Monday, December 8, 2008

Money Monday . . . Setting Goals

I probably should not be the one to write about this. I definitely set goals, but I don't always write them down as is the cardinal rule for setting goals. If you have read this blog or have not been under a rock you have probably heard of Dave Ramsey. He always encourages you to write down your budget and spend all of your money on paper before your month begins. Writing things down makes them more concrete and also easier to follow.

Since we are so close to the New Year - I want to challenge myself and all of you to write down your goals for 2009 and discuss them with your family and really make them doable. First write down your yearly goals and then break them down month by month so you can really see what you need to do every month. Since this is Money Monday I will just stick with the financial goals. If you are having a hard time knowing where to start, let me encourage you to take a look at Dave Ramsey's Baby Steps:

$1,000 to start an Emergency Fund
Pay off all debt using the Debt Snowball
3 to 6 months of expenses in savings
Invest 15% of household income into Roth IRAs and pre-tax retirement
College funding for children
Pay off home early
Build wealth and give!
Invest in mutual funds and real estate
In goal setting you want to be as specific as possible. Don't just say, "I want to save more money in 2009." Make those goals attainable. Start by saying I will look at my budget and see what I can cut back on to make money available for savings.

If you don't mind sharing, let us know some of the goals you plan to set for the New Year. Maybe we can all hold each other accountable.


Heidi Stone said...

This is a good idea, Gretchen. I was thinking about doing one the Mr. Linky's for this thing like Crystal does.

Our goals for 2009:

We will be out of debt (HOORAY!) so we plan to go on vacation (cash, of course), save for a "new" (very used) car, save up a 6-month EF, raising our retirement contributions, and begin paying down the mortgage more aggressively.

I plan to sit down with Daniel this week and get some more concrete figures for those things. I used to do a monthly financial update blog when I had Myspace and I think it's a great thing to keep up, so maybe here is the place. :)

Amy's Anecdotes said...

We do very similar to Dave Ramsey, but we do use credit cards (and pay them off each month). We do not have a debt except house and are working on getting that paid down.
We have created a budget and I have learned to stick to it pretty well. We each have a small splurge amount ( i usually use mine, Keith rarely uses his)
For 2009-
-continue giving designated amount in Luke's college plan
-pay designated extra on house each month
- increase designated amount to give to church
- increase 401K's by designated amount

*we have already figured out the designated amount but I will not post those.

It is nice to make goals and we can all make each other accountable for.


dannielo said...

If you'd like a tool for setting your goals, you can use this web application:

You can use it to manage your goals, projects and tasks, set next actions and contexts, use checklists, schedules and a calendar.
A mobile version is available too.