Goals!

New! Use this space to post your goals, accomplishments, and setbacks on your path to get rich slowly. Others can read about your situation, and provide critiques and motivation. Look here to find somebody who has experienced a situation similar to yours!

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SJean
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Goals!

Postby SJean » Fri May 18, 2007 9:07 pm

Goal #1:
My shortest term goal is an "in the black" day goal! This (perhaps obviously) is where my accounts (savings + 401k +roth +checking) is greater than my debt (student loans... and credit cards, though I don't carry a balance!) I have set that date to be JUNE 22nd. Right now my "net worth" is at about -4500. I shouldn't have much trouble meeting it--I have three paychecks between now and then, and I'm also owes about 2000 in tuition reimbursement. While it might teeter around zero for another week or so, it'll be great to have a POSITIVE NET WORTH!!!

Other yearly financial goals:
-Max out Roth IRA
-Reduce student loan debt to below 18k (still so high!)
-Accumulate 9k in HYSA (or other short term savings)
-Donate 250 to charity (yes I know it's measly, but one must start somewhere)
-Contribute 10% or more to 401k

Mid and ong term goals:
-Determine mid and long term financial goals =)
Seriously though, I expect to be engaged sometime this summer with a wedding in the spring (or maybe later), and the BF and i will determine these together. I imagine we will want to continue many of my yearly goals, as well as starting to save up for a downpayment. But there are just a lot of unknowns in the next year or so!

Non-financial Goals (though some will affect my finances!)
-Study for and take GRE this summer
-Formally apply to graduate program and take 1 class in the fall (I'm doing it part time while working)
-Go skydiving!
-Update resume, secure job in the city we plan to relocate to!
-continue strength training so I am not so wimpy!
-Take my multivitamin... Daily!

Thanks for reading (if you did!), offer any suggestions you have!

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jdroth
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Postby jdroth » Fri May 18, 2007 9:22 pm

Sounds like you're off to a great start, SJean. I look forward to reading more. And be sure to post if you go skydiving. That's one of my goals, too. It's a HUGE one for me. I'm deathly scared of heights, and of planes. To me, skydiving represents conquering my greatest fear. Or splutting into ground. Which accomplishes the same thing, I suppose...

justjen1221
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Postby justjen1221 » Mon May 21, 2007 4:06 am

Oooh skydiving! I want to do that as well! JD, I'm afraid of heights too but I want to experience skydiving too. My stepdad is a pilot and has done it a couple times (not due to flight problems of course) and had a great time.
Just Jen

Taking it one day at a time...

SJean
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Postby SJean » Tue May 22, 2007 5:59 am

Yeah, skydiving is slightly determental to a frugal lifestyle, but if I get the chance, I want to do it anyway!

I just canceled most of my cable and went down to lower speed internet (all this super high speed sutff really isn't necessary for the average user!) and cut my cable bill in half! Yes!!!!!!! Of course, I also just bought season 2 of Grey's Anatomy, so that offset my savings.... But the cable bill will be cheaper forever. If I decide I "need" more channels again, I can bump it up in the fall. I should be able to survive the summer on network TV.

Payday this week, though it's a "rent" payday, it will still help!

SJean
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Net worth up several thousand today!

Postby SJean » Fri May 25, 2007 6:21 am

Today was payday, which is always great. But even better, it is my 3-year anniversary with my company, and I am now fully vested, meaning the approximately 3 thousand of 401 kcompany matching is mine to keep forever! Of course, I was already counting it in my net worth, but still, now it is REALLY mine!

The neat thing is, I've really only worked here full time about a year, but I did my first internship here 3 years ago, and they count your vesting date from THAT. How nice of them!

In other fiscal news, we went out for sushi last night (SO delicious, but about $30). My savings account is just not growing at the rate I'd like it to! Summer seems to do that to me.

SJean
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Vacation - Ouch!

Postby SJean » Mon Jun 04, 2007 7:35 am

I went on a relatively spur of the moment vacation to NYC this weekend. Suddenly everyone from a particular group of friends was meeting up there (we haven't seen each other since October!), and I refused to be left out. The reasons I was willing to book last minute was, one, I was planning this trip anyway, just for later in thesummer, and two, the plane ticket was maybe just 30-40 more than if I would have booked further in advance.

The grand total for a weekend of amazing joy was just under 700 (about 1/2 flight, about 75 in shopping for clothes I needed anyway, about 30-40 in subway/taxi to get around, and the rest was entertainment and food). We stayed with a friend, so lodging costs for the weekend consisted of 30 I spent on buying him two drinks as a "thank you"

Anyway, I'm not feeling too bad about it, since this trip was in the plan for the summer, and if my money isn't to be spent on travel and friends, what is it to be spent on? Still though, ouch! I'm going to try not to spend a dime until payday Friday, and will be in frugal mode for another couple weeks.

