glad you're getting new furniture. Smile It's great that you and your wife are together in this.

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