This time last year, I had three New Year resolutions: pay off all consumer debt in four months, increase emergency fund to six months worth of income by December and work smarter to accomplish more in less time.
All done within the time frame I specified. Then things happened within the year that turned everything wonky again. Dang.
What I learned, however, is that some reasons for taking two steps backward and one step forward in personal finance may not always be bad. Like buying a house that the family loves and enjoys and getting into mortgage debt because of it. For some it can be getting married, having a baby, a child going to college, sacrificing income from work to give more attention to a wayward teenage son, saving a marriage by going on a cruise…
Life happens. Money is just a means to enjoy life. The key is balance. And a good disposition.
My life goals for 2009:
- Never miss payments on credit card and mortgage loan. Last year, I had two late payments on my credit card just because I misread my statement, and boy did that really tick me off! I hate paying credit card interest, and I hate paying late payment fees even more.
- Pay off low-interest consumer debt in six months.
- Rebuild emergency fund to six months worth of income. This will take around a year of careful saving and even more careful spending.
- Boost education funds for the children by carefully investing money to take advantage of the upside from this terribly depressing market. The market has got to improve some time, right?
- Lose weight. Just five pounds will make me happy.
- Focus. A lot of people don't believe in New Year resolutions. It's a hyped way to sure failure, some believe. I'm from the camp that says trying is better than doing nothing. One strategy, however, to try and succeed is to focus. Goals are of better use when they are remembered and taken seriously.
- Use teamwork. For married people like me, reaching goals is a LOT easier when you have the whole family focused on it as well. It's going to be hard to stick to a spending plan when you're walking through a mall and someone is aching for a PSP and you really, really, really want to give him what he wants. (Ha! You know who you are!) We are all weaklings when it comes to people we love, so we need others to control US!
- Think of your goals everyday. Fifteen minutes is not that long, but it can do wonders for your mindset for the rest of the day. Visualize it. Believe that you can achieve it.
- Be flexible. Failures do not have to be setbacks. Allow yourself to be upset for 15 minutes, then charge ahead again!
pay off my condo in full and have it furnished...it's a financial drain but worth it
lastly, travel to more places! hehe
Hi, Salve! Happy new year! :)
For 2009, I'm keeping it simple:
1.) Write down ALL as in ALL expenses including small food trips and change borrowed by friends and family (not for being stingy, but just so I know where my money is going because this was a problem in 2008);
2.) Set aside 10% of all income received this year;
I'm seriously thinking of hanging a small whiteboard in my bedroom that I can look at while preparing to go to work so I can mull over these and a few other resolutions a few minutes every morning. I believe we can make this year great, recession notwithstanding. :)
My primary goal for 2009 is to save more money. I have allowed myself to procrastinate last year in my money saving goal.
Funny...ijust made my list the other day.
These are mine and they are all mostly reminder than resolutions.
http://helensrealblog.blogspot.com/2009/01/as-per-my-improvement-or-resolutions.html
Great! Pretty much already in my list. Spending wisely will always be my key to spending. No debt will be second. Save! Save! and Save! for the future......
hehehe. kakagawa ko din lang ng 2009 goals ko and 2008 report card...
http://pinayandmoney.wordpress.com/
wow. i hope to have mine this week. and to have the persistence to work on them.
Save money and starting a business in 2009.
Save money and start a business in 2009.
This article gives me an idea to put together my thoughts about how I can put my finances in better shape this year and in future. And publish on my blog to keep myself reminded. Will do that soon.
But hey, I love the idea of going on a cruise to keep the marriage oozing with affection. There goes the money again. :)
i don't think I have much to share in this arena. You guys seems like experts. But during these things that you brought up, don't forget to put Christ in the center of it all.
I'm currently in Qatar and will be coming home very soon to my family. I've been in and out of the country since my contract allows for a bi-annual leave. But that's not enough.
Anyway, hope all is well to everyone there in the Philippines.
