2009 Financial Goals
My husband and I sat together last weekend and after reviewing our expenses and finances from 2008 came up with a budget and goals for 2009.
Since we needed to use some of our savings to pay for a car we have a little less than one month in our emergency fund (which makes me nervous). But, we didn’t go in debt for a car and thanks to Tim’s parents now have a car which will last many years. Also, we should be able to be back up to 1 months savings this month and depending on our tax return back to two months of savings by April.
So our main priority this year is to save, save, save! In addition this is the year where we pay off our student loan. Here are our goals:
1. Pay off student loan by September
2. Have 3 months in our emergency savings by the end of December
3. Save at least $350/month (including FSA)
4. Put every extra penny into savings
5. Make both our websites profitable
6. Pay Tim’s parents at least $500 more for the car
Although these goals may seem easy, they will be stretching us this year as we prepare for large expenses in the summer.
We are also getting involved in some of the incentives Tim’s company offers like 401(k) and an FSA account which will benefit us in the long run but make cash flow a little short for a few months.
So this year we will concentrate even more on tightening our belt and finding small and large ways to save money. If your household hasn’t set up financial goals for the coming years I would strongly encourage you to do so. When you know where you want to be it’s much easier to get there.
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