Happy New Year!

I spent the morning contemplating my 2011 financial year in review and deciding what I want to accomplish in 2012. Even though I’m pleased with my progress this past year, I realize now that I set my goals too high and became discouraged along the way, so I decided to do things a little differently this year. First, I wanted to establish some golden rules to help guide me through 2012. Then I chose three big (but attainable) financial goals to work towards. I’m hoping this big picture approach will help me be more successful in achieving my ultimate goal of being debt-free.

2012 Golden Rules

• Absolutely, positively, no credit card usage allowed.
• Any and all tax returns, bonuses, or other windfalls (wishful thinking?) are to be applied towards credit card debt.
• Any money made from blogging will be deposited into the emergency fund.
• No new purses. No exceptions.

2012 Financial Goals

• Pay computer in full. (I broke down and bought an iMac after Christmas. Part necessity, part impulse.)
• Double emergency fund, bringing total to $6,000.
• Reduce credit card debt by 25%.

Do you have any financial goals for 2012? Any advice for me? Please share!

2012 Financial Goals

As I’m working on my financial goals for 2012 (I’ll be sharing them in the new year. I hope you will, too.) I thought I’d review my 2011 financial goals. You can follow my progress throughout the year with these posts:

• Q1 update – optimism abounds!
• Q2 update – a reality check is given.
• Q3 update – a somber update.

After reevaluating, here’s what I planned to accomplish in Q4:

• Pay Chase (1 of 3) down by 50%
• Continue regular contributions to 401k
• Increase emergency fund to $4,000

Here’s how Q4 really played out:

• Paid Chase (1 of 3) down by 25%
• Continued regular contributions to 401k
• Held emergency fund stead at $3,000

All in all, not a bad year! In total, here’s what I accomplished:

• Established an emergency fund of $3,000
• Maximized 401k contribution at 4% with company matching
• Paid auto loan (1 of 2) in full
• Reduced credit card debt by approximately 30%
• Finalized divorce and separated finances

How was 2011 for you? Are you in a better place financially now than you were in January?

2011 Financial Year In Review

I’m broke. Way broke. Definitely broker than a spoke.

So, I’m going all war-time with a new personal mantra to get me through. I even found a blogger, The Non-Consumer Advocate, who uses the snappy little saying as the theme to her entire blog.

What gets you through the tough times? Do you have an inspirational quote or saying that you focus on?

Use it up,
Wear it out,
Make it do,
Or do without!

Repeat after me…

Oh boy. Those financial goals I laid out in January are really coming back to haunt me. In April, I gave an optimistic Q1 update. In July, the Q2 update was peppered with a reality check. And here we are headed into the home stretch.

Just like the previous quarters, they’ll be some adjustments going forward. The divorce is almost final, finances are 90% separated, and October is the first month that I’m back to a single paycheck (and an ex-husband that hopefully fulfills his commitment to helping me pay down our joint debt).

Here’s what I had planned for July, August, and September:

• Pay car loan (Corolla) in full
• Pay Chase (1 of 3) in full
• Continue regular contributions to 401k
• Hold emergency fund steady at $2,000
• Begin separating finances and saving independently

Here’s what I accomplished.

• Car loan ( Corolla) paid in full
• Maximized 401k contributions (4% annually with company matching)
• Increased emergency fund to $3,000
• Finances 90% separated

Things have definitely improved on several fronts, but there are still some big goals left to tackle in Q4:

• Pay Chase (1 of 3) down by 50%
• Continue regular contributions to 401k
• Increase emergency fund to $4,000

And if I happen to win the lottery before the end of the year:

• Max out year Roth IRA contribution
• Pay Chase (1 of 3) in full

So, how have you done reaching your financial goals this year? Do you have any goals for the rest of the year?

2011 Q3 Financial Goals (a somber update)

I knew it was coming, but when this little baby showed up in my mail box last week I thought it deserved a celebration. Half of our cars (meaning one of two – but 50% sounds so much more impressive) are now paid in full!

That payment amount will now be snowballed into the next credit card in line to be paid off by October as part of my Q3 financial goals.

Paid In Full

So, I laid out our financial goals in January. In April, I gave a Q1 update. Now it’s time to see how we did in Q2.

Just like last quarter, they’ll be some adjustments going forward. The biggest stems from our impending divorce and how we’re going to handle paying off our debt and separating finances. It’s not fun, but it’s (dare I say) friendly.

Here’s what we had planned for April, May, and June:

• Increase emergency fund to $4,000
• Pay Chase (1 of 3) in full
• Begin regular contributions to Roth IRA

Here’s what we accomplished:

• Emergency fund steady at $2,000
• Began making regular contributions to 401k account

Not exactly what we had in mind, but it’s better than a sharp stick in the eye. Here’s the plan for the rest of the year:

2011 Q3 Goals

• Pay car loan (Corolla) in full
• Pay Chase (1 of 3) in full
• Continue regular contributions to 401k
• Hold emergency fund steady at $2,000
• Begin separating finances and saving independently

2011 Q4 Goals

• Pay Chase (2 of 3) in full
• Continue regular contributions to 401k
• Continue saving independently

And if I happen to become independently wealthy before the end of the year:

• Max out year Roth IRA contribution
• Pay Chase (3 of 3) in full

So, how have you done reaching your financial goals this year? Do you have any goals for the rest of the year?

