Tuesday, January 01, 2008

My 2007 Financial Progress: The Numbers

I had five financial goals for 2007. I also, somewhere along the line, developed an unofficial goal of reaching a savings goal of $5,500 in my Freedom Fund. For whatever reason, that goal was the most important to me. It represents progress towards being able to do what I want to do with my life.

And as of this very morning, that goal is met. My Freedom Fund account at ING reads $5,500, which actually represents cash savings from this year of somewhat less than $4,500 (the balance also includes a CD that matured). And I've transfered my beloved-and-generous aunt's $500 Christmas check in, so it'll stand at $6,000 for the year. And as to the rest of them?

1. Give 5% of my income.
My gross salary income for the year was $31,615.37. I gave $1,371.45 to good causes this year. That's 4.3%--short of the goal. Not by much, but still short. I copped out of giving for a couple paychecks (or maybe three?) this summer when money was tight. Had I given that money, I would still actually have been a little short (4.9%), so this goal will need a little rejiggering for next year.

2. Open a Roth and automate contributions.
Sort of. I actually funded my Roth in a lump sum, with the money my parents gave me. But the end is accomplished—the money my parents gave me maxed the thing out.

3. Earn the full employer match in my 401(k).
Big fat check, and I'm proud of this one.

4. Open and automate contributions to a travel fund towards a savings goal of $2,000.
No. But this one was by choice—I just wanted to prioritize the Freedom Fund as that goal grew in size and priority.

5. Triple my net worth.
Stupidly (as Moom pointed out at the time), I didn't count my checking account in my net worth when I set this goal. When I started this blog, though, I listed out every penny I had, an though it had clearly come up somewhat in the next two months, even if it had been $7,000, it would be well and truly tripled. And I bet it wasn't even that high—I bet it's more like quadrupled. My net worth as of today is $21,247, which is a modest increase from last month of 2.27% and well clear of my unofficial goal of $20,000.

So I think I made some pretty good progress. And this is just the numbers.

1 comment:

Anonymous said...

Congrats on this! I'm wondering - would you share some of the organizations you donate to? I know you like Dress for Success, but any others? Thanks!