Saving, Debt, and Personal Goals for July-December 2012

It’s time to write down my saving and debt goals for the second half of the year. As you read on my post, Financial Choices, my finances have been driving me crazy lately. I have to admit I am a control freak when it comes to certain things. For example, if you didn’t suspect it already, I like knowing what goes in and out of the bank account, even if it makes me feel bad. I know we have been spending a lot lately, hence the bank account hemorrhage. A lot of it had to do with car purchase, moving to a new apartment, merging accounts (debt). But I think since I started working, we should start climbing up the hill, and building some financial muscle.

So, I found out some information regarding our car loan. Please let me know if this is typical of car loans, since I have never had a car loan before!The interest rate scared me the most!

  • Current Balance: $5238.19, Interest Rate 6.64% Accrues Daily

Accrues daily??? I never heard of it. I thought most loans accrued monthly. I dislike debt very much! This realization made me jump start our debt paying off efforts even if hurts a little bit in the short term.

Here is a summary of our saving and debt goals:

  • Pay off a minimum of $300 every month, starting this month, July! Send payment during the first week of the month, so money disappears from bank account.
  • Save $1,000 more in July, $3000 in August (three paychecks), $2,000 in September, $2,000 in October, $2,000 in November, $2,000 in December.
  • Put 7% to 10% in my employer’s 401K.

I am aiming really high for our savings goals, in hope, we can increase our savings account. Even if we get 50% of the way through the monthly goal, I think we are making excellent progress. This should, also, increase our net worth significantly.

I, also, want to make some improvements in my personal life! 🙂

  • Make A’s in my Fall classes.
  • Work hard at my company and become an invaluable asset.
  • Identify a high level mentor in my workplace (I want to approach my VP).
  • Work out a minimum of 5X a week.
  • Visit family at home 🙂
  • Have fun with hubby and friends!

Last but not least, is my blog. I am still not sure what goals I should have for this blog. It is a hobby, and I enjoy writing just for the fact I like to share my experiences. I feel like if people had shared some of their experiences early on with me, I could have learned more. I love learning! So my goals are simple:

  • Continue to share my experiences with PF world.
  • Build relationships with fellow PG bloggers.

What do you think? Have you made your saving, debt, and personal goals for the second half of the year?

10 responses to “Saving, Debt, and Personal Goals for July-December 2012

  1. I’m reading a PF book right now that is more specifically designed for freelancers who have irregular paychecks and varying income, so I plan on using the tools in that book to help me set some more specific goals. I like your goals. The next step, if you haven’t done so, is write out actions steps which will help you achieve those goals…and also what purpose you have behind the goals. For instance, work out 5x week. Write out the types of things you will do and when. Then write why. I’m going to do this because I want to lose 5 pounds, or drop a dress size, or relieve stress…You have to know why you are doing the things you are doing. 🙂 Good luck!

    • Those pesky moves always come with extra expenses, but from what I understand you will be happier. I definitely am! Loving our new apartment. It’s peaceful and quite, close to work, shops, etc.

  2. I just have to say I really like your picture of the debt monster trying to gobble up the little man above. That is very representative of how debt works in my opinion. Good luck on paying off all your evil debt! lol

  3. Pingback: Retirement Contributions Here I Come! | SavvyFinancialLatina·

  4. These are great goals, both financially and in terms of work-life balance! I also like the goal to be invaluable at work! Keep it up! I’m blogging my own goals too and I think putting them out there really helps with staying accountable!

  5. Pingback: 2012 Goal Reflections | Savvy Financial Latina·

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