It's a new year, so it is the perfect time for a new set of goals. I made awesome strides in my financial life in 2012, and I hope to continue that success into 2012. Here is a list of my goals for 2012, along with ideas for behaviors that I can do to help achieve them.
Save $4000 by January 2013
- Direct deposits to savings: Already set, with the current setting can save about $2500 without doing anything else. May increase the amount saved each month.
- Save 50% (or more) of tax refund. I saved a good portion of my refund last year and used part of it to pay off credit card.
- Increase income. This year I will be eligible for a promotion at work that comes with a 10% raise. Also use money earned from Swagbucks (gift cards), online surveys, and credit card rewards to decrease some of my regular expenses instead of using it to buy frivolous stuff
Maintain a buffer of $100 in my monthly budget. A few times in 2011 I went over my budget (note: I think of my savings as a bill I have to pay, so I didn’t actually spend more than I earned, just cut into the amount of money I put into savings each month). After I build up a few months of a buffer I will transfer that amount to my savings account.
- Tell myself no when I’m lusting after an item in the store
- Limit costly restaurant meals
- Use cash when shopping for personal supplies, clothes, food, etc to make sure I stick to the monthly budget.
Maintain $0 credit card debt.
- Pay credit card balance in full each month
- For major purchases and wedding purchases, create separate savings account/sub-account to take care of it instead of using credit card.
Open a Roth IRA
- Read blogs, books, etc to research options