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Kat
1-1-12, 7:36pm
What are your financial goals for 2012? I'm still thinking about mine but will post when I've got 'em. :)

herisf
1-1-12, 8:15pm
Mine are to consolidate my four checking and savings accounts down to two - process has been started, need to get back to work on Tuesday to send in the change to direct deposit, and waiting for test deposits to be made so I can do an electronic transfer. And I'm on the waiting list for a smaller safe deposit box. Also I want to be much more consistent about budgeting for known events (property taxes, dying electronics, etc). Currently trialing the You Need A Budget software, and so far am really liking what I see. Quicken for Mac is not making me happy, budget-wise.

Mighty Frugal
1-1-12, 8:38pm
My 2012 financial goal is to live on just my pay cheque and bank dh's. As well as start tracking again and live within a solid budget. To save as much as we can (most probably both losing our jobs later this year)

Also saving for 2 family trips, and trying to find new ways to earn a buck

gimmethesimplelife
1-1-12, 9:32pm
My financial goals are to continue to pay down debt, and to either start a small business of my own f/t or possibly p/t (while still - cringe - waiting tables), to have a side income stream coming in. Also to continue to save but to also allow myself a few reasonable treats from time to time - examples would be handcrafted soap at the farmer's market. A trip to Vegas to get away in April - with the room rate being $35 with tax, and having a $15 slot credit and much more to my liking, a $20 food credit included in the deal.....Reasonable treats combined with savings. Also to cut back on gifts this year - and make charitable contributions in lieu of gifts in the recipient's name. Rob

cdttmm
1-1-12, 9:42pm
My financial goals are:

1) To spend an entire year tracking income/expenses and to do a monthly analysis of each
2) To max out my contributions to my retirement accounts
3) To create a revenue stream by renting out a portion of our house, which will require some renovations first

lhamo
1-1-12, 10:36pm
Some of these are included in my 12x12 goal framework, but others are more one-time things. Enumerating them here will help me be accountable to myself, so here goes:

1. Increase retirement contributions to new maximums

2. Get better insurance for our apartment/belongings and personal life insurance policies for both me and DH -- we both have some coverage through work, and are at the point where Social Security Survivor beneifts would probably be sufficient to support a surviving spouse and kids, but we can afford more insurance so it seems a prudent investment.

3. Get wills and a trust set up -- our financial situation is complicated given that we now have property and accounts here in China, and I really can't put this off any longer. DH has been reluctant to deal with the issue, but it needs to be done.

4. Continue to save at least $1200/month in addition to retirement and college savings. Given the potential volitility with DH's job, I want to eventually have enough saved up to pay off the mortgage if we needed to. We could do that now by dipping into retirement accounts, but would rather have the liquid funds in a more accessible place.

5. Continue tracking spending against budget, keeping an eye on spending in relation to values, and reduce spending in areas where we are not getting good return on life energy. These are relatively few, as I think we have hit a pretty good balance in terms of spending/saving, but I think there are a few where I can continue to tweak -- going to work on reducing food costs somewhat by being more judicious in purchases of imported food, and transportation might drop significantly as a new subway line is opening up that will make a return commute mostly on subway more of a viable option for me.

lhamo

creaker
1-1-12, 11:05pm
I was fortunate enough to get a really good bonus in December - I doubled my emergency fund, and I knocked my credit card debt down by 2/3's and I'm feeling good about that.

I really don't have firm goals for 2012, but I want to finish killing the credit card debt and eliminate a student loan I took on for my daughter. And save whatever else I can. My work is moving my job to Texas at the end of June and I won't be following it, even though the relocation package was nice. But now they are saying there is a possibility I could stay on here so I'm waiting on whatever comes out of that.

Float On
1-1-12, 11:20pm
Tracking and charting.
Making less wasteful purchases. I just returned from being gone for a week and cleaned out the fridge - it's sad how much I had to toss in the compost.

