On a totally off topic I am ready to move again, I think we have moved so many times I am ready for a new adventure. Don't get me wrong I love the weather, our yard, the people, I am just ready and I know Colin is. We are ready to go somewhere and stay, its awful when you aren't completely enjoying your surroundings because you know ultimately you are leaving again. We both are ready for something that is ours that we want to be motivated about, spending large chunks of our savings just to go home for a week sucks! That does not motivate us or excite us to go home, it ruins the fun of it purely because its hard to let go of our savings (even if it was saved for that reason). Colin has been a mixture of cranky this last week and I know him well enough to know that's the issue. It makes me sad because I know how much he wants to go home and see his family.
This started a seed in my head about Colin and my savings goals. We have an awesome savings spreadsheet I created that is linked to our budget sheet, and used to be linked to our credit card sheet before we paid them off. Credit cards and student loans were our first goal and once finished this is our current and never ending goal.
Here are the basic things in our spreadsheet:
-Base Emergency Fund $1,000
-Emergency Fund $10,000
-Save at least $15,000 for a house, our goal Denver is expensive so we most likely need more :(
-Car Insurance (for every 6 months) $800
-Renters Insurance (1 year term) $75
-Vacation Fund $5,000
-Recreation Fund $1,000
Then we have a decent list of things we would like that we are saving for slowly such as, Lasik Eye surgery for Colin, a welder/helmet, a new couch and chair, a Rubicon (jeep for Colin), a new family room rug, paint for walls when we get a house, etc. We determined amounts that we think we will need for each and then work slowly towards them. For me I need small goals to stay motivated such as my table in the basement, Colin works better towards the long term goals. That is why they are all together. Anyways each category turns green when it is full and is red when it needs more funds. We always keep the insurance categories full and each paycheck always put some in the emergency fund, house fund and if we have some anywhere else. Sadly because we know how much it costs for trips we put more than most people would put in their traveling budget when we should be saving just for a house. Our family's are more important than that though, I think I will remind Colin that tonight to maybe cheer him up. I know that is weird but his family and not spending money motivate him more than anything.
Since this is more common for most people these days, what are your financial goals?
FYI we paid off over $15,000 last year in student loans and credit card debt. These goals are VERY important. If anyone would like this spreadsheet let me know and I will send you a blank one to add your own goals.
Thursday, May 14, 2009
Savings Goals
Posted by Kerrie at 11:29 AM
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