Our 2013 Financial Plan: January Update

It’s time for the first 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 January!

Debt Payoff

• Pay off our car loan - Done! We accomplished this in January and let me tell you what – it felt amazing to get that title in the mail. Of course, as soon as we paid it off, we slid a little bit on some icy roads and busted a hubcap. But we have a pretty healthy laugh-through-it attitude in this household, so we just shrugged it off and we’ll plan on replacing it at our next service appointment.
• Pay off the smallest student loan we have - No real change here (just paid the minimum due). This is our big to-do for February.
• Pay off all of my student loans - No real change here (just paid the minimum due).

Savings

• Fully fund our general savings account for our current adventure - No real change here (just deposited the standard amount we do every month). We’ll be contributing a sizable chunk to this account in February though.
• 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, 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.

So, as you can see, the highlight of January was paying off our car. I hope to have similar debt payoff news in my next update, as well as some news on how we’re getting closer to those savings goals. We’ve had a really blessed last couple of months, and it’s looking like we have several more financially great months ahead of us, so we’re constantly seeking to put every penny we get towards these goals.

So tell me – how are you doing on your financial goals for 2013?