Woohoo! A very late third quarter update and some kicking-student-loan-ass.

I set yearly, monthly, quarterly (first and second quarter found here)  and sometimes also weekly goals.

While beginning to write a jubilous post about my student loan progress (I’ll get to that shortly here) I realized I never posted my third quarter update!

source below

My goals for 2011 and my progress so far:
1. To complete at least 4 more courses for my degree. Completed! I have completed and passed THREE, I am currently enrolled in two and will pass at least one of the two for certain.

2. To have a total combined savings balance of $2,500, 1000 E-fund and $1,500 misc savings Way off. While I’m doing better than at my last check-in, with only $500 in savings I’m pretty far off $2,500 and I don’t think I will make this goal.

3. To make a trip overseas to visit family and friends.  Completed! I booked the ticket three months in advance and my eurrail pass a month in advance, because of that I spread the cost over a longer period which worked out very well for me. It was a great trip and it was good to see my friends their kiddos and especially my grandma and grandpa.

4. Have a student loan balance below $5,000 for July 1. Completed!  My original goal for the year was to have the total balance below $10,000, I revised the goal to get it below $5,000 for July 1st but missed the mark considerably.   My goal for the third quarter was to get it below $5,000 and I succeeded! The current balance is $4,978.10

5. To keep making one extra mortgage payment of $100 per month. On track! I’ve prepaid $1,010 on my mortgage and will hit my target of $1,200 for the year.

6. Have a net worth above $22,000 year-end. Completed! I started the year off just below $10,000 and hit my target on August 8th. Since then I have made a few changes to my balance sheet because the cost of the renovation and the subsequent change in value of my house I will reevaluate at the end of December and set a new goal at that point.

source below

Four goals completed, one right on track for completion and one way off. I think I did very well setting SMART goals and following through! Now for the goals I set last weekend; 1. No spending on clothes. Going good! 2. No house spending; Going good! and 3. No more spending on groceries; also going good! I was able to cash my paycheque and once and for all get my student loan below $5,000. Score!

How are you doing with your new years resolutions?

PS: IMG source here.
PS: IMG source here.

Published by Renée

I write about my life, travel and my financial up and downs on my blog, Nickel By Nickel, while contradicting myself daily. ;)

7 thoughts on “Woohoo! A very late third quarter update and some kicking-student-loan-ass.

  1. I wouldn’t be discouraged by the savings miss. You are kicking butt on the student loan, mortgage, net worth, education, and travel. That’s a huge accomplishment. Kudos.


  2. Congratulations on reaching most of your goals! Don’t lose hope on missing one, you’re doing everything just right! Keep re-evaluating, finances are fluid and your goals have to be too 🙂


  3. I am struggling to build a cash balance while meeting all of my other goals too. Sounds like you would have had to sacrifice something else (like getting to that all-important-mentally goal of getting to under $5,000 on your student loan) in order to get your cash balance up.

    I’d like to emulate your quarterly and monthly (and sometimes weekly) goals – I have no idea what my annual goals I set in January are, since I keep setting new ones each month, but I’d like to keep the big picture in mind too (keep changing my mind between cash savings and extra student loan payments.)


  4. You are doing so well. Like Hunter said i wouldn’t worry too much about one missed goal. There is only so much you can do, right? Congrats on so many goals made.


  5. You’re making great progress Andrea! I think what you did makes more sense. It’s better to pay off your loan to save on the interest. However, with such a small emergency fund, make sure you don’t put yourself in a bad decision where you might have to sacrifice in ways that would hurt your progress. In an emergency you don’t want to be forced to sell investments at a bad time.


  6. Thanks for your suggestions. One thing we’ve noticed is banks plus financial institutions understand the spending patterns of consumers and also understand that most of the people max out their credit cards around the getaways. They properly take advantage of this kind of fact and begin flooding your inbox and also snail-mail box with hundreds of Zero APR card offers right after the holiday season ends. Knowing that when you are like 98% of all American general public, you’ll rush at the possible opportunity to consolidate card debt and switch balances for 0 interest rate credit cards.


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