My current financial goals

OK, so back just before 2007 ended I published a list of financial goals for the year.

These underwent a lot of alterations in the early months of the year, but in late February I settled on these goals. They looked a bit shaky when it seemed more likely that we would leave our current home, but with things looking pretty good in that respect these days, this is the current list, and where we are with each (listed in order of priority):

Goal 1: Pay off car debt: Currently $6495 owed. If I can keep up our current repayment level, on track to pay this off on or about the 1st anniversary of this blog (early July)! That will make us consumer debt free!

Goal 2: Boost EF to $5000: Currently $1017 in situ, I expect to use tax/family payment rebates (about $2000) plus some of my child care rebate to add nearly $4000 in total. This is unlikely to be achieved till about mid-September.

Goal 3: Pay for our joint party: My 30th birthday snuck by in the past week or so (ha!), and my hubby has a similar big one coming up, so we are celebrating together. $1000 should cover some champagne for the toasts, plus food etc.  We are having the party in the backyard, so we are keeping costs down, but there are lots of guests, many from interstate (meaning it’s a big deal). To come up with the money, we will suspend car payments for 2 weeks (or 3 if necessary) just before the big event.

Goal 4: Contribute $500 to a relative’s birthday function: Thi is something we committed to a long time ago, and something we really want to do. My tutoring work at the university should pay for this outright without affecting our weekly budgets.

Goal 5: Fly south to see a friend’s baby: This is budgeted to cost $3000. Between the remainder of my child care rebate ($1500) and the money projected to be incoming from the sale of our health insurer ($2000 – see previous post), this might be covered without affecting weekly budgets.

Goal 6: Graduation expenses: Between the grad ball, gown hire, getting a dress to wear and general celebrations (plus I’m unlikely to do any casual work that week), I think this will cost at least $1000. I will budget for it from weekly surplus funds (all debt will be paid off by then).

Goal 7: Buy my next car outright. Though my husband’s car will be paid off, mine is in such a poor state that I think I am best off saving to buy a relatively recent Corolla, then keep it for as long as possible. In Australia, an ’06 model might be obtainable for $15,000 (after all on-road costs). When I crunch the numbers, I end up about $9000 short on this goal (having met all previous goals). I could just extend this goal into 2009, but I feel that by then I’ll be working full-time, I’ll need a good car and our focus then really needs to be on a house deposit. So I am just going to leave this goal sitting here, and see what comes up over the year. Anything could happen to make this more achievable. Case in point: my previous post about the funds fom my health insurer!

As you can see, a lot of my goals are not based around getting into a better financial position – not in so many words, anyway. I think it’s important to use your budget to continue to live life a little. For me, this means paying strict attention to where the dollars go, in order to ensure they go where they are most needed and/or wanted.

Do you have any financial goals for the year?

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6 Comments »

  1. JvW said

    Happy Birthday!! I like that your goals are both practical and fun, they look good to me!

  2. Mine are pretty much like yours.. except for the EF because I’m keeping it at $1k because I’m more committed to clearing debt

    And happy bday!

  3. Those are some inspirational goals that you have. Good Luck on accomplishing them all. 🙂

  4. Dolly Iris said

    I think those are great goals! Looks like you are also VERY close to having all your debt paid up!! 🙂

    HAPPY BIRTHDAY DARLING!!

  5. debtfretter said

    Thanks for the birthday cheer. I can’t believe how close we are getting, I must admit. Seems like a few of us are just about to get there. I might have to change the name of the blog then!

  6. […] was the friend whose baby we had intended to fly south to see – it was one of my financial goals. It wasn’t going to be achieved because we had too many other things to do (ie 9 weeks […]

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