2011 Q2 Financial Goals (an update!)

Have a few seconds? I’d love your vote in the RetailMeNot BlogHer giveaway!

My trip to BlogHer has been booked for months, but I’d be positively giddy if I could put some of the money I’ve saved for my trip ($20 a week for the last 10 months!)  towards some nasty credit card bills and winning a ticket would do just that!

All you have to do is click over to RetailMeNot, check my entry, and click vote! Entries appear randomly on the page, so here’s what you’re looking for…

Did I mention you’re looking especially thrifty lately?

Thanks for your vote!

RetailMeNot BlogHer Giveaway

Can you believe it’s almost May? This year is flying so I thought I’d give an update on how I did reaching my financial goals for the first quarter of the year and share some adjustments I’ve made going forward.

Here’s what I had planned for January thru March:

• Increase emergency fund balance to $5,000
• Pay Banana Republic in full
• Pay Bill Me Later in full

Here’s what I accomplished:

• Increased emergency fund to $2,000
• Paid Banana Republic in full
• Paid Bill Me Later in full

Not too shabby, right? Since I’m back to being employed fulltime and my husband and I have made some decisions regarding our future, I’ve updated my goals for the rest of the year.

2011 Q2 Goals

• Increase emergency fund to $4,000
• Pay Chase (1 of 3) in full
• Begin regular contributions to Roth IRA

2011 Q3 Goals

• Pay car loan (Corolla) in full
• Begin regular contributions to emergency fund (amount TBD)
• Continue regular contributions to Roth IRA

2011 Q4 Goals

• Pay Chase (2 of 3) in full
• Continue regular contributions to emergency fund (amount TBD)
• Max out year Roth IRA contribution

So, how have you done reaching your financial goals this year? Do you have any goals for the rest of the year?

2011 Q1 Financial Goals (an update!)

You can’t see it, but I assure you, I’m doing a happy dance. A very enthusiastic happy dance.

See why…

• $376 car payment – Corolla
• $165 Sallie Mae
• $14 vet
• $26 Maudie’s takeout (craving queso!)
• $164 Sprint
• $300 Chase
• $1,864 Banana Republic PAID IN FULL
• $2,157 Bill Me Later PAID IN FULL
• $640 ING savings

Those last few items are courtsey of our tax return, which was deposited today! I couldn’t wait to write those checks and get those accounts paid off. I litererally let out a sigh of relief when I put the stamps on the envelopes.

I’ll be posting an update to our 2011 financial goals in April. Are you working towards any financial goals this year? How’s your progress?

Daily Dollars – March 6 thru 12

2010 has been interesting, to say the least.

We moved across country, I’ve been unemployed most of the year, and my husband has changed jobs three times. We’ve struggled to keep our head above water all year and have finally gotten ahead in the past few months thanks to a special assignment my husband has taken working on oil rigs in the Gulf.

I’ve got big goals for the year ahead, so I divided them into quarters to make them more manageable. If necessary, all goals can be accomplished on a single income, but I’m hopeful that the job market will improve and I’ll be gainfully employed in no time, putting us ahead of schedule with our savings and debt repayment.

2011 Q1 Goals

In the first quarter of the year, I’d like to double our emergency fund and pay off any small balances we are carrying.

• Increase emergency fund balance to $5,000
• Pay Banana Republic in full
• Pay Bill Me Later in full

2011 Q2 Goals

In the second quarter, I’d like to snowball the payments from the accounts in Q1 with the existing payments on our highest interest rate credit card.

• Pay Chase (1 of 3) in full
• Begin regular contributions to home down payment fund (amount TBD)
• Continue regular contributions to emergency fund (amount TBD)

2011 Q3 Goals

In Q3, I hope to hit our stride with regular contributions to both our emergency fund and home down payment fund as well as have the title to one of our cars in my hot little hands.

• Pay car loan (Corolla) in full
• Continue regular contributions to home down payment fund (amount TBD)
• Continue regular contributions to emergency fund (amount TBD)

2011 Q4 Goals

In the final quarter of the year, the car payments from Q3 will be snowballed with existing payments on our second highest interest rate credit card.

• Pay Chase (2 of 3) in full
• Continue regular contributions to home down payment fund (amount TBD)
• Continue regular contributions to emergency fund (amount TBD)

2012 Goals

In 2012, I’d like to pay off the remainder of our consumer debt, leaving us with just my car payment and student loans (which has a near non-existent interest rate) and putting us in the position to purchase our first home!

• Pay Chase (3 of 3) in full
• Reach down payment fund balance of $10,000

So, what are your financial goals for 2011? Are you thinking into 2012, like me?

2011 Financial Goals