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.
Mid January Update
January 12th, 2009 at 03:28 pm
January 12th, 2009 at 03:52 pm 1231775577
January 12th, 2009 at 04:25 pm 1231777506
January 12th, 2009 at 04:45 pm 1231778706
January 12th, 2009 at 07:14 pm 1231787660
Yep, focus and persistence. Hoping 2009 is atleast as good as 2008.
What did I say?
January 12th, 2009 at 07:34 pm 1231788868