Did I seriously forget to post about my goals for October? Sheesh. Well, here’s some goals for November.
1. Pay double the amount of our car loan this month.
In October, I mailed a double car payment of $277.33 and sent it directly to the principal of the loan. I’m hoping that we can send at least a double payment each month as a minimum. If we do, then we’ll have our car paid off by the end of next year. I’ll use $1,662 from our emergency fund to make the last over payment. You see, $1,662 is six months of car payments. It’s needed in our emergency fund right now to cover lost wages, but it won’t be needed once we get rid of that bill.
Of course, if we can send more money to the loan, we will. But, for November and December, I’m not going to send more than $277.33.
Why? That brings me to my next point.
2. Put all extra funds in savings this month and next month.
I’ve been keeping track of my freelance and blogging income, and after fiddling with some numbers on a tax web site, it’s looking like we’re going to owe the government some money for this tax year.
Apparently I haven’t set aside enough money for taxes. Whoops.
It won’t be a problem, though. I just need to take steps to prepare.
As y’all might recall, my baby is due on Dec. 30. Now, babies rarely come on their due dates. If he’s born in December, we’ll be able to claim him as a dependent for the 2008 tax year. I think. If we can do that, we probably will owe a tiny amount of taxes, and we might even get a small refund. If he’s born in January though, it’ll be a bigger tax bill for us.
So, once he’s born, we’ll have a better sense of our tax obligations.
For now, I’m setting aside all extra money into a savings account. We can use that money for taxes if we need to, or, I’ll have a larger amount of money to send to our car loan in January. Either way, it works out.
3. Create a budget for Christmas gifts and other related expenses.
We’re not making a big fuss for Christmas this year, but we’ll still want to prepare for it. Some people need to start a few months in advance to set aside some cash, but I think we’ll be fine starting now.
4. Find new “snowflakes” to add to savings, with the goal of at least $200.
I know it isn’t a huge goal, but I would like to find new ways to save money or earn money. Just off the top of my head, I know that I can earn an easy $20 from ING Direct for using my debit card 5x (I’ve already used it three times this month). And maybe YouData will start to be a little more profitable. I’ll be on the lookout for more things I can do.