So maybe skydiving won't happen this summer, as we want to make one more trip this summer--Baltimore, and I also have to go home to see my family (though I'll probably be driving).

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pf101
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Postby pf101 » Mon Jun 04, 2007 9:44 am

SJean,

I just posted an article about setting/tracking goals on my website that might help: <a href="http://www.personalfinance101.org/Classes/Classmaterials/goal-setting-instructions.html">How to Effectively Set and Track Goals</a>

pf101

Daedala
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Goals

Postby Daedala » Sun Jun 10, 2007 4:24 pm

Hey, neat. Your goals look a lot like mine!

I didn't include charity on my list, because I'm considering that a monthly expense, and I've already started graduate school, but otherwise they're about the same. It might be helpful just to budget $21/month for charity.

Strength training is wonderful, too. I want to be able to do a pull-up.

SJean
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Postby SJean » Tue Jun 12, 2007 3:06 pm

I know most would disagree with me, but a strict buget with a line item of some ammount for chartiy doesn't work as well for me as waiting until I have an "extra" ammount in my checking account and sending it to charity rather than savings (I do auto deposit to savings, but sometimes I can afford to save more than that).

I track my expenses, so I do see where my money is going, but I just can't manage to strictly plan every dollar--and I am living within my means and saving a large portion of my pay, so I don't think I *need* to budget every penny.

Though someday I may change my mind, this works for me for now!

Daedala
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Postby Daedala » Tue Jun 12, 2007 6:40 pm

SJean wrote:I know most would disagree with me, but a strict buget with a line item of some ammount for chartiy doesn't work as well for me as waiting until I have an "extra" ammount in my checking account and sending it to charity rather than savings (I do auto deposit to savings, but sometimes I can afford to save more than that).


Why would someone disagree?

I do it differently, partly because one of my long-term goals is to work up to giving 10% of my income. It will take a while to get there, though.

Baker
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Postby Baker » Tue Jun 12, 2007 7:11 pm

^ thats a great goal, Its fantastic to see someone so concerned with the welfare of others. I on the other hand do not ever see my self being noble enough to give up 10% of my income to help other people. Honestly I can't see myself giving up any of my income. Though being an electrician I do go do work for charities trying to help low income home-owners, struggling schools, community centers and other such things. While the impact may be the same I just don't really view it as as much of a sacrifice as giving money.

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pf101
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Postby pf101 » Tue Jun 12, 2007 7:46 pm

Baker wrote:^ thats a great goal, Its fantastic to see someone so concerned with the welfare of others. I on the other hand do not ever see my self being noble enough to give up 10% of my income to help other people. Honestly I can't see myself giving up any of my income. Though being an electrician I do go do work for charities trying to help low income home-owners, struggling schools, community centers and other such things. While the impact may be the same I just don't really view it as as much of a sacrifice as giving money.


Baker,

I too rarely give money, though for different reasons. I've worked in/for many non-profits so I've seen what some of them do with the money that is donated. No thanks. I'll give time or products (by this I mean food for a shelter instead of money or sporting goods for an after school center, etc. Tangible goods.) instead, that way I knonw exactly where my effort is going.

144mph
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Re: Vacation - Ouch!

Postby 144mph » Wed Jun 13, 2007 4:14 am

SJean wrote: 30 I spent on buying him two drinks


Sweet Sassy Molassey! $15 a drink!

SJean
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Postby SJean » Wed Jun 13, 2007 9:49 am

30 I spent on buying him two drinks


Ha, yes! SO expenseive! But it was a NYC night club and some fancy liquor that he requested and when I say "I'll buy you and your friend a drink in thanks for letting us use your apartment as a hotel", I don't mean "I'll buy you a drink... if it is a cheap drink"

Still money well spent, as I didn't buy myself any drinks that night!

Daedala
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Postby Daedala » Mon Jun 18, 2007 3:34 pm

Baker wrote:^ thats a great goal, Its fantastic to see someone so concerned with the welfare of others. I on the other hand do not ever see my self being noble enough to give up 10% of my income to help other people. Honestly I can't see myself giving up any of my income. Though being an electrician I do go do work for charities trying to help low income home-owners, struggling schools, community centers and other such things. While the impact may be the same I just don't really view it as as much of a sacrifice as giving money.


I don't think everyone should do this by any means! It's just one of my goals. I'm not religious at all (weak atheist) but I like the idea of tithing. Also, I grew up in a situation where I learned to be very cheap, because all "gifts" had to be earned. I wasn't just frugal with myself, I was cheap to others, and I didn't like that. This goal is part of getting that out of my system.

Another part of the reason I want to do this is that I can't volunteer. I have depression, which I manage pretty darn well, but it does mean I have to ration my energy. I'm introverted, too, so dealing with people isn't my favorite thing; the wonderful interpersonal dynamics of nonprofit organizations can be brutal. For me, time is a lot more expensive than money. I don't consider money nearly as much of a sacrifice as volunteering!


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