August 2019 goal review

August 2019 Goal review

Hey budgeting buddies,

It is that time again. Time to check what goals I have managed to achieve this month. This is so I can keep track of my progress and celebrate the little wins.

As my debt paying off journey, this is going to be a long road. We all need as much help, getting there as we can. Every little win no matter how tiny is worth celebrating!

My first goal is to reach a $1,000 Emergency Fund. This will be a changing goal. I am still working towards it and will be working towards it until I have a year worth of expenses. Currently I have only $345 in my Emergency fund. This is 35% of my initial goal.

When I wrote my original goal, I had hoped my overdraft would be paid off by December 2019. This is an extreme STRECH goal, but it is what I am aiming for. Let us see if I reach it.

I am hesitant to say it will happen as the numbers are not quite in line with me achieving it. This is because the overdraft is at £1,600 and I am only paying £75 per month currently. I am hoping to adjust my budget so I will be paying a minimum of £100 per month, which will allow me to reach my goal of August 2020.

The second goal is to have some extra of my personal loan paid off by August 2020 is on track. The personal loan is an instalment debt, therefore only paying the minimum payment will eventually pay it off.

I am trying to accumulate some extra cash to pay a bit off in a lump sum to get rid of some interest and be able to speed up the timeline in which I will be owing the bank money.

This is because it will take multiple years to achieve this, and in the meantime, I will be in the constant loop of having to send money to cover something I did not want to have to pay for. This debt has bad memories associated with it.

I have made a six-month budget plan, which has been adjusted multiple times already to adjust for new things occurring in my life.

Firstly, I adjusted my debt repayments, this it to increase how much I am going to be paying each month. I did this is because I want to have less debt to worry about. I have a storm coming and I would like to be as prepared as I can be. Having less debt, and a hefty savings (not just an emergency fund) will be helpful in being prepared with that.  

I also have created a debt payoff forecast/ using undebt.it. It is an incredibly useful tool, especially while working out scenarios. I did create my own debt snowball calculator because I like to be able to create my own things. However, I find the website easier to navigate and requires less work.

I am happy I have achieved two goals. The rest of the goals are more money dependent, and longer term, but I have a plan and know where/how I am going to spend my money.

Thank you for reading!

Much love, and happy goal setting!

Comment time questions:  

How are your goals coming along?

Does anyone have a crazy stretch goal you need to achieve?

Are there any goals do want to achieve, but don’t think you will?

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