The Savings Project

Our savings plan is working. Our tiny fortune has been left untouched and it is growing little by little every payday. As I was working on Mint minutes ago, I noticed that our net worth is already positive, that is to say, that we have more cash saved up compared to our regular expenses. We have not been struggling financially really, but we only have been negligent on what we spent on. Little pleasures like movies, eating out, and buying stuff like clothes, shoes, makeup and whatever clutter that would go unused most of the time anyway had to to go away.

Honey will be turning 29 next month, and me 4 months later, and the more that we have been thinking about improving our net worth. We have about $25,000 in loans as of the moment, most were from Honey's student loan which was $22,000, and the rest for his pickup truck. Like I told you, I am the most lucky wife to have a husband who is financially smart, he was able to take advantage of a Citibank credit card with 0% interest for six months and paid off the loan with the most interest. Unfortunately, aside from the awesome taxes and bills here in America, there is also this staggering rates of interests from left to the right that we have to deal with.

As of the moment, we are 51% away from joint savings goal for the year, thanks to the tax refund from the federal government. Our joint savings will serve as our emergency fund. Since we are building our personal savings at the same time, I thought about putting what's saved up by year end to the joint savings to add more to it and then we could start building our personal savings again. On the other hand, we are at 1% in our mortgage savings goal which is by the way so unimpressive, but that is because we set to save about $60,000 for down-payment of a future condo or a house if we could afford it in two to three years. This savings project is really becoming exciting to me.

We have another monthly add-on expense starting this month for our life insurance. Me and Honey bought a term life insurance for $30 monthly in order to protect each other if in case something unpredictable happens in the future. We are also looking at a retirement plan that would work for both of us, hopefully one that is non-taxable, if only it is possible!