Half-way Through The Year
June 16, 2009 1 Comment
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.