As we have completed the first half of the year, I have decided to look at my financial goals and assess my status.
Although there is still time till the end of the year, it looks like I will be missing my Savings Target by 5%.
Thinking back, I now know that I had not budgeted for my progressive glasses and the need for some new wardrobe items due to unexpected weight gain. My estimate for charitable giving was also underestimated by the beginning of the year. I paid all the real estate taxes (not as horrible as what you guys have to pay) for all the family owned property. That was also not in my budget.
Next year, I will be better at forecasting these expenses. I have already noted them on my budget sheet.
Now the question is whether I should update my goal and move forward or wait until the end of the year to see what the real damage will be or whether I can make up for some of the "loss". Changing the goal seems a bit like cheating so, I am leaning towards keeping everything as is. This is going to be a reminder of better forecasts.