It’s April 2nd. You know what that means, right? Time to reevaluate my 2012 financial goals! Overall, things are going well. There’s been a few small missteps but I think I’m on the right path to meeting all my goals this year.

Did you sent any financial goals for this year? How is your progress?

2012 Golden Rules

• Absolutely, positively, no credit card usage allowed.
• No sweat.
• Any and all tax returns, bonuses, or other windfalls (wishful thinking?) are to be applied towards credit card debt.
• I received a bonus and a tax return – 100% of the bonus went towards credit card debt and 100% of the tax return went to paying off my Mac.
• Any money made from blogging will be deposited into the emergency fund.
• I haven’t made a red cent blogging this year, so this hasn’t been an issue.
• No new purses. No exceptions.
• Oops. Won’t happen again.

2012 Financial Goals

• Pay computer in full. (I broke down and bought an iMac after Christmas. Part necessity, part impulse.)
• I’m on track to pay my Mac off before the 0% expires in July. Yeah!
• Double emergency fund, bringing total to $6,000.
• I’ve increased my emergency fund balance by 10% this quarter. Once my Mac is paid off, I’ll begin making flat monthly contributions.
• Reduce credit card debt by 25%.
• I’ve decreased my credit card debt by approximately 5%. I’m snowballing debt, paying the most on the card with the highest balance, so I’ll be increasing payments once the Mac is paid. Paying that first credit card balance this year will meet my goal of paying off 25% of my total credit card debt.

Q1 Financial Review

I feel sorry for pennies. They’re always getting tossed aside and talked down to. Unfortunately, with good reason; pennies just aren’t a viable form of currency anymore. Watch the video for a compelling argument as to why the government should abolish pennies (and how our own military no longer uses pennies).

It’s been swell, little penny! We’ll miss you.

Death to Pennies!

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

Real Simple has a great article this month (I always love their money features – so straightforward and easy to put into practice) about cutbacks that have saved people the most money but have changed their lives the least, which got me thinking about how I prioritize expenses and what I’ve whittled down over the years.

Here’s what I came up with off the top of my head:

Things I’ve cutback and don’t miss:

• I haven’t paid for cable since 2002 thanks to a mix of online streaming and apartment provided basic channels.
• I started using my cell phone as my primary line around 2000 and cut the landline a few months after.
• I do go in spurts, but I’ve largely stopped coloring my hair. Talk to me again when the grays really start coming in.
• Tanning is bad for your skin and your checkbook. I’ve been embracing my pale legs since 2005.
• Since moving to Texas, I’ve replaced the using the furnace with using an electric blanket. My wiener dog also approves.
• Now that I’m only commuting 15-20 minutes to work, I canceled XM radio. It was a luxury that I enjoyed, but just wasn’t necessary anymore.

Things I tried to cutback but couldn’t live without:

• When I was fresh out of grad school I went without home internet for two years. TWO YEARS! Granted it was more of a necessity than a choice, but as soon as I was making enough money I had it reinstalled and I can’t imagine living without it again.
• Manicures and pedicures are so relaxing and they do a much better job than I could.
• Fresh bread and organic veggies. If I’m able, I always opt for both.

Things I could probably cutback but haven’t made the plunge:

• I love going to the movies alone on a Sunday afternoon, and I usually go once or twice a month at $20 a pop (our theater has table service).
• I have plenty of tea-towels and dishtowels, yet I still have a bad habit of using paper towels to cleanup. (Though I do use dishtowels to wipe my hands.)
• If I wasn’t such a chicken (I live alone) I’d turn off the AC and open the windows at night (it’s October and still 85+ degrees in Austin during the day).

Have you made any cutbacks that have made a big difference in checkbook but not so much in your daily life? If you were going to start making cutbacks, what would be the first thing to go?

Cutbacks

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)

True to my words, I did not leave the house this holiday weekend (besides a quick trip to the grocery down the street to get some fresh fruit for my new juicer).

• $165 Sallie Mae
• $490 car payment – Prius
• $132 utilities
• $47 internet
• $30 haircut
• $935 rent
• $400 Chase
• $85 Sprint
• $162 Costco
• $24 gas
• $26 Petsmart
• $259 county clerk – divorce paperwork
• $100 ING – him
• $250 ING – me

How was your holiday?

Daily Dollars – August 28 thru September 5

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!)

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