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2017 Big Savings Goal Total

December 31st, 2017 at 04:09 pm

Earlier this year, I decided we should start working towards a big goal of saving $200,000 towards our next home. Since we rent it is similar to paying down a mortgage early, especially if you are following Dave Ramsey's Baby Steps.

We already had $40K in equity from previous homes we owned. So the new goal is another $160K to reach $200,000. I think the deadline is by the end of 2023, which is six years from now.

The amounts I earmarked towards the Big Goal this year came to $6,836.39! It's actually more than I thought it might be. I know I had around $2K in June according to one post I found where I reported it. I only came up with the idea in March of this year, so to save nearly $7K in 9 or 10 months is pretty good.

So in the end we can say we have $46,836.39 saved for our next home. Like Amber I'm tempted to add a little more to get it to an even number! I'll have to look at our budget categories and see if I can make that happen.

While I'd like to be on a faster pace with this goal, I knew that the first couple years would be slower with paying for college. It's when my husband gets his next raise that it will likely move faster.

I am very pleased that I started, since I know from experience if I don't make a plan for the money it gets frittered away. Maybe some of it still is, but at least I know have much more than I started.

So now on to 2018 to save even more towards the Big Goal!

2 Responses to “2017 Big Savings Goal Total”

  1. Dido Says:

    Sounds like a good plan.

    Indulge your obsessive side and get that $46,836.39 to an even number! I'm the same way with my mortgage and get the balance to an even hundred every month. By doing this and also using a rewards credit card that funnels my rewards to the mortgage balance I am currently 13 months ahead of schedule on the paydown. Every little bit helps!

  2. frugaltexan75 Says:

    A very good start!

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