Monday, 30 June 2008

Financial New Year Resolutions

It’s the last day of the financial year here in Australia, and I couldn't think of a better time to review my 2008 Financial Goals to see how I’m tracking, it’s the calendar year midpoint for the non Aussies too:

4 of my 7 Credit Card balances paid off in full

I've paid off two cards so far, and expect to pay off another next month, but getting that last one paid off by December 31 will be a serious stretch. I’m still going for it though.

Personal Loan under $20,000

This goal is on track, as I increased the repayments on my loan to accommodate the 3 (yes 3!) interest rate increases I've seen come though this year alone (damn credit crunch). I actually expect to reach this goal by November 2008.

Emergency Fund funded to $1,000

This goal is completed, I've actually got $2000 in my emergency fund as of this month, so I’m pretty chuffed about that. In addition I've established separate savings accounts for car maintenance, saving for new things (like a bed), and my 40th birthday trip to the UK in 2009.

Retirement Savings at 3% personal contributions

This goal is completed, I increased my personal contributions earlier this year so that chugging along, and I don’t even notice the difference in my pay packet these days.

Total outstanding debt under $35,000

Ah, yeah, this one isn't going to happen, it was an ambitious target even before I had all the expenses of moving house at the beginning of the year. I’m not going to achieve this one at all this year, but I’m still plugging away at reducing my total debt number.

So all in all I feel I’m tracking at 60% success rate, with a lift to 80% if I can manage to get that fourth credit card paid off.

That’s still a pass mark isn't it? :-)

As with a weight loss diet, you can’t throw in the towel if you don’t hit all of your targets, doing something right consistently will get you where you want to be, even if it takes longer than you originally thought.

How are you doing with your 2008 financial goals? Still on track, overachieving, adjusted for life impacts or given up? (I hope it's not the latter)

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  1. you've done really well! and having those specific savings accounts is a really good idea. I think you've done a great job!

  2. Thanks guys, I'm really feeling that 2008 is turning out to be a good years for me financially.

    Not jut from a paying off debt perspective, but my total money awareness and knowledge.