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Results of Hope Goals

December 22nd, 2008 at 04:25 pm

At the beginning of the 2008, I just had hopes of sending some additional funds in to our home equity loan. Read that again: I didn't have a plan...just hopes!

As I look back, I know why I just had hopes. First, our income was lower at this time last year, we didn't get a raise until March. I put specifics on other goals that were more of a priority to us. Those priorities were investing for college and retirement. So, my mind set was to meet the priorities first and hope to do something about that HEL I want to pay off.

We met those priority goals with flying colors. We funded our Roth IRA to the max at $5K each. My husband had 4% withdrawn automatically to his TSP. This resulted in a savings of 15% of our gross income. We also consistently sent in $167 to each daughters college fund to meet our goal of $2000 invested for each of them.

The hope goal of sending in additional money to the home equity loan was less than stellar, in my opinion. In 2008, we paid an additional $1,456.44 to our home equity loan.

Why do I think it is less than stellar? It is less than 10% of the original balance. That is just not going to cut it if I want this thing paid off two years from now. The math just doesn't add up. I think I also know that we could have done better with how we spent some of our money. It could have gone to the HEL!

Okay, I'm not going to get too upset about my hope goal. I do realize that the additional money I paid averages out to over $121 per month extra. That is a whole extra payment per month! I actually didn't start sending in additional funds until June of 2008. That would bring my average per month quite a bit higher.

So, my "hope" goal did get me somewhere. I did get ahead, but it didn't get me where I thought I would get. My goal wasn't as flushed out as it could have been.

Next year will be better. I will define the end result I want to attain in as much detail as possible. More on those details later!! Really.

How did your "hope" goals work out this year? Are you going to improve those goals for next year?

5 Responses to “Results of Hope Goals”

  1. Ms. Pearl Says:

    Still, you sound like you had a fantastic year! You should be proud. Congrats!

  2. Myrtle Says:

    I think you did great!!!!

  3. merch Says:

    You handled the priority stuff and sounds like you havea better budget process. 2009 should be a great year for you.

    No hope need, just get it done.

  4. thriftorama Says:

    I think that's pretty good considering. If you make it a priority in 2009, think of how much more you will pay it down.

  5. Petunia Says:

    I had some "hope" goals when I started blogging in April. After some false starts they're finally becoming "concrete" goals. I wasn't too concerned about achieving them when they were "hope" goals. Everything I've read indicates that goals need to be measurable, have a timeline, etc, and personal experience bears that out. But I think many "concrete" goals start and go along for a bit as "hope" goals - they aren't bad things.

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