Sunday, March 11, 2012

My financial goals chart

I feel like I need a specific wealth goal rather than just saving up money. I'm currently paying an extra $100 per month on our mortgage which should save us about $20,000 over the course of the mortgage, and starting this month, I'm putting $200 in my Roth IRA. I think I'm only going to invest $2,000 in the Roth IRA this year ($200 for 10 months) because I have too many short term financial goals. I can always change my mind later this year and add more if I start feeling guilty for not doing the full $5,000:)

Anyway, here is a chart I created to show what I'm saving for. I make about $400 a week after taxes, but $50 goes into the IRA. Assuming my husband's income pays the regular monthly expenses, and my income is used for saving for these goals, we should be able to save $350 per week.

It's pretty daunting to see I need to come up with $66,500 more (I started with $78,600) to reach all these goals.  I've love to have all them done in 2 years, but realistically it'll take about 4 years.

(Click on image to see larger version)

1 comment:

  1. I love this! What a great way to track a lot of financial goals.