Q2 Goals Update: Some Bumps in the Road

Q2 Goals Update: Some Bumps in the Road

At the end of last year I set some goals for 2018 with an expectation to provide quarterly updates.  How’s it going, halfway through the year?  Well…we had some bumps in the financial road in Q2.

The Chaos of Life in Q2

My husband lost his job in April.  We’ve had some random extra expenses recently, including finding out our dog has diabetes and needs insulin shots twice a day.  I also planned a mini-vacation for our family to Chicago for last week, thinking this was a good time to go as my husband is between jobs and we wouldn’t have to fight for him to get a few vacation days at a new job.  While I was able to book flights with points, I didn’t have enough points for a hotel stay.  I wanted to stay at a family-friendly hotel close to downtown attractions since we didn’t have a car and were traveling with a toddler, so I did shell out some money for that.  (It was worth it, BTW.  And our toddler did awesome on her first flight, first bus ride, and first ride on the “L” train.)

I wish the story of our vacation ended there (we had a great time!), but it doesn’t.

We ended up taking our daughter to the ER early in the morning the day we were scheduled to fly home from Chicago.  That visit resulted in a 2 day stay in the hospital.

The good news: our daughter is doing great, and we made it home safely, just a couple days late.  (Can I repeat:  this is great news, and overshadows the bad news by quite a lot.  You can’t place a value on knowing your child is healthy again.)

The bad (financial) news:  The hospital visit will result in a significant out of pocket expense; we had to book last minute flights to get home; and we had extra miscellaneous expenses like an additional two days for dog boarding and two days of meals.  (Interestingly, we didn’t have extra hotel costs; the hotels in the area were all sold out and the social worker graciously found us a place to sleep in the hospital for two nights.)

So the bottom line is that we had a few surprises thrown at us in Q2.  As you’ll see below, we’re still making progress on goals, but the pace will slow down for the foreseeable future.

Financial Goals

Max out 401(k).  On track…for now.  I may end up cutting back my contribution for a few paychecks to cash flow some of the medical expenses instead of having to pull it all from savings.  It kind of depends on how long it is before we get the bill and what Mr. FIREDup’s employment situation will be in the coming months.

Finalize will. Finally done!  We also bought life insurance.  Hopefully a blog post to come soon to share more on these experiences.

Fund 25% of Financial Freedom goal for non-retirement funds.  At 24.4%.  YAY!  If Mr. Market cooperates, this should be complete before the end of the year even if I can’t made any additional contributions.

Make 2017 IRA contribution.  Done in February.

Minimalism/Simplicity

12 Items in 2018.  My plan is to limit clothing related purchases to 12 or less items this year.  As of today, I’ve purchased seven items.  I’m on track for the year, but it doesn’t look like I’ll come in much below that number.

Blogging

Average one post per week.  Nope.  I wrote 2 in April, 3 in May, and 4 in June.  My new goal is at least two per month and ideally 4 per month.  This blog is a hobby. 🙂

Share quarterly updates on progress against the Financial Freedom goal.

Capture

I’m really happy to see that we are still making progress here.  We’re up from 71.5% at the end of Q1.

Stretch Goals

Attend FINCON 2018.  Nope.

Get 2nd mortgage balance below $10,000.  Man I would really like to do this, but at this point it seems unlikely.  It mostly depends on the employment situation for Mr. FIREDup over the next few months.

How are you doing against your goals for the year, financial or otherwise?

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