It’s that time again! The time when I sit and break down our monthly financial goals for you to see. You can read last month’s Financial Goals Update post right here.
I do this for two reasons. Number one, to help us stay accountable and reach our financial goals. And, number two, to hopefully inspire others in creating goals or sticking to their budgets themselves.
If you have been following along every month, you know that we are Blogging Through the Baby Steps. We saved up a beginner emergency fund. Over the course of four years, we were able to pay off over $80,000 of debt using Dave Ramsey’s Snowball method. (You can read our Debt Free Story right here.) And now we are working on beefing up our fully funded emergency fund.
While we are saving for our emergency fund, I am learning all I can about investing for retirement before it is time to really pull the trigger on this step. Click here if you want to take a peek at some of the beginning investor books I’ve been reading. You can also read my post Investing for Beginners: 28 Terms Every Investor Should Know right here.
Without further ado, here is our monthly financial goals update for the month of July!
OUR FINANCIAL GOALS UPDATE
- Start a Beginner Emergency Fund – DONE! You can read more about our Baby Step 1 here.
- Pay Off Over $80,000 of Debt – DONE! You can read more about our Baby Step 2 here.
- Build Up Our Emergency Fund – I would love to have six months of expenses saved. But my husband only thinks we need an emergency fund for three months. While I would love to beat him over the head about this, I’ve learned a few things about compromise in the past decade. Marriage will do that to ya! In an effort to keep the peace, we put our heads together and found a number somewhere in the middle that makes us both happy. (But a lot closer to six months than three…muahahaha)
- Research investment opportunities.
- Keep our 83% in savings.
Before this month, we had about 83% of our Emergency Fund already saved.
I talked last month about our limited income over the summer months due to my part time teaching and tutoring money that only comes in during the school year. Our big financial goal for the month was to keep every penny in savings.
Unfortunately, our winning streak expired this month. We had a couple of things come up unexpectedly so we had to pull from savings to take care of them.
Nothing like the AC of your rental house not working so well in the middle of the summer heat. And since we literally have the best renters EVER, we called someone right away to service the AC so they would be more comfortable. For the most part, we were very tight with our budget.
This weekend we splurged a little bit in honor of our anniversary. Hey, you only celebrate your first ten years of marital bliss once!
Long story short, we started the month with 83% of our Emergency Fund saved. After this month’s expenses and a little visit from Murphy to boot, we now have 80% saved.
While it would be really easy to get discouraged, at the end of the day, we still have 80% saved! And that is something I can hold my head high about.
Next month, our goal is to pay cash for our anniversary trip! We never did a honeymoon, and this will be the first real vacation we have ever done to celebrate our anniversary without kiddos. While we are stoked to get out of the country for the first time together, we are also aware that we have a set budget that we need to honor.
Of course I would love to make some headway on our Emergency Fund, but until school starts back up in the fall, I highly doubt we will make any progress. We just don’t have the extra funds until September. But I’m confident that once we have a little more income coming to us, we will finally be able to knock out this Emergency Fund once and for all.
DON’T FORGET: An exclusive freebie for my readers is a financial goal-setting handout. It is a free printable that will help you really sit and think about your short-term and long-term goals. This is the first step to setting financial goals of your own. And eventually crushing them, of course. 🙂
I also have handouts that will help you track your bills and outline your monthly budget so you have money freed up to go towards these goals. You can get these free printables in the little box at the bottom of the post. It’s just my little way of saying “thank you” for being such an awesome reader.
And, as always, don’t hesitate to reach out with any questions you might have for me.
To read our Monthly Financial Goals Update for May, click here.
To read our Monthly Financial Goals Update for June, click here.