$48,000 Goal Update: 6 Months

I’ve been making steady progress towards my goal of saving $48,000 in 2007. In the middle of June, I ‘borrowed’ a little money from my ING Direct account so that I could go ahead and fully-fund my Roth IRA for 2007. Now I’m working on rebuilding my ING Direct account. (Remember, no matter what my current goal is, I always leave enough money in my Emergency Fund account to cover 6+ months worth of expenses.) So far, I’ve managed to save $22,333.33 in various retirement and education savings accounts. That means I’m $1666.67 BEHIND where I’d like to be. (Halfway through the year, I’d hoped to have $24,000 saved… but, I’m not discourage, at all! Why? I’ve got 6 more months to work towards my goal, I’m saving more than 50% of my gross income, and I’ve yet to get on a really, really tight budget. All in all, I’d give myself a solid B, but I’ll need A+ work over the next 6 months if I plan to meet my goal.) Here’s a chart of my current progress:

48july.png

As you can see, I’ve fully-funded my Roth and my daughter’s ESA. Pre-tax retirement accounts are automatically funded, so all I really have to worry about is 1/2 of my wife’s Roth, my son’s ESA, and then our Brokerage Account.

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9 Responses to “$48,000 Goal Update: 6 Months”

  1. Chris says:

    $22k in a year is still pretty good! Just having a goal can be important. I have a $33k goal by Oct 2009 (coming out of 15k of debt). Makes me feel better just having something to shoot for. What does ING repay mean?

  2. Sam says:

    Wow, good job. I’d like to know more about how you are managing to save this much, your post states you are not on a tight budget, I assume you are on some type of budget?

  3. NCN says:

    Chris… I ‘borrowed’ $4K from my savings account so that I could go ahead and fund my Roth IRA…

    Sam… In other words, I still have a lot allocated to “miscellaneous” and “fun”… I could tighten those two categories…

    NCN

  4. Chris says:

    I have another question. You said you were saving 50% of your income. Were you already doing this, or went cold turkey and slashed excess weight from your budget, or did you gradually reach this amount?

  5. SavingDiva says:

    Wow! Great job saving! I wish I was able to save that much annually….

  6. [...] No Credit Needed is another personal finance blog where you can stay up to date on a personal savings goal and learn a little bit more with another edition of 8 random things. I’m not sure I can [...]

  7. Jagular says:

    Sorry for the cut and paste comment in your messages. I got your blog’s URL from The Prince Of Thrift’s blogroll.
    I’m trying to organize a little relief for Kevin over at debtfree4ever.blogspot.com
    If you check out my latest post at http://www.jagular.us you can see all the details.
    Sorry if this is a little bit too much like spam. I didn’t mean it to be.

  8. NCN says:

    Chris… After getting out of debt (and learning how to budget our money)… saving a significant portion of our income became important… So, we try to live responsible, somewhat frugal, lifestyles… NCN

  9. Tony says:

    Great Job!!
    We dont realise how easily we wast money till we are forced to pull in the purse strings and see what we can actually comfortably live without. I have found reading about debt a great help towards making new goals to get myself out of debt. Having a second income is a definate yes in my book so im going to try and get another way of gererating income.
    Good luck!!
    Debt Advice

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