Our financial goals this year were fairly easy to come up with. They are all basically a continuation of our plan. Very little changing for us this year, I figure it’s finally working I’m not going to fix what isn’t broke.
* Finish paying off our debt.
This one is a driving goal for us. We are determined to finally get it finished. I can’t wait for the day when our debts no longer hold us back. We have roughly 52% of our debt left. Paying 5% a month on our debt will erase our debt before the end of the year and that certainly seems easy enough except that we haven’t been able to make our snowball equal 5% yet. We’ll continue to look for new ways to save & make money to throw at our debt and we’ll be pushing for that 5%. Hopefully our perseverance will finally hold out and we’ll end 2012 debt free.
*Continue to fund our house savings.
We’ll continue to fund our house savings (keeping it at the same rate it is now) so that we are in a position to build as soon as possible after we become debt free. As much as I’d love to raise our level of saving for the house (because it motivates me in a huge way) it doesn’t make a lot of sense until we get our debt paid off. The very next month after we are debt free our “debt snowball” will immediately roll itself into our house savings.
*Tithe (full 10%) each and every week.
We are full believers in tithing and we believe that tithing is to be 10% of our income. I am not as good about making sure we give before we spend the rest of our money. I am also not great about giving the our full 10% if we are facing a tough week or month. I know that is more of a trust issue than it is a budget issue. We have been richly blessed when we have given without worrying about what the rest of the week holds. I’ll be making sure that I am giving our 10% first before I do anything else with our money. No excuses.
*Start and Finish Financial Peace University at Home Santa got a great deal on the Financial Peace University HomeStudy Kit this year (63% off!!) so he left it under our tree on Christmas Morning. I was thrilled and hubby really doesn’t care. I use “we” a lot in the blog but I do the money and when hubby asks I tell him where we are. We aren’t really a team in the money area so I am hoping with the start of FPU we will be.
*A couple of other lesser and (hopefully) soon to be completed goals.
Rebuilding & Maintaining our Emergency Fund – the maintaining is the real issue here. We get it built up, then I get excited and want to put the money to work for us so I make a payment on a credit card with part of our emergency fund and then we hit a bump in the road. It’s the same thing every single time.
Pull out the budget, dust it off and start using it again – faithfully. We’ll work off a weekly budget because hubby is paid weekly. I’m paid twice a month but it’s not regular money and we don’t budget on it because we don’t want to become dependent on it.
FYI – We do have a plan for my checks though after we get the emergency fund built back up they will go directly to one of our credit cards. Just thought I throw that out there so no one thinks we throw that money into some sort of slush fund instead of using to better our situation.
Those are the goals for the year. I’ll be breaking them down a little more as we get to work on them and start taking steps to reach them.