FY 2008
Had a nice, nice holiday season. Home with the folks the weekend before Christmas. Back home to my place by Christmas. New Year’s at a friend’s house. Good times! Hope you had a great holiday as well.
So this is what I’m excited about this year. I’m getting a new job. I’m aiming to host my parents at my house in the next holiday season - in a house I’ve been dreaming about owning for years! MY name on the deed. MINE from roof to basement subfloor - wall to wall - fence to fence! Makes me smile just thinking about it. Even though it didn’t happen last year, I will be totally free of all credit card debt in this year for certain. I will continue to pay my car note faster than the value of my car will depreciate. My net worth will climb by $10,000 at the very least. My retirement savings will grow. My wedding savings will grow.
It’s gonna be great!
The question is, how am I going to get there? It’s actually very much like last year, in which my net worth grew by over $10K.
- First, I’m getting a new job so I can get some real income and keep my savings out of jeopardy.
- I’m going to sign up for whatever retirement package my new employer offers.
- Next, I’m going to use the IRS withholding calculator (thanks, Single Ma) so that my money stays with me instead of getting loaned at no cost to the government. I don’t want to overpay in taxes.
- After that, the goal is to automate my goals as much as possible (thanks again, Single Ma). That means making contributions to my 401K, my IRA, and my "My Own Home" savings account with ING automatically, either through my employer’s payroll, from my credit union account, or with a combination of both methods.
- At each pay period, I’ll do the math to see how much money is left in my account after my savings goals and bills - and I’ll hold onto a little mad money after putting the rest towards debt reduction and savings for the house.
- I will not put anything on a credit card that I can’t completely pay off at the end of that billing period.
- I will keep my eyes open for opportunities to boost my income, such as making money from my hobbies.
That’s it. The game plan is pretty simple, but I know from the last several months that it will take a goal-oriented mindset and discipline. There will be temptations, like getting that video game system I had a chance to play with over the holidays. I’m going to need to do some clothes shopping. I’m very tempted to use my passport in the new year. I’m not saying I can’t do these things. It’s just that they’ll have to come lower on my priority list than my other, more important goals, and I’ll have to take my time to save for these things instead of just buying them outright at the expense of my goals. The key is to plan ahead.
Here’s to hoping that you have your own plan and will work it into financial prosperity! Happy New Year!
