2020 February Goal Review - Part 1

2020 Financial Goals

One of my intentions for this year is to check in on my 2020 financial goals monthly! Although I am horrible at finances, one thing I have learned over our last 10 years of debt, is that when I pay better attention to our finances, our finances do better...

I still believe that if these 20 financial goals are met we will drastically improve our financial situation by the end of the year! In all honesty, even if only some of these goals are met, we will be in a better place than we were when this year started. Please wish us luck as we try to do better and be better!

1.  Get credit card debt below $10000. This has been a monkey on my back for way too long!

Pass-ish: We are making progress. We had two unexpected windfalls and put half of each towards debt plus made our regularly scheduled payments. So, again, I would say on-track-ish.

2.Track our family spending every other month of the year.

Pass: We tracked January and it wasn’t pretty. I’m hopeful for March.

3. Increase contributions to envelopes and go “cash only”.

Fail: We have actually met 50% of this goal, but because 50% is an F, I’m giving us a failing grade overall. We did increase envelope contributions, but we did not go cash only. For February, I’m taking the credit card out of my wallet so this should help our goal.

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n4. Increase Christmas savings.

Pass: We increased from $200 per month to $300 per month. I still don’t know if it’s enough, but it is an increase of 50%. I have already spend then ENTIRE first month’s contribution, but at least it was there to use.

 5. Church Tithing. My goal is to donate $300 EVERY. SINGLE. MONTH.

Pass: So far so good. We donated $300 in January and have budgeted the money for February.

6.      Pay off car!

On-track: We haven’t done this yet, but we did make our January payment and have one payment left in February until we own the car outright!

7.      Once The Husband’s car is paid off, put $345 payment into savings each month towards a new car fund.

On hold: We are in a holding pattern on this one until the car is actually paid off, but we did budget the money in March to go into savings.

8.      Save $5000 above and beyond my “normal savings” or any car savings.

On-track: I have deposited the first 9 weeks into savings and budgeted for the next 5 after that. Additionally, we received to unexpected windfalls that we split between debt and savings so we deposited an unexpected $2600 into our savings, so over half of our total goal. Feeling confident about this one!

9      9.Meal plan 8 months out of the year.

Pass-ish: I did meal plan for January and I plan to do February too… We will see.

1     10. Assuming I can meet all of the above goals, my last goal would be to increase my savings rate.

Pass: I would actually give us a pass on this because we are putting our regular amount in savings plus working on completing a $5000 challenge, plus we put almost half of our unexpected money towards savings. Thinking good thoughts on this one!

As I think these posts are only going to get longer as the year progresses, I have decided to split them up into two posts. I will publish them during the same week but even half of them are a lot to get through!