Newbies and others: what are your goals?

[cheshirecat]

I'm new to this "thinking before you spend" idea and am interested in net working with others in my situation. soooooooooo i was wonder if other newbies would share their goals.

mine are:
-pay off $11,000 cc debt while keeping it on 0% interest CCs.
-only pay cash for cars from now on
-focusing on enjoying the one we have instead of daydreaming about a better on (ie snowmobiles, boat
-having an emergency fund
-having all my CC with 0 balance
-having lots of fun while only buying what we need or really really want
-being able to have tons of fun and travel and still pay with cash
-being very aware of where my money is going
-and having a budget
-paying cash for almost everything

thanks in advance for all the share

[safari]

My goal is to have $1 mil in savings/investments by the time I turn 40.

[Snave]

I'll ditto safari. I would like a million + in liquid assets when I am 40. After that, I'll figure out the next goal.

[InDebtInDC]

I want to die with as much debt as possible.

[Merch]

By 2008 goals are:

1) Pay off debt (except mortgage) by October 1st
. a) Pay off CC by April 1st
. b) Pay off Car 1 by June 1st
. c) Pay off Car 2 by Aug 1st
. d) Pay off wife’s braces by June 1st
. e) Pay off son’s medical by October 1st
2) Invest $10,000 by year end
3) Invest $15,500 in 401(k)
4) Review and reallocate retirement funds by end of Q1
5) Will by end of Q2
6) Life Insurance by end of Q2

But I keep on updating my goals as they become more attainable. I started the year with:

1) Pay of $6,000 in CC by May 1st
2) Pay of one car by August 1st (currently $5,700 is owed and last payment is 2/09)
3) Invest $10,000 by year end in Taxable assets
4) Invest $15,500 in 401(k)
5) Review and reallocate (if necessary) retirement funds by end of Q1

As you can tell, I have gotten way more aggresive and upped my debt repayment this year from 11k to 49k.

We shall see how it goes.

[Pitman]

My 2008 Goals:

Pay off Car Note
Pay off CC

[project15]

1. First house - buying this spring
2. Flat panel TV to go with our new house (been $20 a month for a LONG time for this)
3. Large down payment on wife's car when her current lease is up in July.

[cicy33]

Want to pay off debt and only have basic bills to pay every month. No loans, credit cards, etc. This board is helping me work toward that goal. Wouldn't that be fabulous!

[aevans1206]

I am budgeting, planning meals and planning shopping lists before leaving home. For me, planning purchases is EVERYTHING! I have been rather careless in spending up until this time. It makes me sick when I think about it, but at least I've learned to change which is all that matters.

I use an excel spreadsheet to anticipate income and expenses. I pay bills the Friday we are paid, have set up automatic transfers to an online savings account and will be working on hammering debt. It takes so much time, but each pay period I get better and better.

[skydivingchic]

Current Goals:
- Max Roth IRA
- 14% to 401k (current) upping to 15% by mid 09
- 5 months in EF by year end; 6 month in EF by end of 09 (currently at just over 4 months)
- Enough in short/mid term savings to cover a new (to me) car and 3 month Spanish immersion sabbatical by the end of 2009
- Continue living within budget

[jIM_Ohio]

My goals are to wake up every day and make it through the day without killing someone. LOL

Financially my goal is to retire ASAFP.

To accomplish this, I set aside 11% into 401k (this is well short of the max dollar amount), max my Roth, and set aside cash from a second job into savings.

My goal is to have 33X expenses set aside prior to retirement at age 45, or 25X expenses set aside if I retire past age 50.

[rizzmo]

Our goals for this year are

1. Start Emergency Fund (currently $0 will be $6.5k)
2. Pay off Unsubsidized Student Loans (currently 24,000 deferred @6.85%)
3. Max contributions to IRA’s
4. Finish Emergency Fund (+$13k to equal six month bills)
5. Pay down subsidized Student Loans (currently 20,000 deferred @6.85%)

[odirish]

My first goal is to pay off $15k in debt by next summer.

Mary Ann

[Broken Arrow]

Welcome, cheshirecat.

Originally Posted by jIM_Ohio

My goals are to wake up every day and make it through the day without killing someone. LOL

Good goal.

[Slug]

My financial 2008 goals:

Sell house for close to what I paid
Pay for move back to NC from NJ
Max 401k
Max Roth
Trip to Maui Invitational
Not blow all the money I've saved doing the previous 5 items

[Scanner]

I'm going to solve the healthcare crisis and make Bill Gates' fortune look like chump change.

[billchrz]

My goals for the year and the progress on them are:

1. Raise 401k contributions to 5% - complete

2. Pay off 11k worth of CC debt - 5500 remaining, will be paid off by April 1

3. Purchase new refrigerator with cash - will be completed by April 1

4. Pay off wife's car by July 1 (10k remaining)

5. Fully Fund EF by end of year

6. Invest 10k by end of Q1 '09 in Roth IRA for myself and wife

Ongoing

1. Maintain full finded EF (6 mo)

2. Contribute 10k/yr to Roth IRAs for myself and wife

3. Pay cash for everything!

4. Raise 401k contributions 2% every pay raise until max is reached

[maat55]

My 2008 goal.

Allready debt free.
Finish EF, need 3000 of 10000
Max out wifes 401 and fully fund both roths
reach 3000 in car fund.

[Snave]

Goals for 2008:

1) Pay for the patio we are putting in. It is partially paid for and I was thinking about pulling money out of some investments I have, but obviously they are down quite a bit and I would like to give them the chance to come back. We have a HELOC that we have decided to use instead. With prime rates going down (another 3/4 most likely with Tuesday's interest rate cut), our rate would be down to 5% (less since we write it off for taxes). So, we are going to use that to fund the patio and pay it back off this year. We did without the patio last year when we moved in and would like it so that we can enjoy the yard this summer with our little boy.

2) 401K is maxed for the year - at least it will be based on my contribution levels by year end.

3) We have to fund the Roth's as well. My 401K is a Roth 401K already, so this is just an added bonus to have. We'll probably divide our monthly "surplus" to 1/2 patio HELOC payment and 1/2 Roth.

4) $5000 already put in for the year for 529.

5) Not looking forward to looking for a new (used) car at the end of 2008 for my wife. Her car is 9 years old and we are do to "upgrade" before we start putting much more money in the current car.

[disneysteve]

Originally Posted by safari

My goal is to have $1 mil in savings/investments by the time I turn 40.

I'd also like to have $1 million by age 40. Now if only I wasn't already 43.

There is a difference between a "goal" and a "plan" I think a goal is something you are hoping to achieve while a plan is how you are going to get there.

I want to max my Roth is a goal.
I'm having $416.66/month automatically transferred to my Vanguard account is a plan.

I want to pay off my credit card by December is a goal.
I'm adding an extra $200/month to my payment is a plan.

For all of your goals, be sure and have a plan. Without a plan, your odds of achieving your goals are much lower.

My PLANS for 2008:
Increase savings by $150/month beginning in June after DD's braces are paid for.
Apply $1,200 tax refund and $1,500 stimulus payment to our Roths for the year.
Once Roths are maxed, redirect that money toward our HEL in order to have it paid off by the end of 2009.
Have our daughter's Bat Mitzvah celebraton in September without going bankrupt.