Financial Goals for 2010
This is kind of a traditional post for this time of year, you know, with new year’s resolutions and all. My philosophy is that most life changes work best when they are started at any point during the year. For spiritual, physical, relationship resolutions there is no better time than the present. One time I got a bad report from my doctor and as I walked to my car, I committed myself to a healthier lifestyle. And I made up my mind to start right after I had one last Spicy Chicken sandwich value meal from Wendy’s . . . that particular decision never stuck . . . When it comes to changes in financial goals, the start of a new calendar year provides a nice clean slate.
Here are the financial habits and goals that I hope will characterize the 2010 financial year in the Stew household:
- Continue to limit the amount of money that I spend on going out to eat for lunch. I think that it is reasonable for me to spend $10 one day a week. Another way to take care of our out-to-eat money is for me to help Mrs. Stew around the kitchen a little more. Sometimes we go out to eat in order to give her a break, but maybe I could be better about giving her a break by working a little harder in the kitchen myself.
- Pay off my college loans. I have around $1,600 remaining on my school loans, I hope to use our federal tax refund for that purpose. This will save us the $70 payment every month. Then we can turn our attention to Mrs. Stew’s college loans.
- Put a big hurt on our car loan. We have around $11,000 remaining on this loan, but currently the APR is around 9%. Since selling our house, our credit score has soared and our income to debt ratio has improved a great deal. I hope to refinance at a significantly lower rate, but still make the same payment that we have been making for the last three years.
- Start saving for retirement again. I do not know where the money will come from, but I hope that by the end of the summer, I can find a way to contribute to my company’s 401K match.
- Set up a regular allowance for my children. I do not have a lot of money to give them, but I need to teach them good financial habits and they cannot learn without some kind of regular income.
- Fine tune our budget. It has been some time since we have gone over our budget with purpose and I know there is $50 or $100 in there that can be taken from the spending side and placed on the saving side.
What are your financial goals for 2010?
Article by Stew
Photo by nDeviltv