Tiam
1-1-12, 11:38pm
Well, I'd like to try the envelope system next paycheck. That being said,it would be AFTER going to costco and making a purchase. Everything after that would be on the envelope system. I used to use that system when I was young and very, very poor, mostly just out of necessity, but it did make a difference. You could see your cash dwindling.

catherine
1-2-12, 8:45am
Continue on my debt repayment by meeting my annual goal of $70,000 paid down. This will be the third year for this goal. I had a really good year of self-employment last year, and I'm hoping it continues for another couple of years. I still have no savings, because I'm following the Dave Ramsey plan. This might strike some as foolish (I'll be 60 in March), but I'm fine with it. I find the stress of debt bondage to exceed any stress that I will be unable to meet my living expenses. I do have a comfortable six month cash flow fund in case I don't get work a couple months in a row.

My treat to myself for exceeding my debt payoff this year is to buy new floors (we'll DIY) for the hall and family room. We have the original vinyl tiles from when the house was built in 1974, so believe me, it will be a big improvement.

razz
1-2-12, 9:08am
We seem to be on top of savings goals but need to keep finding the nickels and dimes that generate extra dollars. It is amazing what a difference this can make each month.

Example:
- keeping power usage mostly in the lower time of use (TOU) makes a difference of about $15-20 a month. DH chuckles when I heat the water for tea, store a potful in a thermos and then make another pot for immediate use all in the low TOU period. All major laundry and baking are done then as well.

flowerseverywhere
1-2-12, 9:15am
we have years of tracking our spending, but for some reason did not complete it last year. We are back on the bandwagon as we think we actually spent quite a bit more last year from our rough estimate.

So our goal is to track every penny which I know we can do

start a college fund for each grandchild.

Juicifer
1-2-12, 9:28am
We did a lot in 2011 already: finding cheaper insurances, refinanced mortgage and doing homework to trade stocks in order to make some money with it. This year we almost have enough to buy a new washer. I found out the new ones use up a lot less KW/h than my old one so a new one should save money. And when I'm confident enough I' m going to put some money on my Questrade account and actually buy stocks.

Kat
1-2-12, 9:44am
Great goals, everyone! You all have made me feel so inspired to get moving on this!

lhamo--I love your 12 x 12 idea. You've got me thinking about my personal goals as well!

creaker and catherine--wow! You did awesome in 2011! I hope 2012 is another terrific year for you!

Tiam--DH and I use the envelope system for groceries, gas, dates, and prescriptions. It helps us so much! We don't overspend and are more careful about our purchases. There is something about seeing the cash leave your hand...

2011 was a bad year for us financially--just one disaster after another. We didn't go into debt, but we don't have much left, either. I have set some pretty lofty goals for 2012.

1. Beef up emergency fund (by at least $1000--maybe $2500)
2. Put $1200 into kid's college fund by August (her first bday)
3. Save $1500 for spare bedroom conversion (play room/reading nook for mom and dad)
4. Fence in back yard (also for the kiddo--we live near an ally and a busy street) and spring for a landscaper (maybe $3500?)
5. Save up for sunroom re-do (there is a whole in the ceiling--eek!)--maybe $3000 including a nice chair for DH?
6. Start replacing car fund money (which we took out to pay unexpected medical bills). We are $3800 behind (but we have until May of 2015 to get caught back up)
7. Start saving for a second baby (we will need around $5000 for medical bills and maternity leave--learned the hard way this time around!)

I don't think we'll meet all these goals, but if we can knock out 4 or 5 and get started on the rest, I'll be happy.

reader99
1-2-12, 9:58am
To complete the sale on my present condo (we close 1/13/12) and buy a short sale or foreclosure with at least two bedrooms
Get roommate(s)
Find alternatives to EVERYTHING I currently spend money on
Replace my POS car with a scooter

Kat
1-2-12, 10:04am
@reader99--I'd love to read about the alternatives you find for your current expenses. Please considering posting them here as you find them! :-)

cattledog
1-2-12, 10:38am
We generally save my income and live on DH's, but there is about 3K a year that isn't accounted for. I think some of that last year was due to a $1K in car repairs, but I didn't do a very good job tracking. I track most of my expenses (groceries, gas, etc.), but I don't do a good job of logging the one-off expenses. I'd like to get a better handle on that this year.

