Monthly Financial Check Up

In January, I set some financial goals for our family. We are getting closer to being 3/4 of the way through the year and I think we are doing pretty well - especially over last year.

Here is the update:

Grocery Spending - My goal for the year is $2,600 or $50.00 per week. This includes food, household items, and diapers. As of today, our total spending is $2,141.42. I have spent 82% of our budget, but we are only 63% of the way through the year. My average has been $65/week. Even though I am chronically over budget, I am happy with this. In 2008 I spent $6,111.87 or $118.00/week, so I have almost cut this in 1/2. I'm still sticking with this goal and am cutting back on my spending were I can. It's all about necessities. I just need to remember that ice cream is not a necessity!

Emergency Fund - My goal was to reach $1,000 by the end of the year. Thank goodness for my credit union! Every two weeks they take $38.46 from my paycheck and deposits it directly into my savings - I currently have $615.62 which is right on track. Woo hoo!

Car Savings - Yeah...about that...my goal was to save $2,500 toward purchasing another car. We were driving a 1996 Honda Accord and a 1986 Jetta. The Jetta died on me and it had been sitting in our driveway since the end of December! We worked it out with the Honda for about six months. During that time I was casually looking for a good deal on a minivan. A great deal landed in our laps and we purchased a 1999 Chrysler Town and Country with only 90,000 miles for a steal - only $4,000! My husband is such a good negotiator, he was able to get $1,800 off of the asking price. We both felt like it was the right time and we got a small loan to pay for it. We are working to get it paid off a.s.a.p! By the way...if you want to buy a Jetta that needs a new fuel pump (we think) send me an e-mail!

Christmas Savings - I have had my credit union pull $20.00 from each paycheck to go to our Christmas Savings. This has worked out great as well. I have been picking up items as I find them for great deals. It is great to have that money set aside!

So, that's it - I think we are doing pretty darn good - not exactly on track, but I am willing to make changes based on our needs/situation.

How are you doing with your financial goals?

-Michelle