It’s time for the next monthly update on how we’re doing with our 2013 financial plan. In case you missed it, here’s where I laid out all of our financial goals for the year. So let’s talk about how we did in February!
Pay off our car loan- Done! We accomplished this in January. Pay off the smallest student loan we have- Done! This was our major accomplishment in February. We have so much student loan debt, that it feels amazing just to strike off one of the accounts from the list.
- Pay off all of my student loans - No real change here (just paid the minimum due).
- Fully fund our general savings account for our current adventure - We contributed a significant amount to this fund in February. We’re just about 1/3 of the way done funding it. This is the goal we’re currently focusing on and we hope to have this done by June. And in case you missed it, here’s “our current adventure” that we’re saving for!
- Get our emergency fund up to two months worth of income - No real change here (just deposited the standard amount we do every month).
- Set up a retirement account - Haven’t done this yet.
Other Financial Goals
- Live off of one income - After paying off our car and one of our student loans, we’re getting closer to this! But we’re not there yet.
- Buy life insurance - Haven’t done this yet.
- Create wills - Haven’t done this yet.
- Close three credit accounts we never use and that have no balance - Haven’t done this yet, but we’ll likely complete this in March.
So, as you can see, the highlights of February were paying off the small student loan and contributing a large amount to our general savings account. God continues to bless us recently (always!) with more than what we need, and we feel more than ever that our goals are aligned with His heart for our family. March is going to be a tight month for us. We’ll be filing our taxes and with that comes a hefty tax bill (the negative side of being self-employed), so we don’t anticipate being able to make much headway on any of the debt payoff or savings goals in March. But we’re planning on getting at least one of those smaller, administrative goals done, just so we have something to cross off our list!
So tell me – did you accomplish any of your financial goals in February?