The past few months have been challenging, as I haven't had many opportunities to write and update the blog. However, anything worth doing is worth sacrificing for, and I've been finding ways to manage my time better in order to keep the blog active and up to date in order to keep us accountable and help you readers who have been tracking our progress. I'll be updating our progress from the past few months in the next coming weeks. Thank you for visiting, and I hope you're encouraged by the progress we make!
Each month, we will be tracking our progress towards our goals. If we aren’t intentionally tracking and pursuing our goals, we most likely will not achieve them. This helps us stay accountable as well as gives us a “checkpoint” to revert back to if our finances get out of whack.
1. Consistent generosity – Since this is a goal that needs to be maintained for months, it’s too early to say we have or haven’t been consistently generous. We’ll have to check back in December. For May, we are still on track with our giving goals, and feel that we are being faithful in our sacrifice to give rather than hoard what we're able to produce. We hope to continue this habit throughout the years.
2. Savings Goals – minimum $500 in general savings, $3,000 in emergency fund, and $1,000 for an investment property. For our general savings, we have just $326, but we’re hoping to add to it as we steward our finances well. Our Emergency Fund currently has $2,981, which means we are just under our goal for the year! We were able to save more as both of our incomes have increased. Our savings for a rental property was just $1,387, after using some of the money to pay down some debt. Although the amount saved dropped, we'll be increasing the next couple of month's deposits into this account. We’re hoping to add to this account, as we believe investing in real estate would help us achieve our other financial goals. Our new goal is $2,500 for the year.
3. Investing in each other’s businesses – Since we are a very entrepreneurial family, we have to consider the amount of money we are putting towards each of our businesses. I don’t know exactly how we will measure this right now, but I can say that we have been focusing on helping my wife start her business. You can check out her beautiful invitation business,Hamlett Press, here.
4. Baby Expenses – Although my wife and I aren’t planning on having a baby, we don’t want to be naive. We’re hoping to have at least $1,000 for future baby expenses. We have $60 saved so far, which means we are not on track to meet our goal. We’ll add more to this account in the next month.
5. Passive Income – We’re trying to increase our passive income per month to $125, and we’d like to have a total of at least $700 in passive income for the year. This month, our passive income looks to be around $70, which would bring our total amount to just over $380 in passive income for the year. It’s going to take a lot of saving and investing to reach each goal, but we are happy with the progress we’ve been making. It looks like w're on track to reach our goal of $700 in passive income for the year. We'll need to add significant amount to our investment accounts in order to increase our monthly passive income, but I'm confident we can achieve this goal by December.
What are your goals, and how are they challenging you to faith?