In addition to paying off our unsecured debt, we had the following goals for 2007. I spent some time this weekend revisiting the goals and seeing how well we are doing thus far.
(1) No credit card spending. We have done well with this goal. Husband and I closed all our credit card accounts except for one each with BOA. We have not charged any expenses to our credit cards except our monthly ADT bill and my SunPass (auto toll paying device) is also linked to my credit card. So far in 2007, $310 in ADT and SunPass charges have been billed to my BOA card. I don't count these charges as credit card spending because I would be paying the monthly payment for ADT each month and the SunPass charges as they come up. I could switch the ADT charge to auto billpay with Wachoiva, SunPass works best if it can automatically replenish. As I was adding up my BOA charges for 2007 I noticed that BOA recently increased my credit limit to $17,000. I don't think I need that much credit and plan to ask them to lower by $5000 to $12,000. I wonder if my husband's limit was also recently increased, need to ask him.
(2) Increase ING emergency account to $8200. The current balance for our ING e/r account is $3963 which is not quite where we should be to accomplish this goal by the end of 2007, but we have used the e/r account for A/C repairs for our investment property and for car repairs.
(3) Retirement goals. My Raymond James IRA acct. has lost money (I didn't set any goals for this account). I have already, even with the poopy market the last 2 weeks) met my 2007 goals for my 401k which included increases both based on contributions (I'm maxing out my contributions this year) and performance. I'm only $2000 away from meeting my 2007 overall savings/investing goals. This goal does not include my husband's investments/retirement accounts.
(4) Wachovia savings account. I currently have $750 in my savings account (this account makes very little interest and I mostly use it as cushion for my/our various checking accounts). I would like to increase this account back up to about $1000 because with our very aggressive debt payments I often find myself close to $0 in my checking account. For example, I currently have about $50 in my personal/primary checking to last me until 8/15 (due to recent car repair bill). I do have a couple of reimbursement checks to deposit but I likely will need to transfer some money from my savings.
All in all, I think we are on track to accomplish our financial goals for 2007.
Update on the above:
(1) Credit card spending - my husband added his gym membership auto pay to his credit card so he has one credit card transaction a month. I currently don't have a credit card (although I'm shopping for one to use for a couple of auto pays and for biz travel) so I've not spent anything on a cc.
(2) and (4) We are up to $7021 between the ING emergency account and my Wachovia cushion account. I've got the Wachovia account up to a $1000. We are on track to meet our emergency savings goals for this year ($8200) if I count the money in my Wachovia account.
(3) I've surpassed my 401k goal by $11,000 and I'm still contributing to my 401k. As a result, I've met my overall savings/investing goals for 2007.