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Just in the Nick of Time – Here’s My 2007 Goals


I’ve never been one for New Year’s Resolutions. I actually do not care for them much because I’ve tried to make them in the past and I just break them. I’d rather start something when I’m mentally ready and just not on a certain date.

But, I’ve never tried setting yearly financial goals. Seeing that I’m already ready to pay off more debt, I guess it can’t hurt to give myself a few goals for the year.

Here we go…

Debt Goal – I would like to pay off at least $12,000 more of our debt in 2007. To account for monthly finance charges, we’ll probably have to pay around $1,100/month to make it happen.

Savings Goal – Since I only have about $121 in a savings account, it might be nice to put a few more dollars in that account. If I can double the balance in 2007 I’d be happy. It’s a start ๐Ÿ™‚

Retirement Goal – I will have the ability to contribute to a 401K plan this year. I am excited and I really have no idea what to expect with this. I’m waiting to get paperwork so I can read up on it. I’m on the fence right now with how much to contribute because of our debt.

Extra Money Goal – I haven’t forgotten about eBay. I still want to sell a lot of our stuff on there to make some cash to go towards our debt reduction. I also want to reduce clutter in our house ๐Ÿ˜‰

Personal Goal – I’m not going to set a specific poundage to this one, but I would like to lose some weight this year. I just want to have more energy and be able to do more things. I’m hoping my Elliptial will help.

That’s it for now ๐Ÿ™‚

Happy New Year!


  • Reply Kellie |

    Tricia I just found your site tonight and it’s really encouraging! Thank you for putting your financial life out there for other’s to read and gain insight and valuable information from. You are not alone! I wish you a prosperous 2007!

  • Reply reggie |

    i must comment on this one.

    For the last 6 months or so, i have seen my financial situation change drastically, and it all started at this site.
    By reading this site, i saw links to other sites, and then googled, base on words i founds on all these sites.

    I have taking ideas from every blogger i passed by, and applied them to my financial attitude..

    I must say, for over 5 years, i was not able to save 1.00$, cause i was to caught up making my bills happier than my self.

    some bills i paid minimum (bad idea) some bills i paid a little more than the minimum.

    Now, after reading all the diffent ideas i came across..
    I have manged to save 500$ within the last 4 months.
    Instead of paying 100 dollars to every bill i owned, i took a different approach.
    I checked how much money i had in my pay check left over, after the major bills were paid, PHONE, Heating, Water, Elec, Internet.
    from what was left over, i created a spreasheet, and put a percentage towards all other bills.
    in the percentage i put a little something towards my savings…and whallo, it worked i now have 500$ on my savings..

    I had a long discussion two days a back with a friend that has no savings, lives from pay check to pay check and not happy about it, but now will to work on it.
    Any way, i try to convice him about my approach, i was told that he prefer to pay the debts off, and once that’s done in the next 2 or 3 years, then he can concentrate on his savings..
    I explained to him, that with my approach, my bills will be paid off in about the same time frame, but i’ll hava a little something on mysavings, whereas he’ll be only starting to build his savings..

    but, yea i did make a new years resolution also..
    have 5000+ on my savings…
    at the end of this year…
    I expects some extra overtime, so i’ll put a greater percentage of that to my savings…

    will try to find a satuday job, if i can make about 80$ for that one day, would be find, after tax, i’ll be like 200$ richer, at the end of the month….

    But thanks for your words, Tricia, it has really changd my financial attitude…
    and i’m really looking forward to a brighter 2007

  • Reply Jen |

    If your company matches your contribution to the 401(k), I would at least contribute enough to get the full match. For instance, if they match 50% up to a 6% contribution from you, then I would contribute the 6% of your pay. Otherwise, you’re just leaving free money on the table.

    Plus, contributing to your 401(k) usually means reducing your taxable income since contributions are usually pre-tax ๐Ÿ™‚

  • Reply Matt |

    Sounds like a pretty good list of goals for the year. I’m totally impressed with your achievements last year in reducing your debt. Good luck in your goals and let us know if there’s any way we can help out.

  • Reply Maria |

    I too faced the same dilemma with my 401(k) and ended up contributing 2% at first and then I will be adding my next annual increase to make it a full match.

    I feel that you shouldnt put off contributing, otherwise you would miss out on free money (ie- employer match) but during debt paydown mode, you still want to put every available penny you can towards the debt.

    Others may disagree but for me 5% would take make a dent in my debt paydown and it would TAKE ME almost 4 months longer to get out of debt.

  • Reply Tricia |

    Kellie – Thank you ๐Ÿ™‚

    Reggie – That is so awesome that your financial situation is changing. I LOVE to hear that! It sounds like your method is really working for you. One thing I say a lot is that you have to figure out something that works for you. It sounds like you did your research, borrowed ideas from many different sources and combined them into something great. That’s great!

    Jen, Laura, Maria and Sheri – I still haven’t received word on how much the employer match will be. I am really behind with learning about 401K’s because I didn’t know my employer would be offering it until recently. It’s something new they are doing for this year. Can you tell I’m excited and nervous about it at the same time? LOL.

    Matt – Thank you ๐Ÿ™‚

So, what do you think ?