Have you put down on paper what your financial goals are for 2013? Grab a sheet and do it with me.
It’ll be fun!
First, brainstorm openly for two minutes. Scribble down all the 2013 financial goals that come to you. You won’t have to do everything on your list, just write down everything that comes to mind. Big or small. We’ll cull the list later.
Set your timer. Go!
Tick…tock.
Ding!
Great job! You faced up to your major financial issues. Here’s what’s on my list.
1. Save more for Lucy’s college.
2. Set monthly limit for credit card spending.
3. Revisit investments: is everything ok???
4. Check in on net worth with hubs: up in 2012?
5. Make plan to save on air travel in 2013 – major expense in our budget.
6. Explore cost of eating ALL organic (we buy organic milk regularly).
7. Can we afford to buy new (or new to us) car this year?
8. Estimate cost of major house repairs needed in 2013.
Okay, I’m getting overwhelmed. This is plenty to work with in 2013.
Now, let’s take our lists and prioritize. Another two minutes on the clock. Put the most important financial goal at the top and the least important financial goal at the bottom. Go with your gut when deciding what’s important. There is no right answer. Go!
Tick…tock.
Ding!
We’re almost done and you’re doing great! Doesn’t it feel GOOD to make progress on your financial goals? Because that is what we’re doing!!!
Lucy with her comfort toy,Pink Bunny.
Now next to each item, scribble down what you need to do to accomplish each financial goal. It can be a simple, “MAKE 15 MINUTES FOR THIS!” Or it can be something that requires additional steps, like: “Set up a phone appointment with Vanguard portfolio manager.”
Set your timer for FOUR minutes this time. Go!
Tick…tock.
Ding!
You’ve already accomplished so much – and in just FOUR MINUTES! Phew! Give yourself a pat on the back. But don’t quit now. Stay focused.
Here’s my prioritized list and plan for smashing each financial goal.
1. Set monthly limit for credit card spending.
The Plan: Hubs and I have already discussed doing this. In fact, I’ve already got a number in my head that would be a challenge for both of us but represent true savings. Let’s do it! I’ve made a note in my calender at two and three weeks into our credit card cycle to check our balance. When it reaches 75% of our agreed upon limit, we’ll both refrain from buying anything other than groceries, gasoline, and medicines.
2. Check in on net worth with hubs: up in 2012?
The Plan: Log into each savings and investment account, write down the balance. Add up the figures.
Close up of my baby!3. Revisit investments: is everything ok?
The Plan: Call investment advisor and ask if portfolio is balanced. Invest 401k that I rolled over from last job.
4. Explore cost of eating ALL organic (we buy organic milk regularly).
The Plan: Budget twice yearly CSA membership plus $100 a week at A Market, our local organic grocery. Can we afford it? Review figure with hubs.
5. Save more than the current $250 per month automatic contribution for Lucy’s college.
The Plan: Inch up to $350 per month. See how checking balance does. May need to lower in future.
6. Make plan to save on air travel in 2013 – major expense in our budget.
The Plan: This is a hard one. We already use online tools to search for the lowest fairs. Discuss visiting family less to save money?
7. Can we afford to buy new (or new to us) car this year?
The Plan: Discuss buying new v. used car with hubs. Budget monthly car payment for new car v. lump sum payment for used car. May need to let this one settle for awhile.
8. Estimate cost of major house repairs needed in 2013.
The Plan: Fence estimate (rotting) $2,600. Back stairs (rotting) estimate: $600. Built in bookshelf/play area for Lucy estimate: need to get one.
WOW! You’ve made so much progress!
Just getting all this out of your head and onto paper is a huge step forward. Do you feel lighter? More powerful? You should!
Now for the last step. And it’s an important one.
Pick your top three financial goals for 2013 and commit one hour on Sunday morning to working on them. You can accomplish a lot in one hour. No Facebook or email during that time. Just you and your money. When you push everything else out of the way, it’s kind of nice to be alone with your money.
This Sunday morning. January 6, 2013. Do it! I’ll be working on my finances, too.
Show your commitment by commenting if you plan to join me. What’s stopping you???
We’re in this together and we’ll support each other. I promise you, you can accomplish much more than you think in one hour. Honestly, looking at my goals, I don’t think any one of them will take longer than an hour to smash completely!
Welcome to Bargain Babe! I’m Mara, and I’m so glad you’re here. I am an obsessive bargain hunter and penny pincher, and I am determined to live a full life without EVER paying full price.
Great post. I really want to say…holy cow, your daughter looks just like you! Wow! 🙂 She’s a cutie patootie.
Meghan, I love you! Nobody thinks Lucy looks like me and I secretly love to hear that she DOES look like me. Plus, I’m thrilled that you loved this post. I’m psyched to get my finances in order!!!
That shot of Lucy at the top of the post definitely looks like you! Babies change so much in the first couple of years that it’s impossible to be sure exactly which parent she resembles the most. Usually, babies just look like themselves! She is soooooo cute, and just keeps getting cuter. I’d love to give those li’l cheeks a gentle pinch, then give her big ol’ hugs!!! Warmest wishes to you, Dan, Lucy and all your families for boundless blessings in the new year.
@EllieD Thanks Ellie! Hope you have a wonderful new year, too.