Goals for 2006

karnic3881 · #1 (**permalink**) 11-06-2005, 03:38 PM

Time is creeping up... what are your goals for the upcoming year? It's time to assess how far you've come, what needs tweaking, and what you will accomplish in the upcoming year. Here are my goals:

* Put at least $350 in savings each month. (*I am not going to do this until the Grand Am loan is eliminated. Seems dumb to do it otherwise, because also when I pay off the Grand Am, I can drop it from my insurance, saving about $1100 a year. I will continue to put the $20 every pay day in ING, Emigrant, and now HSBC also until that time.)

* Eliminate the car loan for the Grand Am (this may be an easy goal if my SO's brother (he leases the car from me) somehow figures it all out and gets a loan to pay mine off). I am around $5300 right now.

* Reduce the Mustang loan by at least 8k. This seems like a big goal, I know, but I am actually shorting myself here. I am due a settlement that will be at least $6k and originally, I was going to put it in savings and leave it there. I've changed my mind, that is a dumb thing to do when I can be reducing debt. So for right now I am leaving this be - but I may adjust at that time to see if i can do anything additional.

* Seriously look into refinancing both vehicles. My credit has gotten better and I am definitely due a better rate than I currently have (about 12% on both).

* Right now I am contributing 10% to my 401k. I am going to leave that alone until I pay off the Grand Am, and then re-evaluate, maybe bump up just a bit more. I am also STILL waiting on paperwork from my financial advisor in regards to opening a Roth IRA. Maybe the mail wench has it? (long story)

* I had talked about moving within a year, buying a place of my own. That is not possible. Well, it might be, but it would be smarter for me to work on the debt I have now before I increase it with a mortgage payment. I am unfortunately not gaining any equity with my rent payments, but I am buying time. Nick's (my SO) mother is a real estate agent, and she said in 2 years the market will probably cool down, as it has already started to.

*Increase my net worth by as much as possible. I really am leaving this open ended, because I know it will occur as I pay off this debt, but also I am not really sure if I should/can focus on that right now, until I meet the above goals.

These are my standing goals as of right now. Tweaking will probably occur along the way, as I grow and learn more in the pf world, but for now, these are it. If you have some good advice, I'd love to hear it.

Armywife · #2 (**permalink**) 11-06-2005, 05:01 PM

I am very happy that someone is starting to look ahead to 2006! While I have not gone that far yet due to my new business ventures, I haven't overlooked my tweaked home budget courtesy of saving advice.com! I spread the word about this place to every frugal wife I meet

I had a few questions to ask the original poster :

Have you reduced your bills by changing bulbs to energy savers (the odd bulbs)? Your savings will be felt INSTANTLY when your light bill comes next month. Mine dropped by 40 bucks and boyy was I happy!

If you've got cable, have you haggled for a lower rate? Hubby and I have had cable for years and every so often we call them to bring it down by 40-50 bucks for X amount of time.

Have you tried using dividend reward cards to bring money back that should have been spent? What I mean is.. say you spend 1000.00 a month in gas, food and medications (there are tons of ways to get the 5%), You get 200 bucks back for that month. Now I realize 1000 is too much for my example... say 100.00 a month.. you get 20 bucks back.. upto a maximum of 300 a year 12 months of 20 bucks is exactly 300,00

Just a few tips

Good luck with your goals!

Barb

karnic3881 · #3 (**permalink**) 11-06-2005, 06:57 PM

Quote:

Originally Posted by Armywife

Have you reduced your bills by changing bulbs to energy savers (the odd bulbs)?
If you've got cable, have you haggled for a lower rate?
Have you tried using dividend reward cards to bring money back that should have been spent?

Yes, no, and yes. I haven't haggled on cable because I still have 6 months of a discounted rate. I currently have my Discover card, which awards cashback, specifically 5% on gas purchases. I also am waiting for my Citi Platinum Divends Rewards card, which is in the mail (5% at supermarkets, drugstores, and gas purchases, 1% other purchases).

jacquelynrose · #4 (**permalink**) 11-06-2005, 09:19 PM

I am in fact Looking ahead on 2006! I really don't want to get into Specifics but I will try my best.

*My first thing I want to do is pay off this years Medical Bills for My Daughter and Myself and pay off the bills as they come.

*Then get My Credit Reports and slowly work off the errors and pay off that debt.

*Buy a Car in full!

*Put Money into Savings
*Put Money into Other Investments

*Start a Savings Account for My Daughter

Jacquelyn

Tree0164 · #5 (**permalink**) 11-07-2005, 04:50 AM

My main financial goal is to make atleast 6 months of double payments on my car loan.

Get my emergency fund to 6 months income.

Get new windows wiht my tax return

miclason · #6 (**permalink**) 11-07-2005, 08:16 AM

My goals will be to continue to lower debt and find sources of extra income so I can pay for my daughter's school...

frugalfarmwife · #7 (**permalink**) 11-07-2005, 09:02 AM

My goal for 2006 is to finish paying off our last CC, finding an institution that will refinance a farm, pay DOWN the mortgage and load up the savings as much as possible.

gakline · #8 (**permalink**) 11-07-2005, 11:15 AM

One of my goals is to save my vacation and as much cash as I can for a trip to Greece next summer.

