Thursday, January 7, 2010

AtTENding to Our Finances in 2010!

UPDATE: Click here for our January 2010 financial goals update.

Time for our financial goals in 2010. I want to make them specific (no "I want to save more money"), yet attainable. I find it really frustrating to set a goal that there's no way of me achieving.
So this year, these are my financial goals:

  • Save up and pay cash for the expenses of my daughter's bat mitzvah in October 2010. We have planned a small but nice reception, and there are the expenses of tutoring and synagogue fees, clothing, invitations, and so on. Of the amount we have budgeted to spend on the event, we have saved (or paid in deposits) 58%. Our goal is to reach 100% by July 2010.
  • Save up a proper emergency fund. We have always had some money saved, but the emergency money and the bat mitzvah fund have been commingled. Now that the money for the bat mitzvah is being spent, we need to have an emergency of at least three months of expenses saved up. Since most of the savings has now been allocated solely to the bat mitzvah, we only have 7% of the money needed saved up. We hope to reach this goal by December 2010, if not sooner.
  • If these two goals are met, our next financial goal is to once and for all get rid of our home equity line. We've had this debt in one form or another for much of the last eight years, just paying the interest each month and a bit of the principal. How we got this way is a post for another time!
What are your financial goals for the New Year? Post them (or a link to your blog) in the comments. Check out Money Saving Monday for more financial goals!
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