We have a goal

Ok, for the past two years, I think, I’ve been talking about selling our house and buying a different one. We always would say something like, “Yah, next summer we are going to sell the house.” And we’d repeat that phrase each winter for three years.

Well, now we have a solid goal to work towards. Purchasing a car set us back a bit, but we’ve been making double the minimum payments on our car since we purchased it, and if we continue doing that, we’ll have it paid off by June 2010.

Even paying extra on the car, we are able to put some money into savings every month as well. And Josh is now a part of a band that has a couple of gigs a month, so we have income from those gigs as well.

Our plan is to pay off the car earlier than June 2010 by putting Josh’s gig money towards the car debt, while still putting money in savings. After we pay off the car, all of that extra money will go into savings to build up the down payment for our next house.

Our goal is to purchase a bigger and better house with the following qualities:

2 stall attached garage

Fenced in yard

At least 4 bedrooms

At least 2 bathrooms

Kitchen pantry

Main floor laundry

Large yard that has room for a vegetable garden

However, we want our monthly mortgage payment to remain what it is right now. This means that we’ll have to have a significant down payment saved up before we would be ready to buy a house.

I think that we can have a good portion of that down payment saved up by Fall of 2010, with the rest of the down payment coming from the sale of our existing house.

I hope that we’re not shooting too high here with our goal, but I’m excited that we actually have a goal in mind. We are no longer blinding saying that we’re going to try to sell the house every year and then never do it.

Once a week, I review the houses for sale in our area to keep me motivated to save.

Ok, enough of boring financial talk. My next post with have some pictures of the kiddies and hopefully a very funning video of Raleigh falling asleep while eating.