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Revisiting Goals

August 1st, 2018 at 01:06 pm

I'm going to update on these goals once a month, so here's where they stand today.

1) Pay off 2 more credit cards (Ashley Furniture balance: $827, Marriott balance: $2500)
2) Save 10k in a replacement car fund. ($50)
3) Live off last month's income. ($2500)
4) Fulfill fireplace fixing and dining room pantry savings goals ($160)

I did some more forecasting/YNAB goal setting, and it looks like my goals are going to be really hard to reach. Forecasting what I'd need to accomplish them looks like this:

1) Pay off 2 more credit cards (Ashley Furniture needs $180/mo and the Marriott card needs $520/mo). Capital One is just not going to be possible with the other goals, but if we happen to get some sort of windfall, then maybe.
2) Save 10k in a replacement car fund. 6k of this will come from DH's bonus. We need just under $800/mo for this one.
3) Live off last month's income. Based on the average spending from the few months of YNAB data, we need $1200/mo for this one, but less if I prioritize this over sinking funds and/or roll the BEF into last month's income and use that buffer. Taking out the mortgage which already rolls over, we'd need $720/mo.
4) Fulfill fireplace fixing and dining room pantry savings goals (160/mo)

That totals almost 3k/mo going towards these goals. I'm not sure we're going to be able to do this, but I'm going to try. DH and I will have to discuss what's priority. For me, I'd rather accomplish 1,3, and 4, and adjust our car budget to whatever we manage to save. I think he'd prioritize 2 and advocate for skipping 4 this year.

Just typing this out, I've realized that 1 and 3 are my main priorities (and by default, DH's). While I want 4, and I suspect he'll want 2, I think we'll probably end up going with 2 and part of 4 - a safer car is more important than getting the fireplace fixed this year. The pantry is only $150 and would help with kitchen organization. Worse case, I tell him not to get me an Xmas gift, and we use those funds for that.

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