Our Financial Goal for 2009

It’s that time of year for some New Year’s resolutions. I can’t seem to get past one…pay off the last bit of our credit card debt. So, that will be our single financial goal for 2009. Anything above and beyond that will be icing on the cake.

We have another resolution that will affect our cash flow. Both my husband and I will be giving up the soft drinks once our current supply is out. We will save money by doing that, but we may use the savings there to go towards healthier food. I’m still looking into that, though.

As I mentioned earlier, I am excited for 2009. I am hopeful that it will be a great year for us.

Happy New Year everyone!

Posted by Tricia on December 31, 2008 at 11:59 PM in General Personal Finance | 17 Comments »
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undercovervixen responded:
Posted: January 1st, 2009 at 1:13 am
You are going to be debt free in 2009!!! maybe even before the half way mark. Yay!!!
NB. I don’t know of you ever tried to read my blog but I realized I had the wrong address linked. I’ve fixed that now.
Anyway – Congratulations Trisha and Happy nEW yEAR!
Yesmam responded:
Posted: January 1st, 2009 at 1:56 am
It seems like you do well with setting goals and then using that as motivation to reach them. If this is true, I suggest that you set loftier goals for 2009. You will obviously get out of credit card debt with no problems. Given how much money this will free up, and how much you paid off in 2008, and that you might be earning more…shouldn’t you set other goals such as paying off a huge chunk of your student loans?

Also, don’t assume that healthier food means more expensive food. As you’ve discovered, it often doesn’t (like your blog posting about the cost of boxed mashed potatoes versus buying actual potatoes). Unprocessed, real foods almost always cost less than the alternatives. Bulk foods (beans, oatmeal, lentils, etc) cost next to nothing. A piece of fruit or vegetable is almost always cheaper than a candy bar or other junk food.

Good luck to you!
The Frugalist responded:
Posted: January 1st, 2009 at 6:12 am
Wouldn’t it be a great feeling to be without any credit card debt. You can do it!
ninni responded:
Posted: January 1st, 2009 at 7:52 am
I’m very impressed by what you have achieved so far! Happy new year!
Another Reader responded:
Posted: January 1st, 2009 at 9:09 am
Again, you are overly focused on only half of the equation. Your second financial goal should be to increase your income significantly. Decide where your business should be at the end of 2009 and how much income from the job your husband will bring in. Your income goal should include both of those incomes.

For those readers who think Trisha will be debt free once she pays off her credit cards, remember she has not included their student loans in her debt total. Trisha will not be debt free for many years unless she increases her income.
Tricia responded:
Posted: January 1st, 2009 at 9:56 am
That is correct. Once our credit card debt is paid off, we will still have mortgage debt and student loan debt. This blog was created to only track the credit card debt since it is the most damaging.
Tricia responded:
Posted: January 1st, 2009 at 10:19 am
Yesmam – the healthier food may or may not be more expensive. We are looking to revamp our diets and for a while, until we get used to it, and learn how to save money doing it, we may pay more. I’m not sure. We’re still looking into a diet that will work well for the needs of the whole family.
Colleen responded:
Posted: January 1st, 2009 at 11:04 am
Tricia,
I started reading your blog when you were highlighted in the NYT article. You should give yourself a big pat on the back – your goal to pay off your debt was May 2009 and I believe that you will easily make that goal. Your blog has been an inspiration to me. Happy New Year to you and your family!
debtmaven responded:
Posted: January 1st, 2009 at 3:53 pm
Best of luck in 2009 – I know you will meet your goal, and probably much quicker than you expect. You are so close to your goal!

I’ve enjoyed your blog for about 2 months now. Love visiting – keep it up!
Emmi responded:
Posted: January 1st, 2009 at 8:44 pm
I’ll put in my support for the single financial goal. Even if you can keep the debt at 0%, that’s still $500 a month to pay it off. And that’s assuming you can keep it at 0%, which is unlikely. At 12% that’d be $533 a month. That’s still a serious chunk of change to come up with every single month.

Increasing income only makes sense if it doesn’t also seriously increases expenses. Otherwise you’re just chasing your own tail and getting no where. More important is to really think about what makes life worthwhile and pursuing that.

And good luck in the new year!
Associate Money responded:
Posted: January 2nd, 2009 at 9:22 am
Now, that is a great idea. I don’t have much soft drinks in my house but cutting back on beer will be nice.

The six-packs have been draining my budget but sometimes, you just can’t help it when visitors arrive in your house.
Colleen in MA responded:
Posted: January 2nd, 2009 at 2:04 pm
I don’t see anything wrong with one goal at a time if you are steadily seeing progress to that goal. I know I can get distracted by juggling too many goals. And that is especially true (for me) for credit card debt for some reason. Just concentrating on knowing my exact balance, the exact interest rates I’m paying, and how long it’s taking to pay off is enough for me. However, I know that as soon as they are paid off (this year!) I will need a new savings goal in order to keep the discipline up. I say just line up your goals and prioritize the one or ones that mean the most to you. Good job and you are in inspiration to so many!
rob in madrid responded:
Posted: January 2nd, 2009 at 4:53 pm
2 things to help you out. Drink homemade iced tea (4-5 tea bags steeped in 2 cups hot water) add honey and let cool, put in half gallon container and add water. Takes a bit to get used to but you’ll never drink Nestea again.

Secondly sparkling water, yes you have to buy it but it’s a great subsitute for coke.

good luck.
MX responded:
Posted: January 2nd, 2009 at 5:59 pm
Just found your blog as I have a goal to pay off my cc debt too. I’m sure I’ll get much inspiration from your site and wanted to say thanks.

Also, I just gave up diet sodas two weeks ago and the withdrawals have been horrendous. I just did some quick calculation this morning and realized I will save over 1,000 dollars easily AND not be putting those awful chemicals in my body. Win Win

Congratulations to you on your success and best wishes for 2009!
danielle responded:
Posted: January 2nd, 2009 at 9:17 pm
Great job getting to the 5K’s. Whenever I’ve given up sodas, I’ve gained weight. Don’t know why.
Mar responded:
Posted: January 3rd, 2009 at 3:23 pm
Well, since you plan to give up the blog to the new owners once you pay off your CC debt, I’m not sure I will be happy when you reach that goal, but I’ll be happy for you!

I think a single goal is fine – you can always come up with a new one when you reach this goal.

I think eating “healthy” can be just as cheap as the way I eat now (which is not healthy) if I would just not let food go to waste! I buy it, put it in the frig, and then eat the Oreos when I’m hungry – that’s not good. My goal is to prep the veggies when I bring them home and then actually have them for a snack or serve them for meals. Trust me, this will be a change for us! We did have grilled chicken salad for lunch today, though, so I’ve taken one small step in the right direction.
bike mechanic responded:
Posted: January 3rd, 2009 at 7:50 pm
Soda is approximately 100 calories for 1 8 ounce serving. If you are drinking 1 a day it’s 365 X 100 or 36,500 calories. 1 pound is = 3500 calories. That is 10 lbs! Is there any nutritional value in soda? You can use this formula with Starbucks, chips, beer etc…to keep you on track.