New Year Financial Resolutions?

[Wink]

Anyone making any new year financial resolutions? Mine is to save, save, save for retirement. I have had some really interesting discussions lately about 2009. Seems a lot of people are planning to try and live more simply, not spend beyond their means. How will that effect the overall economy in 09?

[fruitbowlk]

2009 Financal Plans.

1. Become debt free.
2. Have 6-8 months EF
3. Start to save for a house down payment.
4. Keep up with my monthly budget.
5. Take a paid in full vacation for me and my dd b-day in Aug.

[kork13]

Originally Posted by Wink

Anyone making any new year financial resolutions? Mine is to save, save, save for retirement.

I won't say I've got any new year's resolutions (don't really "believe" in them, you might say?), but there are a number of financial goals I will be hitting in the coming months... I'm finally finishing up my EF (~4mo worth), and I'm also paying off my car loan over 2.5 years early. I'm still going to be maxing my Roth, and meanwhile slowly contributing to my (no-match) TSP account. I'm also working to develop my short- and long-term spending goals, and saving money into accounts which match those goals. Some other things are out there as well, but these are the most significant for me right now...

Originally Posted by Wink

I have had some really interesting discussions lately about 2009. Seems a lot of people are planning to try and live more simply, not spend beyond their means. How will that effect the overall economy in 09?

I think alot of this "living more simply/not beyond means" may be a temporary effect of this time of temporary economic hardship. I know for some people it really will cause them to buckle down from former habits and actually hold to more thrifty (or at least, more responsible) living. However, as demonstrated in another thread here, now that fuel prices are lower again, SUV/truck sales have begun picking back up. That demonstrates rather well that as a people, we Americans are still in the mindset of former years.

How will this impact the economy? People are likely to slowly increase consumption again, which will in effect bouy the economy. And if the mindset changes really do take hold, I think the economy will still repair itself, albeit more slowly, as there will be less overall money flowing into the market. However, hard times lead companies to innovate and become more efficient, and since that will only decrease their bottom line, profits will come through time whether by increase consumerism or by decreased costs.

[MoneyTrev]

Make sure my finances are straight and that's what's important.

[kenny911]

Save $19k for my $50k down payment and have 20k in my 401. Purchase a home in the fall. Keep in mind I graduated in 2007 and living at home right now so I should be able to easily do it.

[sakigt]

- Pay off all of our unsecured debt
- Pay off his Mitsubishi GSX
- Try to live off as little as possible. If I can make do with less than $1100 a month my student debt will be as low as it can be.

[KatieNK]

1) Balance the darn checkbook.

2) Save more money.

[jIM_Ohio]

My goals are listed on my blog. I cannot "accomplish" much in 2009 as far as short or mid term goals. I just plug along hoping what I am doing is enough to reach my goals.

1) retire in 2026
2) pay off 1st mortgage before 2026
3) pay off 2nd mortgage before 2016
4) finance wife's car in 2009 with a 2 or 3 year payment plan
5) pay off my car in 2010 and bank the car payment (will actually use the $700 payment to pay off 2nd mortgage, then bank the whole car+2nd mortgage payment)
6) pay cash for 4-6 vacations in 2009

Other than the vacations and new car, most of the issues above are over a 4-8 year span.

[Ima saver]

Save at least $20,000 in the $20 challenge!

[disneysteve]

Originally Posted by KatieNK

1) Balance the darn checkbook.

My daughter has been balancing ours since she was about 9. I could send her over to your place to help out.

My resolution is for the stock market to go up 20%. Anybody else with me?

Happy New Year everyone!

[GREENBACK]

Love your outlook on that 20% DS. We can only hope.
I don't do resolutions anymore. If I don't have it right at this point, I don't think the start of a new year is gonna help. With that said I intend to focus harder on all aspects of savings. I may even read one of the financial books mentioned so often here for the hell of it. I might do that versus the new years eve celebration( ok....maybe not)

[jIM_Ohio]

Steve-

I'd like 30%. No reason to be modest for 2009.

[creditcardfree]

Currently, the goals are as follows:

1. Save 15% of gross for retirement
2. Save $2K for both daughter's college funds ($4K total)
3. Pay 7.5% HEL down by $7K (balance is $13,999)
4. Make vacation plans on less than $2K

Thanks to jIMOhio's comment on my blog I'm considering using the college fund money for this year only to put towards the HEL. I actually have a scenario for paying off the whole HEL by the end of the year. I just need to figure out if it is practical.

[jIM_Ohio]

Originally Posted by creditcardfree

Thanks to jIMOhio's comment on my blog I'm considering using the college fund money for this year only to put towards the HEL. I actually have a scenario for paying off the whole HEL by the end of the year. I just need to figure out if it is practical.

good to know my typing does not just get put out into cyberspace for nothing...

what does practical mean?

[KatieNK]

Originally Posted by disneysteve

My daughter has been balancing ours since she was about 9. I could send her over to your place to help out.

Thanks, that would be great!

lol, its not that I don't know how. It's just that I can never make myself do it!

[gamecock43]

Life is kind of crazy right now...but I want to:
live on one income, bank the other. Not sure this can be done this year- but maybe prepare to do it next year. Or start it this year if hubby gets a new career going sooner than expected.
Save all rental income from unit #1 for an eventual unit #1 rental renovation.
Pay extra on my mortgage payments...extra $50 month will be 1 extra payment a year.
Pay cash for home improvements; so in 09:
Save up for a back deck add on- hubbies income will do that.
Save for backyard renovation- my income will do that.
Save for a new kitchen. Don't know how that's gonna happen.

...those are the big things that I constantly toy with in my head and want to get on a path to accomplish these things in 09 if not actually do most of them.

[Inkstain82]

We had a big family meeting a week ago and set out a pretty complete budget plan for 2009.

Two days ago my wife tested positive for her first pregnancy, quite surprisingly.

The plan may need some adjusting...

[Pitman]

My 2009 Financial Goals:

- Pay off Student Loan
- $15K to $20K in Savings
- Get an upgrade @ Job

I know the last one isn't necessarily a financial goal, but I'll be able to save a boatload more when I get an upgrade.

[irmanator]

I think this is going to be a good year for me and the hubby. his car will be paid off in April, the dd#2 braces will be paid off in august. that will free up 401 to pay on other bills.

[disneysteve]

Originally Posted by Inkstain82

Two days ago my wife tested positive for her first pregnancy, quite surprisingly.

The plan may need some adjusting...

Congratulations! What a great reason to have to adjust the budget.