The American Dollar
OUR FAMILY. OUR MONEY. ONE PERSONAL FINANCE BLOG.
One industrious American family's focus on a financial goal of freedom. Through worldly personal finance education, here is our story.
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Our Story: Both my wife and I are 27 years old and have gone through financial hell and back. Now we are on track to financial freedom, however we are not financial advisors or professionals, just everyday people. Share our journey from a negative networth and email us if you have questions or comments! :)



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Sunday, January 01, 2006

2006 Financial Outlook

Our outlook for 2006 is positively optomistic. I noticed the new year brings good ideas of financing as well as setting new goals. A definate observation is that in 2005, I never had to make an additional budget outside of our savings and debt. This stems from the belief that if I am doing the correct 401k percentages, maxed our Roth IRA contributions, increased savings into our emergency fund, and actively stocking away more money to decrease our mortgage principal amount, with no cc debt or car payments and decreasing the amount on our insurance by having less bloated premiums, then I am satisfied with whatever we spend extra money on. Honestly, smaller purchases don't bother me as much and we don't clip coupons or gouge on expensive restaurants. Although, we do occasionally go once or twice a month to our favorite staekhouse, its not going to kill our budget. Currently we are saving $500 a month for the $2000 fence in May. I am devising a way to deal with extra income after we have made our additional pricinpal payment to our mortgage ($2000/monthly payment); which will allow us to pay off the house in 3 years. What should I do with the extra $500? Well I'm going to put it away in the savings account outside of the emergency fund so that we are able to save to make bigger purchases such as when we need to get another car or pay for a new central heating unit or a new copper plumbing job. All in all, 2006 is going to be a year of savings and fun! :)

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