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Time to set your financial 2010 goals…


Just as I like to look back at the lessons I’ve learned over the passing year, my Type A personality likes to set goals for the coming year.

My top four:

1. Replenish savings. Our bank accounts turned to rubble after the job loss and I find myself uncomfortable without a safety net. We do still have cash – but a trip to Taco Bell for two 89 cent burritos may cause an overdraft.

2. Pay off at least $19,000 in debt. We paid down over $17,000 this year and I think we may have a chance at $19,000 if we are able to keep our jobs.

3. Continue to find ways to live below my means. To start the new year off in the right direction, I registered for classes at our nearby community center rather than at a community college. I won’t get college credit (I don’t need it since I already have a degree) but I’ll save around $300 a year without having to give up my love for learning.

4. Take another budget vacation. Tent? Cheap motel? Roadtrip? Become a train hobo? Whatever we decide, it will be an adventure.

Do you have your goals planned for the year?


  • Reply Abigail |

    Up until June, we just have to keep our noses to the grindstone. We’re set to pay off the cards sometime around June. After that, my contract work may be up, so it’s an important goal to make!

    After that, I want to double my meager IRA contribution (currently $25/week) and start an emergency fund. We still have Tim’s last student loan to pay off. Depending on what I end up doing for money, this could be relatively quick. (It’s around $3,000.)

    I also promised Tim we’d start a puppy fund once we were out of credit card debt. I want to have the cost of the dog, the extra pet deposit and some money for vet bills set aside.

    Finally, we also have to pay back some relatives. I doubt we’ll get all those goals accomplished by the end of 2010 but it would be nice to have started on them all!

  • Reply Cynthia |

    Yep – I just wrote about that on the 31st. I have 9 goals for 2010. I just love writing lists and checking items off as they are accomplished!

  • Reply My Frugal Miser |

    I have 5 primary goals, one of which I already achieved by selling my luxury car and downsizing to something more practical.

    I have a little over $40,000 in credit card debt which I am hoping to cut in half in 2010. Best of luck with your debt-cutting goals! You ought to set a stretch goal to just pay the whole thing off since you are down to your last $21K.

  • Reply Nicole |

    Great goals Beks! I wish I could pay off that much in a year! It may take a few more but that is my biggest goal this year : )

  • Reply Beks |

    Cheryl – Ha ha! I just realized I did! Oops. I think I deleted a goal – or forgot how to count! I changed it.

    Abigail – Don’t say ‘meager’ on the IRA, it’s more than me!! Fabulous job. And good for you on the puppy fund. I’m a dog lover!

    Mr Frugal Miser – Good job on giving up the luxury car. I’m sure that was a tough one. I’m going to try to pay everything off by the end of the year but we’ll see what happens.

  • Reply Jaime |

    To read about other people’s struggles to keep up with bills and to witness their sucess or ways in which they are planning to rise up to overcome their debts, regardless of the circumstances is truly an inspiration. Thank yu all for sharing.

    My debts have shrank by about $12,000 this past year. I am thankful to the core of my being.

    My goals to continue this work and to become debt free:

    1. Restricting recreation spending to 2-3 planned and modest vacations in 2010. When the urge to get away for the weekend occurs, I’ll be reminding myself about how going to the park and carrying my sandwich with me makes much more sense, and will leave me with a lasting joy that than reigns supreme over a temporary splurge.

    2. Continue to drive my heap for another year. It’s paid for and still runs OK, so it makes no sense to go out and buy another vehicle.

    3. Drive the motorcycle more on those close to home errands or the 4 mile RT commute to work and back. I know there are people who are probably thinking, ‘that’s stupid, motorcycles are dangerous.’ (Rather than go off topic and get into this, I’ll simply say, it’s a personal choice and I’m working on keeping myself well protected and driving safe.)

    4. This one should probably be #1. Ask my Heavenly Father for His help and devote time each week to reviewing my budget and progress, closely monitoring spending habits, and planning for the the week ahead. I have my monthly, yearly goals, but I need to break it down even further to stick with it. Sometimes I sit at home and mull over financial matters on a daily basis. I keep it positive though. The point being, keeping my focus on living thrifty and pushing money at those debts as often as I can.

    Best Wishes For A Better 2010 Everyone!

  • Reply Jaime |

    I neglected to say: I have just $7,500 worth of debt to go and I will be debt free for the first time in about 25 years. At one point I was about $45,000 in over my head. Can you believe it?!!

    Keep up the good work everyone!

  • Reply Isela |

    Since 2007 I started to live a very frugal life trying to get out of debt. In 2010 I plan to pay my mortgage by the end of March, to be completely debt FREE!(no current CC debt)

    My emergency fund is fully funded, therefore I will save the money that I will not longer use to pay the mortgage into my retirement plan.

    I admire your persistance, and I am sure you will become debt free very soon.

  • Reply Caitlin |

    These are great goals for 2010! We’ll be here right along with you as you go for them!

    @Abigail – THANK YOU for planning ahead for your puppy’s expenses!

