First of all, Happy New Year! I hope you all were able to accomplish your new years resolutions and I hope you have a fantastic 2011.
Phew! I think I finally have most of the blog moved over. Some of it was automatic but other things were not. If you’ve followed me from my old blog or if you’re new; Welcome! I do hope you’ll stick around. =) Now back to the scheduled blog post!
With 2010 coming to a close it’s time to set some goals for the coming year. I want to accomplish A LOT financially while also inching closer to my degree and taking an overseas trip. Will I manage to do all of it? I guess we’ll find out soon enough!
2010 was an interesting year. A lot of stuff happened: I paid off my credit card once and for all. I started a blog. I discovered a lot of other cool blogs. I opened multiple savings accounts and started saving again. I read personal finance books. I finally started going back to university to finish my degree – and will graduate sooner or later without a massive student loan. I set up a budget. I had my own little vegetable garden and grew potatoes for the first time. I lost 20 pounds and I learned a lot about money this year. I learned to spend less than I earn. I’ve grown this year, spiritually emotionally and financially. I can’t wait to start a new year to see what else I can accomplish!
The goals in order of importance:
1. To complete at least 4 more courses for my degree. I’m currently planning to take one or two courses beginning January, two or three during the summer and one or two in September. I am waiting on information from the University and a waiting list to make my final decision
2. To have a total combined savings balance of $3,000 or more, by Dec 31, 2011. (will be mostly for 3-6month e-fund) (this excludes my trip fund, see goal #3) My current combined savings total is $1,131.49. in order to achieve my goal I need to save another $1,868.51 or about $156 a month. This is much less than I am currently saving, because I am planning for goal #3;
3. To make a trip overseas to visit family and friends. I expect this trip to cost me about $1,500 including airfare so I need to add $175 per month for the next 6 months to my trip fund. Some of my family members are getting older and this will be my third trip to see them in 9 years. I can’t postpone or I may not ever see them again so it is important that I do my best to reach this goal.
2. Have a student loan balance below $10,000 <- Ambitious? Yes, but I’m going to try anyway. As of December 21st I owed $15,551.28. This means I need to knock $5,552.29 off this loan, or about $500 a month (including interest), by Dec 31, 2011.
4. To keep making one extra mortgage payment of $100 per month. Dave Ramsey states on his website that 97.3% of people don’t systematically pay extra on their mortgages. I have made 6 consecutive extra lump sum mortgage payments every month since August. I fully intend to keep doing this monthly in 2011.
5. Have a net worth above $18,763.51.19. Why so precise? Well, that number is my current net worth (9,918.71) with goals 1 – 4 added to it. I will not be able to achieve goal 5 if I do not achieve goals 1, 2, 3, AND 4. It would actually be really cool to round off the year with a net worth of more than $20,000. I will see where things stand in July to make that my goal. I have taken a closer look at my actual monthly income; Theoretically I should be able to achieve every single goal AND renovate my bathroom( NEED, not want!), fix my car and live comfortably. I think in the coming months I need to take a very close look at my spending patterns so that I can succeed and excel in my 2011 plan.
Hopefully come end of December 2011 I can look back to this post/page and happily tell you that I’ve achieved every one of the five goals! Do you have any goals for the new year, financial or otherwise?