I can't believe it is already September. This year has gone by so fast it almost seems like a blur. In a little less than four months, we'll be roaring into 2009. I guess we get so caught up in the daily hustle and bustle, the days and nights just pass us by and we don't take time to enjoy them. One of these days, I'll be out of debt and financially independent. I'll be able to take time to enjoy nice, relaxing days on the beach instead of spending my time stressing at work about things I have no control over.
In order for those dreams to become anywhere near a reality, I must get my finances in order. I feel that I am doing okay but things can always be better. I've set goals to plan and track my financial journey. At the end of 2007, I posted a list of financial goals I wanted to accomplish in 2008. My last update on the list of goals was back in April and I had not met any of the goals I'd previously set. Here is a recap of the goals and an update of the status:
- Increase Networth to $75,000. I actually exceeded this goal a couple of months ago and I've since increased the goal to $85,000. Depending on how things go for this month, I may increase the number a little more.
- Increase Freedom Account balance to $5000. This is the account that I use to save for minor unexpected expenses, insurance premiums, automobile maintenance and as backup funds to my rental property account. At last check, the balance is a little over $3000.
- Increase Rental Property Account balance to $1500. This is the account I use to cover rental property repairs. I've met this amount twice but I've had to use this account a couple of times this year to pay for repairs. Right now, the balance is just shy of $500.
- Decrease my non-mortgage debt to less than $40,000. Done!!! Paying off my car loan helped to get this down to $22,500 which is the balance of my consolidated student loans.
- Increase my credit scores to over 720 with each bureau. Done!! At last check, I had a 783 score with Equifax, 733 with Transunion and 721 with Experian.
How are you doing on your financial goals?