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 March, we did give and that is something to celebrate. 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 $100, but we’re hoping to add to it as we steward our finances well. Our Emergency Fund currently has $1,518, which is a significant drop from February. We withdrew some money to help while I was looking for work and as my wife was getting ready to start her business. We're still on track to meet our goal by December, but we need to find better ways of financing business endeavors. Our savings for a rental property was met, with $1,526 currently saved! We’re hoping to add to this account, as we believe investing in real estate would help us achieve our other financial goals. We may even raise our goal to $2,500!
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 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 $50 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 $170 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.
What are your goals, and how are they challenging you to faith?