  • Reply Dogfood Provider |

    I love these goals. Is anyone else afraid to put theirs down “on paper?” I am afraid if I do . . . I don’t know what. But I’m afraid.

  • Reply susan |

    i have been reading this blog for 2-3 years now, first with Tricia and now with Beks. Being part of their journey and reading the comments has been a real inspiration for me and helped me tremendously in my own get-out-of-debt journey. I had already been paying down my debt, but when I began reading this blog and pf blogs, I began to feel part of something, a common enterprise. Thank you, Tricia,for starting this blog and Beks for continuing it!

    As of December 31, I paid off the last of my credit card debt; I had paid off my car loan a month earlier and my mortgage (which was small) in the summer. I am totally debt free for the first time ever. What a feeling!

    I plan to direct close to the same amounts I put toward debt paydown toward retirement, which I have been neglecting (and which is only 11 years away), establish a house repair fund and add to my emergency fund. I’ll be living on the same amount as before, pretty much, but it will all be positive.

    Happy New Year to everyone! Keep up the good work!

  • Reply Rick |

    #1 Goal is to increase my EF from 3 to 6 months expenses.
    #2 Pay off $10,000 off of my $50,000 in debt.

  • Reply Frugal Rehab |

    Our first goal is attacking our medical bills with a vengence. Then we’ll move on to the next phase once that’s done.

  • Reply No Debt Guy |

    Nice work in 2009. We have the same goal to try and find some new ways to save money.

    When I jumped into blogging I was paying $50 a month for hosting, big mistake. That was the first change we made this year. Saving $540 over the upcoming year puts a smile on my face.

    I look forward to seeing your progress in 2010.

  • Reply Mary |

    Here are my 2010 Financial Relation Resolutions:

    •Finish building our 2010 Christmas Fund by May, 2010
    •Finsh building our Emergency Savings Fund by July, 2010
    •Pay off debts 1-9 and 12-17 by the end of the year
    •Pay down half of debts 10 and 11 by the end of the year
    •Be better at keeping our monthly budget
    •Do not incur new debt
    •Open a secured credit card to start rebuilding my credit

  • Reply debtmaven |

    Good goals! I don’t know how, with unemployment (well no longer, congrats!!!) you can pay off $17,000 in a year. Me, I felt good doing $8K – but then I didn’t pinch quite so badly. I don’t think I could maintain it long enough before falling off the wagon.

    Me, I’m going to have a big yard sale, grow a lot of veggies in my new garden, and just pay off my debt.

    Keep up the good work! You’re doing so well!

  • Reply Jaime |

    You can do it Mary, Go! Go! Go!! 🙂

    Today is my 10th sobrity anniversary. Some may not make the connection while it’s pretty obvious to others.

    There is a saying often repeated in recovery, ‘Stick around, things get better.’ I’m sticking around for as long as I can, I love how my life continues to grow in new ways I thought impossible. This tenth year has been a reaization of important truths learned in recovery.

  • Reply Jennifer |

    My financial goals are to increase our EF by $1000 and pay off our van – we owe $15,000 still. Just found your blog and enjoyed reading through it. Good luck on your goals.

  • Reply Cate |

    Great goals! We have two big ones:

    1. Pay off our medical debt with our tax refund (about $4,000)

    2. Funnel all the money that used to go towards debt repayment (plus some) towards saving for a down payment. We’d like to be 1/3 – halfway to our goal by the end of the year.

  • Reply emmi |

    I’m switching from increasing savings to paying down the mortgage. Hope to have it gone by the end of the year. Banks have been paying for crap on savings, even ridiculously long-term CDs. I finally got fed up and am pooling money to dump on the mortgage as early in the year as possible. THAT at least is gauranteed 6% return.

  • Reply Kimberly |

    With a new year beginning and having just moved out, I decided to finally change cell phone carriers. I thought pre-paid was the way to go since gemy last cell phone provider’s bill nearly killed me. A friend introduced me to Walmart’s Straight Talk and I haven’t looked back yet.

    Spending nearly $90 a month before, I now pay $45 a month prepaid, unlimited plan is wonderful – I have unlimited texts, calls, and internet usafe without a contract. Not to mention being on the Verizon network is amazing – I have the best coverage anywhere I go. The cancellation fees were worth dealing with when I realized I would be saving nearly $50 a month by switching. The great selection of inexpensive phones clinched it for me – I was finally able to get a Smart Phone that didn’t break my budget the way the I-Phone does. Best of all, I was able to transfer my phone number so now my family can keep in touch with me.

    Doing the math, I’m saving nearly $1,200 over two years versus my previous contract. So far, my new year’s switch is keeping $50 a month back in my bank account!

  • Reply MoneyMagnetMummy |

    Hi, just wanted to let you know I have found your blog today and I really enjoyed your posts. I am however beginning to wonder if my goal of paying $50,000 off our mortgage is too optimistic. I am trying to make every dollar go further, and to make money on the side (I am a stay at home Mum) but so far this month I have only been able to put an extra $400 into the loan…I have a long way to go.

    I am selling on ebay, my products at craft markets and blogging to try to add to our income and always looking for new ideas on saving and earning.

So, what do you think ?