BTW, I don't want to end without mentioning that part of 'focussing' on your objective.
On that part of the PSP, I just would like to add specially like here, where you can buy those things cheaper, then you are really tempted to buy those PSP specially for your loves ones.
Thanks for sharing your thoughts.
I've already started my new year's resolution. I made my savings goal but not my emergency funds as I went on a European trip. So.. I'm back with a vengeance. I'm planning to up my savings and replenish my emergency fund. Hopefully, I will be able to save some more for my travel fund. I'm hoping to have my annual birthday celebration somewhere. :)
I started a business in the last quarter of 2008. And it's kinda new concept. So my goal for this year is to educate people and SME's the advantages of my product which is SaaS (software as a service). It's one lofty goal, but its something that will also change my life forever - success or failure of my business depends on this one.
Reach my annual savings goal and get what I need (and some wants).
Any updates on the PERA Law?
I need to actively monitor the status of my goals. I created a monthly recurring reminder on my calendar entitled "What fabolous things you have done this month?". The question covers family, career, financial, plans and hobbies.
For 2009, as we plan for a sound financial disposition, may we never forget to prepare and pile up riches in Heaven where we will spend our eternity. Its wonderful to enjoy life with a new house, vacation in a dream place, nice wedding, expensive toys... but its more practical to use our time, energy and money in loving God through His people.
Here are also some of my goals for this year 2009 that I also posted on my blog. I hope to reach them and I do think they are all workable.
1. Network with Fellow Bloggers.
2. Earn at least Php1,000 passive income.
3. Recover stock investments.
4. Be a Peso Millionaire.
5. To change jobs.
I hope that this year will be a better than 2008.
I just posted my 2009 goals in my blog :) Better late than never...
http://www.thefickleminded.com/search/label/Goals
would like to add discipline to accomplish your goals. delay gratification...
Its good to make resolutions and try to bring some changes in our lives but I never keep resolutions because I learned that resolutions are meant to be broken instead I believe in doing. However, I also agree that resolutions can encourage us and help us achieve certain goals. There have always been some things that I've wanted to do like trying to -
1. Donate or do some charity works to make the lives better.
2. To stop spending unnecessarily and invest in an insurance or a small business which is socially responsible as well.
3. Spend quality time with my family and friends.
I hope to achieve these goals and it doesn't matter to me whether its this year or the next year.
Hendersonville TN homes
Fifteen minutes is not that long, but it can do wonders for your mindset for the rest of the day. Visualize it. Believe that you can achieve it. - !!!
Best regards, Alex, CEO of youtube downloader
Like buying a house that the family loves and enjoys and getting into mortgage debt because of it.
Best regards, Katya, CEO of dvd data burner, iscsi target port
Tip #1: Take time to plan. A clear plan takes time. Resolutions tend to fail because we don't actually think about them. They are knee-jerk responses to that yearly question, "So, what resolutions have you made?" Set aside some time. Plan to plan. Don't wait until New Years Eve or while you are stuffing your face on New Years Day or the day after when you are feeling guilty about buying those Ginault Watches
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Tip #2: Plan based on your life goals. You can view this as your long-term plan. What do you really want out of life? What are your dreams? If it helps, think of the categories of health, career, relationships, wealth and fun. Here's another old saying, "If you don't know where you are going; any path will get you there." (Lewis Carroll) That's why you see people attempt the same thing over and over by different means, but fail. They really don't have an end game. They don't have a clear vision of where they want to be. Define your passions in life. That’s your first step.
Tip #3: Tie your short-term goals to your long-term goals. You know where you want to end up, so what steps along the way do you need to make. What are the intermediate goals that have to be met in oder for your long terms goals to be accomplished. Plus, short term goals are realized sooner, so you get the satisfaction of achievement. You begin to build you self-esteem. Then you are on a roll.
My primary goal for 2009 is to save more money. I have allowed myself to procrastinate last year in my money saving goal.Ginault Watches