I expect to make a small advance forward in August. I won't earn as much from mystery shopping since I am attending a mystery shopping conference in Las Vegas for half of next week. I have an empty house for sale, which means I'm not earning rental income but still have a mortgage to pay, plus I'll be buying new carpet for the house this month. My car tags must be renewed in August. That's nearly a $500 expense. Even with all these mini-obstacles I remain optimistic.
August Goals:
- earn $2,000 from mystery shopping (last month I earned $3,085)
- reduce credit card debt and car loan to $37,000 (7/31/2010: $39,064)
- fund the rest of my 2010 IRA contribution ($2,000 left to fund)
Since I plan to fully fund my IRA this month, I also want to outline a plan for the rest of my free cash flow through 2010 and maybe even into 2011. I haven't been a big fan of opening separate accounts for each "bucket" like some people do, but I'm thinking about doing that just to make each of my goals that much more quantifiable. For example, I need to have a fund for large expenses for my rental properties (taxes, insurance and major repairs would fall into this category). I'd also like to pre-fund my 2011 IRA contribution, begin funding my next rental property purchase, set aside funds for my next car, and maybe even establish an account for crazy, ridiculously irresponsible spending. More on that one later...
Does this go against my rule of always looking to simplify my life?
I struggle with this too; more bank accounts vs having defined savings.
ReplyDeleteI currently use ING and have five sub accounts, I'm thinking of increasing this to maybe 7/8 accounts, to have all our savings in once place.