Our 2009 Financial Goals

by Kevin on January 7, 2009

We dominated our 2008 goals despite some of them being quite challenging. We were blessed financially last year and that allowed us to knock out those goals. Here’s to hoping 2009 is that much better! With each goal listed below I will list our goal as well as a stretch goal.

Our 2009 Financial Goals

  • Sock away $5,500 toward a new car for my wife by December 31, 2009. Our true end goal is $13,000 saved by August 1, 2012, but we are taking it in steps. We are way ahead of schedule which is great because once this goal is knocked out we can focus on the next set of major goals. We put away nearly $5,000 in the past year thanks to some bonuses I got from work so I am confident we can knock this one out. Stretch goal: increase our total savings to $13,000 to hit the entire goal.
  • Save $200 per month for future children through December 31, 2009. We are currently saving this much, with half going toward future education expenses and half toward just general expenses. We’re just guessing as to what we’ll need in both categories, but one year of savings will get us 25% of the way toward our general expense end goal. I think this is a stretch goal in and of itself as this was a recent bump up to $200 per month in savings.
  • Fully fund our Roth IRAs with $5,000 each by December 31, 2009. Our budget accounts for this currently so this shouldn’t be a problem.
  • Continue with our current financial plan. We are currently setting aside money for weekend trips and a future down payment on a new home if we were ever to move out of this area. The home money begs the question: why not apply that money to our current mortgage? I’ll discuss this in a later post, but the simple answer is I want to keep the money liquid rather than tying it up in our home.

What about you? Have you set up goals for this year?

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Canadian Personal Finance Blog » Blog Archive » Random New Year Thoughts
January 9, 2009 at 12:51 am

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Sam January 7, 2009 at 5:14 pm

You should be a little more ambitious. Most of those goals were just holding status quo. I don’t think you should make any goals you can’t accomplish but there should be a few other small ones in there.

Kevin January 7, 2009 at 9:32 pm

@Sam: That is an excellent point. I’m more in favor of having fewer goals than many. If it turns out we knock out the first goal (where all spare money will go until the car fund is complete), then we would come up with something else. I’m not entirely sure we can knock the full car fund out. If I were, then I would have something else lined up as a goal.

But I do see your point!

Start-Up January 8, 2009 at 5:19 pm

I like the idea of having tiered goals. I did this when I was still running competitively. I would decide on a goal and then pick more of a if the stars aligned goal. If I didn’t reach my uber goal then I already had my goal for the next season. It’s a great tactic and keeps you focused even when you’ve already met your initial goal.

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