Saturday, January 1, 2011

Financial Goals 2011

money tree. Pictures, Images and Photos

I know that some of these are a stretch.  I also know that some of these are a little subjective.  But here we are!!!  We are set to kick some major butt this year.

In order to have some perspective, as of January 1 our current debt total is $68,685.37 broken down to:
  • Credit Card -  $35,065.23
  • Student Loan -$29,225.79
  • Car-                 $4,156.35
  • Medical -             $208.00

1)  Pay off car early.  It is scheduled to be paid off December 2011/January 2012.  I would like to have it paid off earlier.  I am not setting a deadline (but August is the one in my head!), but I just want it done ahead of schedule.  DONE!!!

2)  Pay off $10,000 in debt (not including the retirement loan).  OK....really, I want $12,000 which is about 30% more than we paid off in 2010. But I am setting the bar a little lower in the hopes of SMASHING this goal, and then motivating myself to get to the REAL goal of $12,000.

3)  Side Hustle $2000.  This will come from blogging money, selling items, odd jobs (including my new gig as a ChaCha guide!), etc. This will be a combined Mysti/G-man goal, but it also includes 1/3 of the hustle money to be "mad" money.  See the new tally on the side bar to help me keep track.  We aren't setting it up as $1000 each, but I am hoping that G-man gets motivated since he will get to keep 1/3 of it to "play" with.

4)  Open ING Christmas Account.  Let's not have a repeat of 2010.  *sigh* DONE!!!

5)  Continue to work on zero-based budget.  This is still hard for us!!  But we are getting there.

6)  Curb food spending.  Eating out has gotten out of hand.  Processed foods are too plentiful in the kids' diet.  Better food planning should help on both accounts.

7)  Get life insurance.  We have been irresponsible on this.  I know that we can't afford what we really should have.  But we have to start somewhere.  We can always modify the amount and type later...but right now, we just need to do it.

8)  Make will.  The biggest reason we haven't made a will....we really don't have a guardian for our kids.  No one is the right decision.  But we have to bite the bullet and just do this too.  Not planning on kicking the bucket, but need to make sure the wee folks are taken care of.

9) Resume retirement savings.  We stopped contributing so we could increase our cash flow.   I am hoping as the balances continue to go down on our debts, we can start contributing again.  At least to get the employer match of 5%.

10)  Find one "free" family thing to do per month.  It might be a picnic, a school event, or something I haven't thought of yet!  No one says you have to spend money to have family time.

Don't forget to check out my blogging and personal goals too!!!


  1. Great goals, I especially like your free family time idea. Sounds like fun.

  2. Love these goals, and I'm sure you'll be a smashing success!

    Looking forward to following you in 2011!

  3. These are some great goals and I know you will do it!! Happy New Year!!


  4. @Niki - thanks. Our family time is usually movie night on the couch, but I would like to expand that. Our library has tons of stuff, so I plan on exploring that more.

    @Sharon - thanks for the vote of confidence.

    @Laurie - I am happy with my goals. Some of them are well over due.

  5. GET THE WILL DAMN IT! ANYONE you name will be better than those same idiots fighting over it in Court.

  6. @Evan - this will has been the thorn in my side. The thought of any of these idiots raising my kids turns my stomach. And as wonderful as my friends are, none of them could deal with Bossy. In the end, it will probably be G-man's bro and his wife.....but we are very unhappy about it.

  7. Paying early for insurance and loans helps you achieve financial stability and increase the percentage of your savings. It also clears the road to a debt-free living and it is also good for business. Cash advance may be a great way to finance early payments and avoid interests that make the bill price rise.