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2008 Financial Goals and a Review of 2007

By: Green Panda | Date posted: December 28, 2007 (3:54 pm) | Write a Comment (4 Comments)

I can’t believe the year went by so quickly. It was overall a good year. We celebrated our 1 year anniversary this month and I like to thank my husband for a wonderful first year. I graduated about 2 weeks ago. I decided I should review how I did in 2007 financially and then give my goals for the upcoming year.

2007 Financial Goals

  • Income: I would like to earn $20,000 for the year. This would be from my internship job and the remaining from any side jobs. Verdict: Yeah about this…..I came really, really close (approx. 19k), but not close enough.
  • Spending: I’m trying to lower my expenses on eating out. I want to get it down to $40 a month. I would also like to cut down my magazine habit and subscribe to two magazines to save money. I can usually spend $50 a month by paying the newsstand price. I want to go from $600 a year to $30. Verdict: I actually did well with this goal. I still buy magazines on occasion, but I subscribe to one and read online from the others. I do eat less, but not as drastically as I hoped.
  • Investing in Roth IRA: I would like to contribute $500 into a Roth IRA, but only after I’ve taken care of my medical bills first. ($257) Verdict: Failed. I do have an IRA, but it’s not fully funded. My bill is for approximately $100 now since paying some of it.
  • Saving: I would like to have $1,000 in my emergency fund just to build some momentum. Verdict: Still a work in progress. :(
  • Debt: I would like to pay off all my small high interest bills by December 31. Verdict: I paid my credit card debt off and I feel good.

2008 Financial Goals

  • Income: I would like to earn $37,000 for the year. This would be from my ‘regular’ job and the remaining from any side jobs. (Since I didn’t make my goal last year I’m being conservative.)
  • Spending: I’m going to continue cutting back on eating out to twice a week, including weekends.
  • Investing: I’m going to enroll in my company’s 401(k) and meet the employer match . I’ll also continue to contribute to my Roth IRA.
  • Saving: I will have $2,000 in my emergency fund by September 1, 2008. I would also like to put our income tax return into our house fund.
  • Debt: I would like to pay off my car loan by July 31, 2008. I would like to have my car loan out before I have to start paying student loans.

Well, that’s what I came up with and please continue coming back to see if I reach these goals on time. I finished my first guest post, please look at how to maximize a minimum wage job. Paid Twice is a great site and there are wonderful guest posts this week. Have a wonderful weekend!

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  1. Comment by Green Panda — December 29, 2007 @ 12:21 am

    Thanks Mrs. Micah!

  2. Comment by Mrs. Micah — December 28, 2007 @ 11:58 pm

    Great accomplishments and goals! 401(k), cars, and emergency fund are all great things. (Especially with the employer match…)

  3. Comment by wealthy_1 — January 1, 2008 @ 10:26 am

    Congratulations on setting and working towards your goals. You should be proud of your accomplishments especially paying off your credit card!

    Good luck in the new year! I’ll be reading.

  4. Comment by Green Panda — January 1, 2008 @ 10:28 am

    Thanks! I now have a better idea of what I can do, so I’ll work hard for my 2008 goals.

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