Well, it's June and I'm giving my first financial update! You can read our 2009 Financial Goals here
. I'm sorry for the lack of updates but there hasn't been as much to share. That is, until now.
I am VERY PROUD of what we have accomplished in these short 6 months. While I didn't think the progress each much warranted much to tell, when I reflect as I share this update, I am floored! Here's what we've been up to:
:: Pay off debt May 2009: have all debt paid off using the snowball philosophy in ‚ÄúThe Total Money Makeover‚Äù.
Well, our debt isn't completely paid off yet. I am very happy to report that we have paid off our 2nd credit card and are now down to only one!!! We are beyond ecstatic! We haven't paid of the final card yet because of the economy. And, since Suze Orman suggested to have an 8-month emergency fund, we had to kick it to high gear!
:: Savings for New Expenses Monthly: put money into savings for a ‚Äúnew to us‚Äù car and a house project. Our goal is to have this account funded by July 2009. ** This isnt a step in Daves plan. To ensure we dont incur any additional debt, this is something we are going to do.
This is one we are working on. I was holding off until the cards were paid off to start this savings. As of now, this isn't a priority. The more I'm feeling this freedom of no debt, those aren't as appealing even though I really want new hardwood floors! We will get them, just maybe a little later than expected.
:: Savings for 6-Month Emergency Fund Monthly: accumulate money for our Emergency Fund. Our goal is to have this complete by December 2009.
Given my earlier statement, I am super excited to say we have 1/3 of our emergency fund in savings! This economy is not stable at all, and I want an emergency fund built up to prepare us in the event of, well, an emergency. In that same conversation with Suze Orman she shared her professional opinion that building an emergency fund is more important than paying on debt. While I don't feel comfortable doing that approach either, it is good to know that even some of the most savvy financial experts want the emergency funds built up now more than ever.
So, with one more consumer debt to pay down, I do fully expect to have that gone by the end of the year as our initial goal states. We just decided to modify the plan a bit to ensure we have an emergency fund!
How have you done? Are you working on that emergency fund? Any financial plans you are including mid-year?