It is a new year and a chance to start fresh and set some goals to accomplish this year. We have decided to set the following goals this year:
1. Pay off $14,500 on Mortgage. (It should be under $60,000 by the end of the year)
2. Replenish Emergency fund back up to $2,000 because of garage door purchase at the end of 2012.
3. Retirement: Contribute at least $5,400 to SRA and $675 to IRA.
4. Save up the rest of the money for our son's church mission that we didn't save last year.
5. Avoid buying any new large items: furniture, appliances, cars, etc. Make what we have last through the year unless it is absolutely necessary to replace.
6. Pay cash for all travel expenses. If we don't have the money, we will adjust the trip to what we have saved or we will cancel the trip.
7. Pay cash for Christmas. We have done this for years, and it is so nice not to have any holiday debt.
8. Invest $1,500 in stocks or bonds.
Have you taken the time to sit down and write down your financial goals for the year? If you are married, take some time to sit down with your spouse and figure out what goals you want to accomplish together. It is good to plan and work together towards common goals.
Happy New Year!