The New Year is finally upon us, and it’s time to start making resolutions. Since I first wrote for TF, I’ve spent a lot more time making plans and setting goals for myself. That made it easy to come up with the following resolutions for 2013:
Save at least $1500 in an emergency fund
Achieving this goal will be a piece of cake. I’ve got a new savings account with ING Direct that has $200 in it already. All I need to do is keep up with my biweekly transfers of $50 for the whole year and I will reach my savings goal.
Pay off all non-student debt
I recently paid off my car, and consolidated all of my other debt onto one low-interest Visa card. My plan for achieving this goal is to put $475 per month towards paying off this debt. If I am able to stick to the plan I should be free of all debt (except my student loan) well before the end of 2013.
At the regular interest rate of 11.99% the card would take about 10 months to pay off, but I am currently on a promotional rate of 0.99% for six months. I plan to put my tax return directly onto the card, which will shorten amount of time it will take to pay off by at least a couple of months. My goal here is to have it completely paid by August. (Editor Joe’s Note: if your consumer debt repayments are going to extend beyond the six month low-interest period, then please get another low-interest card!!)
Slow down, and get organized
This is my personal goal for the year. I was doing really well with keeping up a regular swimming schedule to help fight stress, but illness and moving got in the way in December. The last quarter of 2012 was a really hectic, difficult time for me. Now that I’m getting my finances and home in order, I want to start exercising more and stressing out less. I think this will also positively impact my income, because being healthier and more organized will give me more energy and time to devote to new money-making endeavours.
I’m positive that I will have no problem meeting all of these goals by the end of 2013. I’ve purposely given myself challenges that won’t be overwhelming, so that I won’t be tempted to fall off the wagon by February, as so often happens with New Year’s resolutions. I expect that I’ll exceed my goals. If anyone has any tips or resolution ideas of their own, I would love to hear them!