Saturday, May 30, 2015

Financial Goals Update from May and Our New June Goals

These were our May financial goals.
  1. Pay all of our May bills
  2. Finish funding our closing cost account (we only need 377 dollars)!
  3. Start saving money for all the "EXTRA" things we are going to need when we move into the house (movers, truck, refrigerator, mini-blinds, ceiling fans, and Tyler new bedroom furniture, at the very least a new bed for him). We would like to have saved 1,000 dollar by the end of the month. I know this is a HUGE goal but I believe that we can do it! 
Since my last financial goals post some of our goals have changed. 

We received our written approval for our home loan and that written approval came with conditions. Most home loans now come with conditions (or at least that is what our loan officer has told us). And a few of those conditions effected our financial goals. 

One of our conditions is that we must pay off 3 accounts and close them. One account is an old debt (around 1,000), one is a store account that we opened in order to improve our credit (around 300), and one Visa card that again we opened simply to improve our credit so that we can buy our home (around 400). 

Another condition is that we must pay off our IRS tax debt that we incurred last year and have been making payments on since January. The total debt is around 1,100. 

And then of course we must have our closing money too, which is around 1,800. 

So about half way through the month of May our financial goals for May changed. Here are our new goals:

1.       Pay all of our May bills (DONE)
2.       Pay off old debt (1,000), store credit card (300), and Visa (400). We paid off the store credit card and closed the account
3.       Pay off the IRS (1,100)
4.       Fund our closing cost account (1,800) 

You might look at this and think we did not accomplish very many of our goals and you would be right and wrong. While it is true that we did not physically pay off the debt that we need to, we did actually manage to save quite a bit of money. 

My husband and I decided to wait for the new bills to arrive and pay off the debt once we received a new bill. So we are waiting! We have until July to pay off the debt and we have until August to fund our closing cost account! 

We ended May with 2,300 in our house fund so more than enough to pay off the old debt and the Visa and that will still leave us 900 dollars to go toward the IRS. Which puts us just 200 dollars away from having all of the debt paid off! 

Here are our new goals for June: 

1.       Pay all of our June bills
2.       Pay off old debt (1,000) and Visa (400). Close accounts
3.       Pay off IRS (1,100)
4.       Save at least 500 dollars toward our closing costs 

I am so thankful that we have been saving up money for months now and that we actually have almost all of the money we need to meet our loan conditions. God has been so good to us!

No comments:

Post a Comment