It’s a new year and time for some resolutions. My wife and I have decided to go all financial resolutions this year in anticipation for some major debt butt kicking. We obviously want to complete EACH of these resolutions by year end. To be honest with you, I know we can do it. If we don’t, I want each and every one of you to call me a liar at the end of the year. Honestly. Do it.
1. Pay Off the Family Loan
This family loan we have is bugging the hell out of us. We know there’s no interest and we can pay it back at our leisure but it’s just ugly (sorry, couldn’t think of any other word for it). So, we are pledging that it will be completely gone (all $16,500 of it) by the end of 2010.
2. Accumulate No Additional Debt
This is a BIG one and should be on everyones list. One of the first steps in getting out of debt is not adding to it. If you only pay the minimum payments on your debts every month, but also don’t add any additional amount, you are making headway. That’s just my humble opinion.
This one will not be hard for us to complete. However, there are a few things that we would like to still do during the year that may require some planning. For example, my wife wants to take a master’s level class in the summer. We will not be taking out student loans but we will need to sock away some cash for the occasion.
3. Still Enjoy Some Good Old Fashion Relaxation
As you are probably aware, my wife and I want to continue to enjoy some things in life. We don’t want to be couped up in the house every week watching Redbox movies and eating Mac & Cheese non-stop. So, in order to get some relaxation, we want to take a trip to the beach. Mind you, I will be scouring for some amazing deals for the trip. We won’t be just throwing money at this trip. We want to do it frugally.
Actually, we have some family in NC that want to possibly rent a beach house with us. My wife’s family may also join us and it could really help out financially.
4. Relocate From My Job or Find Something Else
Some of you may know this, but others do not. I currently work and live in a different state during the week. I absolutely hate being away from my wife. It’s also a huge financial drain on us. It costs me an additional $400 in rent per month that we could be throwing at debt. Not to mention the added gas, groceries and parking expense.
I am currently in the process of applying for a position in the same company I work for now that is closer to home. It pays about 10% more and I won’t have to pay additional rent. It would help us eliminate that family loan a lot faster!
The hire date for the new job is in March. If I do not get it, I may have to start looking elsewhere for something. It’s just too hard to maintain two separate lives during the week. Even if I have to take less pay, it may be my only option.
5. Stick to the Budget
A big goal that we have in 2010 is sticking to our budget. We are currently using Mvelopes, which allows us both to view the budget when we are apart (it’s online). It’s a cool little program that is based on the envelope system. You place your money in “virtual envelopes” to spend in different categories. It has really helped us stay focused and pay off debt. If you are looking for a budgeting program, I would advise you to at least give them a shot. There is a 30-day trial included.
There really isn’t any way for you to monitor out budget, but I will be forthcoming with you if we get sidetracked from this goal.
Happy New Year! What are you financial goals?