We’re already a quarter of the way into 2012, but I still have some pretty big goals to fulfill this year. Thank god I already started saving up a little bit, because otherwise it would be a little depressing to be starting from scratch.
FINANCIAL GOALS FOR 2012
- Pay off credit card #1 by April 30th.
- Pay off credit card #2 by September 30th.
- Net worth to $5000 in the black
- Open an RRSP and contribute at least $10/paycheck to it
- Any money left over in chequing after a pay cycle gets transferred into a separate savings account for travel, school savings, etc.
- Quit smoking!
The most important thing there besides the debt payments is getting my net worth to $5000. That’s what I could have saved EASILY if I’d gotten off my ass last year and stopped digging myself into debt. Is it possible to get my net worth from -$2861 to $5000? Yes. Will it be easy? Nope. I predict that once I get out of debt I’ll try to rationalize spending more with “Aw, but I’ve come so far! If I’m not using credit cards, what do I have to lose?” So if future Meghan is reading this, trying to justify a pair of $400 shoes by looking at how far you’ve come, you have nothing to lose- except financial security, independence, and advancing your education without having everyone else pay for it. Grow up, and save the damn money.
My savings plan is simple.
I have 13 paychecks between March 14th and September 30th.
$2600 saved (13 x $200)
Once my debt is paid off in September, I’m going to roll the money currently applied towards debt into what I’m applying to savings.
I have 7 paychecks between Sept 30th and December 31st.
$3500 saved (7 x $500)
Total = $6100 (though I’ll probably budget around $500 for Christmas- my family is BIG and close)
So at the end of the day, I’m looking at potentially $5600 saved. If I can I’ll do more, but this is my bare minimum of what I’m hoping for.
PERSONAL GOALS FOR 2012
- Quit smoking! (Has anyone tried Champix?)
- Only have fast food twice a month, or once a pay period
- Ride my bike to my boyfriend’s house instead of taking cabs
- Get 12 more credits towards my diploma
The big goal here is more credits. That’s basically 4 classes a semester. I’ll go into more detail about my education another time, but as of right now I’m about 1/3 of the way through an Accounting diploma. After that’s done, I’ll be in school another 5 years, minimum. I’m trying to speed myself up a bit so that I don’t end up 30 years old with a baby on one knee and a textbook on the other. Plus, need I mention that it gives me more earning power? I’d rather over-exert myself with a lot now than be pulled in 50 different directions with school, work, family stuff, and everything else later.