May 2017 Financial Update

image.jpeg~It always seem impossible until it’s done

Nelson Mandela

This was a let’s get this new budget working smoothly month before we hit the ground running. I’m looking forward to paying additional on our mortgage but I just recently started (this month to be exact) a new budget line item for sinking funds. Those that follow Dave Ramsey may be familiar with the term. Essentially they are funds for those expected nonrecurring expenses, like Christmas, vehicle registration tabs, subscriptions, etc. In the past we didn’t include them in the budget & I realized that when those things came up I was bummed, not necessarily because it was something we had to pay for but more so because it wasn’t in the budget. I’ve been toying around with adding them for a while & realized there’s no better time.

1) Pay off vehicle loan by August 2017

DONE ✅ (completed March 2017)

2) Change both of our 401k contributions to 12%.

DONE ✅

3) Start paying down our mortgage faster so that we can be totally DEBT FREE! Currently we purchased a home Sept 2015 on a 15 year mortgage so we have approx. 13 years left!

-More information to come on this!

Also, I’m looking forward to revamping the goal list in June’s update as there’s only one goal left 😊 Don’t worry…I’ll be adding more.

~Rachel

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