Taking some more time to review our 5 financial goals for 2008 a quarter into the year. Our third goal for the year was:

3.) Fund at least $4,000 in our ROTH IRA’s
I have to admit, before purchasing our new home I was doing a lot better with the ROTH savings. I slacked in 2007 and even in 2008 $4,000 is less than I would like to commit but seems like realistically possible. That however means savings of about $333/mo which has not happened in January so we are already behind.

Overview

My wife and I currently have 2 separate ROTH IRA funds. My ROTH is through Vanguard and I have a direct deposit setup from my paycheck to deposit $75 there (biweekly). My wifes ROTH is through T. Rowe Price and she currently contributes $50 per month.

Goal Progress

So far this year we have contributed $630 to our ROTH IRA’s. This represents progress of only 15.75% towards the goal for the year when we should be 25% there.

In order to meet our goal we will now have to contribute $374.44 per month for the rest of the year. Unfortunately this goal has kind of taken second fiddle to our debt reduction goals which I think will continue. That seems like a more important priority right now.

Hard to admit defeat for a goal already this soon into the year though so I will continue to track it.

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