January 7, 2014

2014 Financial Goals

Every year, we set goals that we hope to reach by the end of the year. Below is our list for 2014.

1) Increase net worth to $251,900
We are so close to hitting our 2014 net worth goal of $251,900 and the year has just begun.  We are less than $7K from reaching this goal, so unless something dramatic happens, we will pass our goal very quickly.

2) Pass our 2015 Net Worth Goal 1 year early
Since we are so far ahead of our net worth goal, we are going to shoot for reaching next year’s (2015) net worth goal of $296,000 a year early.  I think we have a good chance of making this happen.

3) Building savings account balance to $20,000
We have always struggled to keep a decent sum of money in our savings account.  We would love to have our savings account built back up to $20,000, but it will take a determined effort to reach this by the end of the year.

4) Pay off Car 3
Our monthly auto loan payment is $307.21 and we have a balance of $12,381.24.  Even though our interest rate is good (2.29%) we want to pay this vehicle off to help with our cash flow.  If we can pay this off, our only debt will be our mortgage.  That would be a great feeling.

5) Open 529 Plan for new baby

Vanguard requires an initial deposit of $3,000 to open a 529 Plan account.  Our new baby girl will be born in May, so we hope to open her 529 Plan shortly after her birth.

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