I realized that I don’t usually set New Year resolutions or goals. Sure, each January I write a post titled “20XX Goals,” and actually did so before I even had a blog. Really, though, I’m mostly writing a To Do list, albeit one with a long time frame. Still, I don’t usually set goals that are excessively challenging (which makes it all the more shameful when I don’t accomplish them!).
I wish I could say that I’m really going to challenge myself this year, but many of my goals are repeats or are based around numbers I already think I can beat. Some of my non-financial goals are just things I really want to do, with their inclusion on the list just a way to make myself overcome my natural laziness.
2011 Goals: Financial
1. Max out all retirement accounts.
Including my 401K and both Chad’s and my Roth IRAs. If Chad gets another job with a 401K, we’ll work on maxing that out as well.
2. Save $25,000 in cash.
This number is estimated assuming that both Chad and I will be employed at our normal jobs all year and that no emergencies or abnormally large expenses crop up. If we have good luck, e.g. I get a great raise or Chad wins a larger scholarship, further savings goals will be the following:
- An additional $2000 earmarked for travel. We’ve tossed around the idea of a trip to Ireland in 2012 when Chad graduates, so it would be nice to have some money already set aside.
- $5000 into savings for a car. So far, we’ve managed with sharing one, but we could need another one depending on Chad’s job situation.
I’ll be shocked if we get even close to the bonus savings, but we’ll see. If I somehow manage to do all of the above, I’ll start paying down the balance on my student loans.
3. Earn at least $5,000 in overtime this year.
I’ve wavered on this number a little bit. I know I can earn this much this year, just from normal weekend working and the inevitable call-ins, but this isn’t an area where I want to strive for much more. After all, money is nice, but not at the expense of my sanity!
4. Stay within my budget on personal spending.
“Personal” is a catchall category that I use for clothes, haircuts, books, music, etc. I’ve set this at $200 per month, with an as yet unknown bonus during April for my birthday. I want to make sure I give myself the money to indulge, but I don’t want to go crazy. $200 per month seems like a crazy amount of money, but c’mon. I could be saving $25,000!