BankerGirl

Posted by Heidi on November 28th, 2007 in Holidays, credit cards, debt

The New Year is just around the corner and I have been doing a lot of thinking about my financial goals for next year.  There is so much that I need to do that I’m having difficulty prioritizing.  Here, in to particular order, are some of the goals I hope to achieve in 2008:

Stop using credit cards

I took my cards out of my purse months ago, and then grabbed one earlier this month when I “had to have” a new outfit for a social function.  Clearly, I can’t be trusted.  I think I’m going to have a card-cutting ceremony this weekend. 

Pay $700 per month towards credit card consolidation loan

This is, on average, the total amount I spend on credit cards payments each month.  With my consolidation loan, my minimum required payment will be around $400 - I’d like to pay nearly twice that and knock out that debt in two years or so. 

Save $6000 by October 1, 2008

I am getting married next fall and my fiancé and I are responsible for a portion of our wedding expenses.  In order to cover our share of the wedding and honeymoon (we’re thinking Ireland), we’re going to have to save $6000 - $10,000.  I know that it’s financially irresponsible to spend so much on a wedding and vacation when our financial house in such a wreck, but we’ve been planning this since last March and we have paid several vendor deposits, so there is no going back now.  I will do my part by putting my teaching income in my ING Savings account (current balance: $1650 - only $4350 to go!).

Start contributing 8% to my 401(k)

My biggest regret is that for the last 8 months I haven’t been putting anything into my 401(k).  When my student loans came out of deferment last April, I couldn’t afford the monthly payment - so I stopped my 401(k) contributions.  My employer does a 75% match up to 8%, so that’s free money I am not taking advantage of.  Beginning in January, I will set my contribution level at 4%, and in March (when bonuses are paid and my raise goes into effect), I will change it to 8%.  As soon as my credit card debt is paid off, I will raise my contributions to 15%.   

Hopefully these efforts combined will have a dramatic change on my financial picture, so when it comes time to do my 2009 resolutions, I’ll be able to include the words “pay off” in my goals!

Stumble it!