jmjj215 · #9 (**permalink**) 11-07-2005, 04:54 PM

1: Increase business income by 50% (by the end of 2006)
2: Pass the CPA Exam
3: Save all business income for house downpayment
4: Purchase a house in Dallas, TX
5: Graduate (alright, this is going to happen either way...)
6: Begin contributing 15% before-tax to 401k (match) and Roth IRA at new job in August.
7: Read one non-fiction book per month (lean toward investment books)

jodi · #10 (**permalink**) 11-07-2005, 07:14 PM

Haven't thought too much about this yet, but I will be really happy if we can get DH's car paid off (might even be able to do this by the end of 2005) and pay off one of our student loans - probably mine, because DH went back to school so his are in deferment. That's a lofty goal, considering I still owe over $10k.
We contribute the max to our Roth IRAs, so that will remain a goal. We have enough in our emergency funds, so I can throw all our extra money at our loans.

niki_the_tiger · #11 (**permalink**) 11-11-2005, 04:36 PM

Our 2006 goals:

- pay off all our debt except for the mortgage
- 6 months expenses in savings
- start our own business
- get my freelance writing career off to a better start (slow go right now - my own fault!)
- buy a used truck & used car outright (probably by selling the jeep and our other cars)

I think that's it for now.

TBH · #12 (**permalink**) 11-11-2005, 07:13 PM

Wow, sometimes I feel like I've got such a long way to go.

I really only have one goal for 2006:
Reduce spending and try to live within our means better. If it ain't happening, I'll have to look for a job that pays more.

Sigh. I'm feeling discouraged.

PrincessPerky · #13 (**permalink**) 11-12-2005, 09:52 AM

2005 had a goal of 'being in the black' and paying hefty amount on the CC.
I succeded, not as hefty as I would like, and not as 'in the black' as I would like, but I did succeed.

2006 Goals:
-Maintain 'in the black'
-Finish completly paying off the CC.
-Go to Washington DC for DS WITHOUT using Credit.
-Pay one extra payment on the house
-Buy me a new mattress for Christmas (man I hate the lumpy one killing my back!)

niki_the_tiger · #14 (**permalink**) 11-12-2005, 01:17 PM

Quote:

Originally Posted by claire

Wow, sometimes I feel like I've got such a long way to go.

I really only have one goal for 2006:
Reduce spending and try to live within our means better. If it ain't happening, I'll have to look for a job that pays more.

Sigh. I'm feeling discouraged.

Don't feel discouraged! You can do it! Just set small goals for now and bigger ones each time you reach one!

My hubby is getting so exhausted at his current job (working midnight shift) that he wishes so badly we had $0 debt right now so he could start his own business instead or at least be able to haggle a better shift (right now we need this job to pay off the debt). While it will take a few months to pay it off, at least now we're working towards it, one step at a time.

Like Dave Ramsey says "Live like no one else now so you can live like no one else later" (or something like that lol).

You can do it!!!!

FrugalTexan75 · #15 (**permalink**) 11-12-2005, 01:50 PM

My number one financial and personal goal for 2006 is to find a permenant job (preferabally with benefits). Once I have a permenant job, then my goals are to restart my emergency fund, my long term fund, and pay my one credit card off.

My number two personal goal for 2006 is to lose weight. I have a pretty good headstart right now on my goal of making exercise a normal part of my routine (am doing a min of 4 30 minute workouts per week, mix of aroebic, Pilates, weight training). But my eating habits definitely need some major work, or all this exercising is going to be for naught.

Keeping It Frugal in Texas,
Laura

ender513 · #16 (**permalink**) 11-12-2005, 04:46 PM

My main goal for 2006 is to pay off my private student loans (there's actually two, but both are from the same company).

Other than that:

- Continue to stay within my spending plan
- Use short term savings to plan for holidays/birthdays/large purchases rather than falling back on credit cards
- Decide whether I want to stay at my current job and get training and experience, or move within the company to another job

robex · #17 (**permalink**) 11-13-2005, 01:54 PM

My goal for 2006 is to have $5000 as an emergency cushion. Once that's done, we will start saving for a newer car for Dh. I'm not sure how much longer his 1990 Honda Civic is going to last...but we will share the van and be a one vehicle family before we go into debt for a car!

marglo · #18 (**permalink**) 11-13-2005, 02:43 PM

1. Continue to live within our budget and snowballing our debt.
2. Travel this winter using cash only.

EHadden · #19 (**permalink**) 11-14-2005, 07:33 PM

Goals for 2006, huh???

Long story short, make the financial picture a heck of a lot more black, as opposed to red. I have managed to do some work for my father-in-law to make some extra money which will allow us to pay for a deck on our house (the current one is way too small), pay off two small retail loans, a credit card, install a 1/2 bath in our basement and pay off the wife's school loans.

We are following the Dave Ramsey approach to righting our financial ship (thanks to everyone who has mentioned him and his philosophies). We have managed to build the EF in an ING account (once again, thanks for the advice to the forum) and are now on our snowballing process. It's so hard, though, when it seems that every blooming dime seems to find a way out of the household between gifts (wedding and baby), baby clothes (for the 6-month old) and paying down the negative equity on the car.

Thanks to everyone in the forum with the thoughtful insights and advice that have sparked renewed hope that the light at the end of the tunnel is actually there and not a figment of my imagination. Thanks to all of you!!!

barbara L · #20 (**permalink**) 11-14-2005, 07:49 PM

I've thought long and hard about this one. It is a very good question. My goal is to buy one $100 ING cd per month next year except May 2006. I already have $1,000 in a tiered cd account for that month.

Right now I save $100 per month in my ING savings account. I am going to change my biweekly deduction from $50 to $75. Each month on the 1st, I'm going to buy one $100 cd.