$48,000 Goal Update: 5 Months

This year I am trying to save $48,000 (60% of our gross household income). To read more about my goal, and to see how I’m doing, you can click on the $48000 category.

After 5 months I have managed to save, in various types of accounts, a total of $19,500. Here’s a chart detailing my progress.

I spent the month of June ‘paying myself back’. Why? In March I ‘borrowed’ money from my ING Direct Savings account so that I could fully fund 2 Roth IRAs for the 2006 fiscal year.

Saving $48,000 in one year requires a $4000 per month deposit. So, after 5 months, my goal was to have $20,000 saved. I have saved $19,5000. So, I’m ‘behind’ $500. I’ll work hard in June to save an additional $500, over an above my original goal amount.