10 - 2008

Give yourself credit: Money update – 2007

In 2007, we followed several finance rules, including living within our means and making more!

I can still feel cheerful about the latter before the tax bill becomes clear in the next couple of months.

We achieved several goals:

  • Became free of consumer debt.
  • Paid off all Christmas purchases already this month.
  • Increased our net worth by 25 percent.

However, our financial status still puts us in Free Money Finance’s “pathetic” category. But give us a few years and we’ll be doing better.

This year, we have a few goals to achieve:

  • Establish disability insurance. This has been on the list for several years and somehow never gets done, but it’s underway now.
  • Finish fully funding our health savings account. This should be finished within a few months. (Our deductible is more than $5,000.)
  • Continue preparing for the future. We have special savings accounts that automatically save for an emergency fund, Little Cheap’s tuition, saving in advance to pay for Little Cheap’s summer activities (which hit us with a surprise $1,200 cost last March), and new ones this year to pay for future vacations and for next Christmas, plus a smidge going into a 529 account for Little Cheap’s college (established so we have a place to put Upromise contributions generously granted to us by Little Cheap’s aunt and grandfather).

Best of all, later this year Mr. Cheap will finish graduate school and have a real job again. This means we’ll leap into better financial health, with our top priority fully funding retirement plans (we currently can’t do this) and paying off our “piggyback” second mortgage (we anticipate paying it off well before its due date).

What are your financial goals this year?

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