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Here are my goals for March. Wish me luck. =)
- No new debt other than accrued interest on my loans in forbearance.
- Spend less than my monthly income of $4,340.
- Improve my net worth for the third straight month.
- Workout 2-3 times per week.
- Blog 4-5 times per week.
8 comments:
WCB,
Did you bring your breakfast and lunch to work this week? Is this going to be a continued goal?
Your goals are somewhat vague - at least the financial ones. Spend less than you earn how? How is this month going to be different from last month? Make your net worth increase how?
Do something that you can commit to. Were you able to bring lunch all this week? If not, maybe have a goal to bring it one or two days a week, and see if that works.
Kris
alright!!! I might have to cosign on a couple of your goals, especially the working out and blogging ones.
Another goal I think you should set for yourself is to adjust your W-4 withholding. If you received a $3,670 tax return, that means you're overpaying to the tune of over $300/month. Interestingly enough, this equals your suspected increase in student loan payments.
Instead of claiming (I'm guessing here) 1 on your fed tax returns, and 2 on your state, why don't you claim enough to get all of your money now? That way you aren't depending on an external factor, like maybe getting a raise, to make ends meet. And then if you do get a raise, you can allocate it towards other goals, like paying off the credit card.
From my experience in family law, people become REALLY reliant on raises and bonuses to make ends meet, and lose the ability to make do with their base income. You don't want to be in a position where you HAVE to get a raise or a bonus to pay your bills.
Good luck this month, and I look forward to seeing your progress!
Hi Kris,
If I spend less than I bring in, then my net worth will improve at least $500+/month. I am paying down debt each month. I reduce my credit card balance at least $400/month, my mortgage ~$100/month.
I have not bought any breakfast, lunch or dinner this week. This is the third day in a row that I brought my lunch. I am going to try for at least 2-3 times a week to bring my lunch and I will no longer buy breakfast. I've been eating some cereal before I leave home in the morning and I buy yogurt from the grocery store instead of buying the expensive parfaits from last month. I have a food & dining budget of $200/month.
Last month I spent too much on food and I had quite a few irregular expense. I had to pay for a new garbage disposal $120, the parking passes $188, my Dad and Nephew's birthday and a Charitable contribution for a Special Olympics fundraiser that my brother in law is participating in this month.
I am going to post my budget and will post weekly how I am doing. Thanks for your questions and comments. You always make me think harder about what I can do to improve. =)
Aaren,
I have to do some soul searching to get comfortable with changing my withholdings. I am getting to the point where I will no longer be able to claim interest on my student loans because my income is getting too high.
I claim 2, myself and my home, for both federal and state.
Oh Kris...I forgot about the tax preparation fee last month too. That was another irregular expense.
Chi, I have gotten to claim a deduction exactly one time in my life, and that was the first year I was working full time. I made $300 over the limit my second year, and more than that the past 2. I'm looking forward to getting married just to get back under the limit, lol!! I blow raspberries when people talk about it.
WCB,
That is good news! It seems that starting with goals you can accomplish that are appropriate and achievable works best for most people. Having to document your progress and what works and what does not helps to keep focus.
I think you will find that you are eating healthier as well.
Kris
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