TVRodriguez
1-2-12, 4:01pm
Our main financial goal this year is to put as much as possible to the mortgage. I'd love to pay it off in the next couple of years.

Squirrel
1-2-12, 4:03pm
My goal this year is to save about 4000$ for an emergency fund and double my mortgage payments.

Bastelmutti
1-2-12, 4:10pm
Pay off last small, annoying CC debt, then save $350-500/mo. toward a condo downpayment in addition to keeping up the short-term savings fund we use for larger expected expenses (car repairs, vacations, braces - will find out how much that will be soon). That would leave us with the HSSSL - Horrible Soul Sucking Student Loan (to paraphrase a favorite acronym from this board) - as our only debt. I would like to start putting extra toward that, but I don't know if we will this year. I would also like to up my freelance income and on the cost-cutting side use the envelope system for groceries and go back to making most gifts instead of buying them.

ApatheticNoMore
1-2-12, 9:54pm
Everything is in flux (as if last year wasn't crazed enough, losing a job, getting a new one etc.), I no longer see saving as a top priority. I'll probably still max out a Roth and put a bit into the 401k.

Merski
1-3-12, 9:19am
If I haven't posted this already. Get my DH to buy turbotax and do ours and MIL's taxes. Had professional doing it for years and was loyal because he was a friend of the family. He just retired and we don't feel any loyalty to the firm. Two friends who use it say that it is easy...

RosieTR
1-6-12, 12:39am
I'm with ApatheticNoMore, we're kind of in flux right now, and I feel like there's a lot not under my control. I think I have hopes more than goals:

I hope DH gets a job sooner than later (we'll be OK for awhile if he doesn't but he'll stress and it'll be a little tight)

I hope we get renters in the Phoenix house that don't destroy it, and that we can command enough rent to only lose a couple hundred a month. In my wildest dreams we'd break even, but I'd rather expect low and be pleasantly surprised.

I hope my car does OK with a rather long commute. We'd put much more money in the "escape Phoenix" fund than the "new car" fund and I'm not yet sure how much will get used in the move. Already somewhere in the ballpark of $4K is accounted for between actual moving costs and home improvements to the CO house. I'm hoping to keep that to not much more than $5K but haven't yet figured out paint and carpet so may be a pipe dream.

As far as stuff I have more of a say over, I hope to actually grow some food, such as tomatoes and greens!

puglogic
1-6-12, 10:45am
I'm going to go out on a shaky limb and say that I would like to find SOME way to increase my income this year by 50%, and put it all into savings automatically, so I never see it. Or (we haven't decided) put it into huge extra payments on our mortgage, in the hopes of paying it off within 10 years. Gads, even 10 years seems like such a long time.

That's contingent on selling the house we moved out of, which is still on the market (sigh)

Elibunny
1-13-12, 6:58pm
1. Increase ER fund/maternity fund by $4k. If I can do that then I won't completely exhaust that fund if I take a two month leave... If not I will probably have to do 4-6 weeks.

2. Reduce credit card debt by 50%.

3. Increase my annual deposits into IRA. I currently do about $1500 a year. I am nowhere near the max...

4. I am currently working step 2 of YMOYL. I hope that I develop more confidence in my relationship with money.

Polliwog
1-14-12, 3:23pm
Until this week I was well on my way to my fulfilling my emergency fund goal. But, out of the blue I got a toothache that resulted in an extraction with stitches and a cadaver bone which will set the stage for an implant and crown. Anyway, a very costly procedure and I do not have dental insurance. I'm on Medicare, but no dental. I was really bummed at first until I realized that is why I have an emergency fund. Now I just have to concentrate on building fund back up again.

lhamo
1-14-12, 8:04pm
So sorry about your dental issues, Polliwog -- on the bright side, as you mention, at least you had the funds available to cover it. Good luck building that EF back up.

Elibunny, good luck with your saving for maternity leave. Is this your first? If so, then try to be really diligent about not buying a whole bunch of stuff for the baby. Network broadly and you'll be amazed how much great stuff you can get second-hand, usually free. And babies really need very little.

