Half-way Through The Year

My Pretty Pennies made a nice post last Monday reminding us that we’re half-way through the year. Man! Has 1/2 a year gone by so fast!

I thought it was a good idea to see how far I’ve gotten on my goals and how much further I need to go.

I only had 3 goals that I set for myself this year, though they are pretty substantial goals:

1) Reduce debt from $16,000 to $12,000.
I’m only 23% of the way to accomplishing this goal, with 50% of the year gone. Which means that I still have 77% of this goal remaining. It seems unlikely that I will reach it, but with my new teaching job I may get closer to reaching it. However, based on my current rate of repayment it seems like $13,500 will be a more obtainable goal by the end of the year because I’ll be putting my vacation fund money onto my credit card starting in August. If I put all of my teaching money onto my credit card I’ll meet my goal, so perhaps that is what I need to do. We’ll see.

2) Grow emergency fund to $1,200.
My fund was right on track for $1,200 by the end of the year, but my car expenses have made a dip in it. I still believe that I’ll be able to get to my goal, but I’m not going to feel bad about using my emergency fund for its intended purpose. Nor am I going to beat myself up for not reaching this goal since I used the money for its intended purpose.

3) Eliminate all other personal debt.
This is ABSOLUTELY doable! I’m already nearly 99% there. By August I will have NO OTHER DEBT – and that will feel SUPER nice. And of course, all of this money will roll into filling out goals #1 and #2.

So the summary of this is that I’ll probably fail at 2/3rds of my goals, but when I think of HOW FAR I’VE COME, I don’t feel BAD about this. I set these goals arbitrarily without knowing what was possible. And now, 6 months in, I know what goals are obtainable and what aren’t. My goals for my credit card debt WERE completely obtainable, but instead I was surprised in March with this vacation. Were it not for that, I would have very easily met both goals #1 and #2. So I think that looking back at these goals is a good thing – and reassessing them every once in a while for the new situations that arise is critical.

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One Response to Half-way Through The Year

  1. Punch Debt In The Face says:

    Having goals is half the battle. Doing everything you can to achieve those goals is the other half. It's always good to sit down and evaluate what is realistic. It sounds like you have a solid game plan and although you may not reach your initial goals, you will still be bettering your financial situation!

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