Monday, December 17, 2007

2007 Financial Report

I finally sat down and compiled our 2007 financial report and put together a presentation. Unfortunately the 2008 projections will have to wait, but here are some highlights.

Spending on food and utilities are unchanged from last year - though our dining out spending was slightly up, our grocery spending was slightly down.

We spent 10% more on gas this year than last year. Not bad considering gas prices are much higher. Our carpooling efforts, I think, are having a positive effect.

We have paid 59% of our total debt from the beginning of the year. Rough projections still put us at paying it all off in 4 months.

Our emergency fund (not including the bill pay/readjustment account or unscheduled maintenance account) has averaged $2,045 throughout the year, with a range of $1,940 to $2,150. We really didn't need to use it this year.

For the most part, we met or exceeded all of our goals for 2007 (with the exception of me finding a better paying job).

That's about it! I'm looking forward to sitting down and figuring out some goals and estimations for the upcoming year. Of course, overall goals will have to wait until my wife and I go over the year-end report and discuss what they should be.

Anyway, what's the point? I handle most of the finances, so I like to print monthly reports of our spending/balances for my wife to read. At the end of the year, it is nice to have a presentation to show her so she can get a clear picture of where we are financially. For both of us, I think it helps us get on the same page and focuses us on similar goals.

3 comments:

Anonymous said...

My boyfriend's father sent us the URL to your blog. My boyfriend and I recently purchased our first home and have been on our path to being debt-free. He's much less in debt than me (he has his car and a small credit card balance, where as I have student loans). We're working hard to pay it all off and our one focus continues to be: "delayed gratification", which I feel is truly the key to success over the long run. I enjoyed reading your latest blog entry and wanted to let you know that it's inspiring to know that others are achieving success with budgeting. Keep at it! And keep the tips coming. I look forward to reading your future blog entries.

thank you for your contribution to bettering ourselves. :)

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