Money Management

2008 Financial Goal Recap

At the beginning of 2008, I set a series of goals for myself and my family which I clarified and challenge-ified a few months later.  Since 2008 is now officially over, its about time that I look back on just how well I rose to the challenge.

My goals for 2008 were as follows:

  • Master my own hodgepodge of spreadsheet madness
  • Save $10,000 on our Special Savings Goals
  • Stay within our family budget for the year
  • Earn $100 of additional income on the internet
  • Increase our net worth to $40,000

Improve Spreadsheet System

Goal Status: Completed

One of my major tasks over the past month or so has been preparing my new budgeting and financial tracking spreadsheets for 2009.  As a result of this I have made some further improvements to my spreadsheets, making them easier to read and generally more useful than ever before.  I plan on sharing the latest and greatest sometime very soon with some helpful video posts if I can figure out how to talk in complete, coherent sentences without hours and hours of editing.

Save $10,000 on our Special Savings Goals

Goal Status: Destroyed It

Our savings toward our special savings goals totaled $12569.68 – an impressive 25.7% over our stated goal.  This saving has really helped our financial outlook.  We currently have 6 months of living expenses saved, over $5500.00 for a new car, and enough cash to fully finance ~1/2 a year of my graduate education which we expect to begin sometime in the Fall of 2009.  This saving trend is definitely something that we want to continue throughout 2009.

Stay within our family budget for the year

Goal Status: Completed

Even before my family moved and reduced our monthly expenses by over $900 we were well on our way to achieving this goal.  In the end, we came in over $3,400 under budget for the year.  I am happy with this.

Earn $100 of additional income on the internet

Goal Status: Epic Win

By the end of 2008 we have received $799.51 from online sources.  This has come mostly from ventures other than My Family’s Money and has come primarily through Google’s Adsense program.  Making money online is a lot harder than I at first expected back in January 2009 and I have learned a lot about it since then.  Looking back on things, I could have earned a lot more in 2008 if I had known back then what I know now.

Increase our net worth to $40,000

Goal Status: Epic Failure

This was a goal that I knew was going to be a huge stretch for me and my wife when I set it last year.  I took a look at our projected annualized expenses and compared it to our projected annualized income and I saw that we were going to come up short by a significant margin.  Things didn’t turn out as bleakly as I had at first predicted, but we still fell short of this goal by $6,272 (15.68%).  This is much better than I had predicted, but still not close enough to the goal to be considered anything close to success.  In the end though, I am glad I shot high.

Accomplishing 4 out of my 5 goals makes me feel like 2008 was a financial  success and I am planning to make 2009 just as good.