2008 Goals

Well we are well into March and I haven't updated My Financial Odyssey with my 2008 goals. Can you blame me? With so much uncertainty in my job situation and moving to one of the most expensive cities in the country, I felt like any goal I set in January without my living and job situation nailed down would have been in vain.

With that said I have thought long and hard about this year's financial goals. Due to extenuating circumstances I was not able to achieve any of the goals I set out in January. However, this year I am employing the SMART Goal system.

For those of you who don't know SMART stands for...

Specific

Measurable

Attainable

Realistic

Time Based

On that note here are my 2008 Financial Goals:

Goal #1

What: Establish a $1,000 E-Fund

How: Based on the $325 currently in the account (I took some money out to help pay for the move to NY) with $100 monthly contributions I should easily achieve this goal.

When: By 2008 Year End

Goal #2
What: Repay parents the $2,500 loan that was taken from them in November.
How: Pay $500/month which will be matched by my girlfriend.
When: May 2008

Goal #3
What: Save $5000 for engagement ring and proposal.
How: Save $500/month till May (when parents are paid back). Then increase saving to $1000/month.
When: September 2008

Goal #4
What: Save 6% of salary in my company's 401K.
How: Starting in July (when I am eligible to enroll) set up automatic paycheck deductions of 6% of my biweekly pay. By year end contributions should total $2,250.
When: By 2008 Year End

And now for the STRETCH GOAL!

What: Pay down $8,000 in Credit Card Debt! This will more than but my credit card debt in half!
How: Pay $500/month till September (totalling $5,000). Then contribute the cash I was contributing to the engagement ring towards the credit card debt for the remainder of the year (totalling $3,000).

When: By 2008 Year End

I think that the first four goals are very attainable assuming no major expenses arise during the year.


Cheers,
TMac

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