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:
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.