Fingers crossed it looks like my job expansion/promotion/raise is probably going to go through. Not a huge raise considering how much extra work I will be taking on, only about 5%, but the new role means some added challenges and much more authority and the chance to really shape my program into one that is truly world class (we are already strong, but I think I can help make it stronger). Also if I can really prove myself in the next few months the raise for the next funding cycle should be more substantial.

lhamo

Greg44
1-14-12, 8:55pm
Stop wasting so much food - especially when it is so expensive.
Start saving instead of dipping into savings each month to make ends meet -- recessions suck.
Increase percentage taken out for my 401K
Be more thankful of my previous financial successes - since the recession hit my work I am bummed I have to dip into my savings, but should be greatful that during the years of plently I saved, paid off house, car, etc. Had I not done that we would have been in deep doo doo.

Elibunny
1-15-12, 10:20am
Elibunny, good luck with your saving for maternity leave. Is this your first? If so, then try to be really diligent about not buying a whole bunch of stuff for the baby. Network broadly and you'll be amazed how much great stuff you can get second-hand, usually free. And babies really need very little.

lhamo

Thanks Ilhamo. It will be our first (I am not pregnant yet, but diligently practicing!!) I have been amazed by all the baby stuff that is out there and have wondered what people actually need. I am lucky that I live near two high-income neighborhoods and there are several consignment and second hand stores within five miles of my home. They tend to have pretty nice stuff!

Bastelmutti
1-15-12, 11:23am
I am lucky that I live near two high-income neighborhoods and there are several consignment and second hand stores within five miles of my home. They tend to have pretty nice stuff!

Take full advantage of it! The great high-income neighborhood thrift shops is how I stay clothed in name brands. LOL

ljevtich
1-17-12, 3:17am
My financial goals are:

1) To spend an entire year tracking income/expenses and to do a monthly analysis of each
2) To max out my contributions to my retirement accounts
3) To create a revenue stream by renting out a portion of our house, which will require some renovations first

Excellent - I do that and put it online. It keeps me honest. You can see our expenses for the year: Expenses for 2011 (http://www.laura-n-sasha.com/Expenses2011.html) and then under the spreadsheet, the monthly expenses.


To complete the sale on my present condo (we close 1/13/12) and buy a short sale or foreclosure with at least two bedrooms
Get roommate(s)
Find alternatives to EVERYTHING I currently spend money on
Replace my POS car with a scooter

Just realize with a scooter, that you will have to get a motorcycle license if you go above a 49cc scooter. And you probably would want to if you are planning to go faster than 35-40 mph. But my gas mileage is the best. So go for it!

ljevtich
1-18-12, 2:54am
Hi all,
Does everyone here realize that Financial Integrity is on Facebook and is putting these forum posts on as links that anyone can see?

I did a test with my DH to go to the Facebook of Financial Integrity, and without even liking the page, click on the link that went directly to these 2012 Financial Goals thread. He could read this thread without registering.

Doesn't that seem a little weird? So that means that anyone outside of the community, anyone at all, can go through Facebook and read our stuff. I do not mind sharing with a community, but again, doesn't it seem weird to you?

Kestra
1-18-12, 8:57am
Anybody can search for forums as well though. I just 'googled' "2012 financial goals" and we were on the second page. I don't think it's anything to do with FI or Facebook. Just the normal lack of privacy on the internet.

Edited to add: I did just search from my computer so the website knew it was me. Perhaps somebody can test as a general internet person but I suspect the result would be the same.

bow-tie
1-24-12, 3:29pm
What are your financial goals for 2012? I'm still thinking about mine but will post when I've got 'em. :)

Hit 100k in total savings. We were close in 2011. All depends on the bonus at the end of the year. Every dollar saved is one step closer to financial freedom.

beckyliz
1-25-12, 3:17pm
pay off 3 more debts, refi 1st and 2nd mortgage to 1 15 year mortgage. Baby steps.

MattFromMissouri
2-17-12, 11:54pm
My goal by the end of 2012 is to have two of three credit cards completely paid off (and cut up) and working on the last one.

Tiam
2-18-12, 12:41am
My goal at this point is to figure out to eliminate owing taxes at the end of the year!