Wednesday, January 05, 2011

My 2010 Goal Recap…

Goals for 2010:

  • Use only cash and debit cards.
    I did well with this goal until about September of 2010 when I decided that I was going to begin using my credit card for transportation expenses. It was all downhill from there once I put the card back into my wallet. I started charging other items and because I was determined not to incur additional credit card debt, I began depleting my savings account every month to pay off the balance in full. By the end of 2010, I went from $12,000 in savings to just $2,000.

  • Live below my means and within my budget.
    I only made met this goal 2 out of 12 months in 2010. Coincidentally, those were also the months I picked up extra income from my part-time retail position.

  • No more debt and no credit card use.
    My debt in 2010 decreased from $377,310 (including my mortgage) to $369,859. Total decrease was $7,451.
    Mortgage decreased $1,381.
    Credit Card Debt decreased $4,060.
    Student Loan Debt decreased $2,010.

  • Continue networking to land law position.
    I did a lot of networking in 2010 including traveling to Milwaukee for a charity golf outing which resulted in an interview. I am on the radar at two law firms in Chicago but the real networking that I am doing now is within the Bank.

  • Work to find avenues to increase my income.
    I took on a part-time retail position from June to September.

  • Use savings and not credit for emergencies.
    I depleted my eFund for car repairs in 2010. Overall, for the first time since I can remember, my credit card debt actually decreased instead of increased for the year.

2 comments:

Broke by Choice said...

Way to go. May not have been what you hoped for the the progress is great.

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