FY 2016 Goal Update: May Progress

Net worth goal May update _ AnythingYouWantBlog.com

Aaand we’re in the home stretch! May was the 11th month of my net worth challenge – only 30 more days to go!

I’m happy to report that I have continued to make progress towards my goals. My original goal was to increase my overall net worth by 46%, and miraculously I have thus far increased my net worth by 65%! There is no better feeling than exceeding your own expectations.

FY 2016 Goal Update May Progress _ AnythingYouWantBlog.com

The area that I still need to work on is my non-retirement investments. I’ve increased that category by 244% (!) this year, but I’m still shy of my goal of 271%. It is possible that I will reach my goal in the next 30 days, thanks in part to June being one of those glorious three-paycheck months. Even if i don’t meet that particular aspect of my goal, I’ll still be really pleased with my progress.

Next Steps 

As I reach the end of this particular goal, I’m starting to think about where I go next. While it has been great to have a monetary goal to work towards, I feel like I was more motivated when I was saving for something more concrete, such as my condo. I don’t have any concrete financial goals for the next few years, but maybe I need to create some.

What is keeping you motivated as your near your goals? What motivates you to save? 


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4 thoughts on “FY 2016 Goal Update: May Progress

  1. You have blown your goal out of the water! Well done. Even if the distribution isn’t exactly how you wanted it to be (though you say you should be able to fix that this month, so maybe that is a non-issue), you should be so proud of your accomplishments!

    I can totally get wanting to have something concrete to save for. While I have taken your example (and totally stolen your graph) for my own financial goals, I also have specific things that I’m saving for. I’m looking forward to seeing what you come up with for your future goals.

    One more month!

  2. I’m motivated to save just from being a saver 🙂 But I also tend to set intermediate goals. Right now, I’m working on saving two years of expenses outside of retirement accounts, which I calculated out to a dollar amount and I should hit it in early October. After that, my goal is to pay off my mortgage by the end of 2017. Lastly, my goal is to have outside of condo equity to cover my expenses with a 4% withdrawal rate from my investments by the end of 2020 and I have a number amount that is required for that.

    For my last goal, I will probably break it down into specific amounts wanted by the end of 2018, 2019, and 2020 to have annual check-ins. For now though, eliminating the mortgage is my top priority. I don’t think it should be everyone’s top priority – I think that one should be maxing out all of their retirement accounts and have a healthy buffer outside of retirement accounts first. If you think you would want to have kids and move into a bigger place at some point, then I would probably consider a house down payment fund over paying down your current mortgage, especially if you would rent out your current place later. I won’t rent out this place – I will sell it when I want to move – which is why I’m content with paying off the mortgage.

    • I love that you have such specific goals! You also make a great point about maxing out retirement accounts – that is something I definitely need to explore.

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