I have confessed this before, but I LOVE making new year's resolutions! This year is no exception as I look to our financial feedom on the horizon (see previous post). Taking stock of one's current financial situation is always a good idea, and equally important is looking ahead to where you want to be. You don't need to have an 8-hour family summit to determine this, but rather some time to think and focus are critical. Either by yourself or with your spouse, make time for finances. Here are just a few questions to get you started:- What is your greatest financial challenge?
- What small step could you take this year towards a solution or a change in that area?
- Are you tracking your expenses?
- Do you know how much money takes to run your household annually?
- Where can you reduce your expenses in order to either make ends meet or increase your savings?
- What long term financial goal(s) do you have? Any that excite you and keep you moving forward?
My immediate goals include increasing my retirement contribution as soon as my school debt is paid off in late February. Another goal is to begin saving money like there is no tomorrow. This has been a constant challenge for me and my family as our household expenses are typically very close to our income. We will be able to put the same amount of money into our savings account that we previously used for debt repayment and begin to move forward instead of playing catch up. I have a specific dollar amount in mind for our savings account, and I look forward to meeting and perhaps even exceeding that goal. Finally, I would like to review my expenses for 2009 and tighten the belt where we've let it slide. I am guessing that will mean less meals out, which will be better for both our waistlines and our wallets. Any reduction in expenses is essentially a "raise" for us and will serve to increase the savings account. I look forward to hearing your resolutions/goals for the new year.
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