Once I have the final numbers calculated, I’ll take a final look back at our 2007 goals and see exactly how we did. It’s hard to believe that yet another year has passed, and it’s time to declare some goals for 2008.
Debt Goal – Kimberly from Alpha Consumer asked me for a financial goal. I decided that we would like to pay off at least $10,000 more of our debt in 2008. This may be tough with a looming financial shake-up. But, that shake-up should be temporary until we get our financial groove back. When that happens, we should have more income overall to go towards our debt. One step backwards…two steps forward.
The only problem with having a goal of $10,000 is that it will mean that we will have about five months to pay off $7,000 by May 2009 (our credit card payoff goal date). A date that I thought was so far away is no longer so far away.
Savings Goal – I think a nice goal for our savings account would be to fund it up to $5,000. But since we may have to use some of it for moving expenses, I am going to be conservative here and have a goal of having it back at $2,500 (or more) by this time next year.
How are we planning on achieving the above goals? The main thing is to increase our income, which we hope to do by my husband finding full-time employment in his field. I also have been keeping an eye out for extra income that I can make. It’s not just any income, though. I am looking for high return income so I don’t have to spend as much time working. That way, I can concentrate on cutting our expenses as well.
Happy New Year Everyone! Here’s to 2008!