Our Current Savings Goals
I thought it might be useful to place our savings goals on the blog. This will give you a better idea about us, and will help me to shape the writing on the blog.
Savings Goals:
• Save enough in cash to have a 20% down payment on our town home. See the previous post. The town home will be ready sometime this fall, b/c they haven’t started on our row yet. Currently, we have 10% saved. We have this with ING Direct earning 4.50% on this balance. COMPLETE
• Maintain three months worth of expenses in a high-interest online savings account. We also have this with ING Direct earning 4.50%.
• Max out our contributions to our retirement plans in 2008: me 401(k), my wife 403(b). Until we purchase the town home or have the 20%, I’m contributing 15% and my wife is at 2%. This is why we have this as a goal for 2008. The house down payment is first in line so that we can avoid private mortgage insurance.
What are your savings goals?
I’ll write a post on our Debt Reduction Goals next week.
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I’ve updated. Go here to see the latest update to these goals.
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