01 July 2013

Goal Tending

Opening up the goal
file to see what's in it.
Well, just like that, the year is already halfway over. Not too long ago, we were working on setting New Year's resolutions and cleaning up the champagne. Now it's time to start dusting off the Christmas ornaments and Kwanzaa candles.

This junction provides a perfect time to go back and do a little bit of goal tending and generally get an update on the resolutions. An important part of having goals is to keep checking up on them to make sure they're progressing as planned. If not, identify the changes that need to be made to bring thing back into focus.

With that in mind, I'm going to take a look at the financial goals that I set for myself back at the beginning of the year.
  • Retirement account loan - The last payment went out in January. Probably the easiest on the list since it was on automatic deduction and scheduled to end then anyway. Nonetheless, it is still done.
  • Pay off car - Depends on whom you ask, I guess. As I announced a few weeks ago, I do indeed have the pink slip and as far as the lender is concerned, I own the car. However, I do still owe the balance to my credit card company since they provided the 0% 3% balance transfer check.
  • Pay of credit card(s) - I did pay off one, but it's the same one I used to fund my car payoff via balance transfer. As a result, the balance is about the same and I'm not really rushing to pay it down since the interest is lower than anything else I owe. The other card also received quite a few large payments over the last 6 months, sending the balance down by a good 
  • Get card changed - No luck there, but since I paid it off and don't plan to carry a balance on it anymore, interest rate doesn't matter as much. Since my card does still get the same rewards as the Sapphire, I'm not as pushed to change it.
  • Boost emergency fund - That has indeed happened. I did raid it a time or two to help accelerate a payoff, but I've gotten them built back up. Consequently, I have more free cash flow to direct at debt.
So there we have it. Halfway through the year, the majority portion of my goals are either completed or on track to be. It certainly helps me breathe a little easier to not have such high balances staring me down all the time and I'm glad I've been able to build this safety net.

What about you? Did you make any resolutions or goals for your finances this year? How are they progressing? Leave a comment below and let us know!

Photocredit: 401(K) 2012 on flickr.

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