Today I created four goal progress bars to help keep track of how we are doing in 2008. We have set up goals this year discussed earlier like saving for the wedding, paying down debt, saving for retirement.
I set up four bars to help keep track of paying down debt, saving for retirement, and growing our net worth.
The first progress bar set up is to pay off the credit cards. This is the first debt that we are trying to completely eliminate. I am starting out with just under $3,000 in credit card debt and would like to have that completely eliminated this year.
The second progress bar set up is for retirement. This is a joint goal for the fiance and I. I just chose a nice round number, $10,000, and decided to aim for that. Hopefully by the end of the year our retirement account values will be over this mark.
The third progress bar set up is the debt elimination bar. This is our total debt. Combined, my fiance and I have over $37,000 in debt. This is made up of credit cards, 2 car loans, student loans, and personal loans on an engagement ring, bike, and furniture. Our goal is to pay off at least $7,000 of this debt this year and owe under $30,000 heading into 2009.
The last progress bar is our Net Worth bar. I keep track of net worth in NetworthIQ. This bar is to track our progress throughout the year from the beginning. We hope to grow our Net Worth to $35,000 by the end of the year. This is while we are paying for our wedding this coming October. This will be an increase in net worth of 53% and is quite ambitious considering our upcoming wedding. However, I think with an effort of paying down our debt and saving in retirement, we can come close to reaching this goal.
I will update these bars each month around the same time I update my NetWorthIQ profile. Keep watching to see our progress