Get your finances in line--2009 Financial Goals
I am late in getting this post up. Back in November, I wrote about our Financial Shape 2008 and I promised to do a post about our goals for 2009. Crystal at Money Saving Mom posted about Financial Goals 2009 and that has finally motivated me to actually type out some of our goals for the year. I have been hesitant because, frankly, we have been undecided about a few things. We have been following Dave Ramsey's baby steps. The next item on our list is to pay off my husband's smallest student loan. Due to the economy and some of my own fears, we have decided to delay the pay-off date for now. Instead, we are just piling up cash in a regular savings account. Paying off the loan is still a goal for the year. I just feel safer if we have a larger emergency fund first.
Here is a list of some of our goals:
1. Pay off Student Loan (could actually do this Friday, but will delay by 6-8 weeks)
2. Prepare house for sell just in case market improves. This step includes new paint, carpet, pool liner, updating kitchen appliances. So a fair amount of $$.
3. Sell current home and downsize to home that we can afford on one income.
4. Pile up cash for 3-6 month emergency fund.
5. Ramp up retirement savings to 15% of income.
6. Increase charitable giving to full 10% of income.
We are currently living mostly on my husband's teacher income. That is no small feat. A fairly new teacher's salary is not that much. Most of my paycheck goes straight into a savings account. The only thing that gets paid for out of my paycheck is gasoline for my and my son's cars.
I hope that publishing these goals will help to hold us accountable. Check out Money Saving Mom and see other financial goals at this post.