I have a few key financial goals for 2010. These goals can be separated into the following categories: reducing spending, paying off debt, and savings.
Reducing My Expenditures
As my name implies, I’m a “Big Spender” – shopping is one of my weaknesses. However, I’m not the traditional female shopper. Aside from my love of Coach purses, I spend more money on electronics and other gadgets. I also enjoy shopping for my children. I’m going to work on reigning in my frivolous spending in 2010. I love bargain shopping so I’m going to be more methodical in my hunt for bargains and buy what is needed, not just what happens to be a good deal at the time.
In addition to cutting back on luxury items, I’m also going to work on cooking more from scratch and eating out less often. This is not only a way to cut my monthly budget, it is also healthier for all of us.
Paying Off Debt
Unless we see a huge and unexpected financial infusion this year, we will not be able to pay off all of our consumer debt in 2010. However, I’m going to plug away at my debt and any non-planned monies will go directly to the debt snowball. In order to expedite this process, I’m committing to no new debt this year. Wish me luck!
Savings
Although I am basing my get out of debt plan on Dave Ramsey’s teachings from his book The Total Money Makeover, I’m not following his plan precisely. I will be continuing to put money away into retirement and emergency savings funds throughout the year.
No related posts.