Sunday, January 1, 2012

2012 Financial Goals

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


  1. great financial goals!

  2. “Tell myself no when I’m lusting after an item in the store” – Before buying certain items, I think we all need to ponder if that item is really necessary and can be used on a daily basis. I know it’s hard to control the urge of buying most of the time, but if we really want to achieve our financial goals, then it’s best to do a little overthinking before purchasing something.

    China  Ream

  3. I agree with China. There’s a vast difference between what we need and what we want. Perhaps the best phrase to drop when it comes to this situation is: learn to prioritize. I salute you for doing such a good job in making your financial plan successful. :]

    - Brooke Claudio


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