opportunity costs:

1. class for spouse. this is kind of a big deal for him at work, and he might be able to leverage a reimbursement for the course registration + a raise in the range of 3-5x our outlay (travel will be extensive) once he completes it.

2. cheap(er ... not cheap overall) workaround for a very expensive part spouse's car needed. and some general car repair items.

we are no longer ahead in our planned savings timeline- but we're not behind.

20% down payment fund: fully funded. thanks, tax refund!

speechlessness and disbelief. i have nothing else to say on that. so moving on...

next up is getting a trust set up for baby. then a break.

going back to the very first post in this thread, here's our goal progress:
1. knocking out the rest of our student loans done 3/2011
2. building up retirement savings ongoing
3. building up the emergency fund to reflect new cost of living feels comfortable but might add slightly here
4. save for a down payment on a home 20% saved 2/2013

looking back to those early posts, it's so nice to pay ourselves rather than pay something off.

new goals:
1. continue retirement savings
2. add 20% more to emergency fund
3. baby savings (i'm hoping my upcoming career move will enable me to give him college benefits, but to be safe...)
4. additional savings for either car replacement fund or increasing down payment

not sure what else we should be focusing on. ideas?

Well, I think you've certainly got the basics covered.

You could think about saving for those items that you know will eventully need to be replaced, thereby moving them out of "emergency" status. I make a car savings payment each month and a house repair savings payment each month.

Or you can start saving towards whatever wants/goals you have. I really want to travel as a family, so I have an automatic monthly travel savings payment.

i think a car replacement savings fund is a good move for us, Panda. thanks! once i get re-oriented, this will probably be the next focus. i expect to get several more years out of both cars, but advance preparation is helpful.