The title to this post is pretty self explanatory. I set some goals at the beginning of 2009 and then I fell flat on my face. I started out 2009 by cleaning off my credit card debt to a principle of $0.00. I am carrying a balance currently of $2,100 on one and only one card. Much of this can be blamed to bad budgeting on my part (I might have to try one of Budgets Are Sexy's Free Templates). Every month I am cutting it close with paying my bills, mainly because I am redirecting cash to pay down the credit card bill or trying to pay extra on my student loan. When the non-pay period week roles around and my checking account is low, I look to monetary in aid in the form of the plastic cards in my wallet. Not a good thing at all.
My student loan is synonymous with the wickedest of all witches, Sallie Mae (just the sound of her name raises my blood pressure). We made some strides with this challenge, but we did not accomplish what I first set out to do. I started the year with $83,000 left on the loan and ended the year with a balance of $72,600. My expectations, according to my 2009 New Year Resolution, were to get the loan into the low to mid $60,000 range. Yeah I definitely sucked at that one as well. I started off the year great, paying a minimum of $1,400 every month, but that slowed down as the credit card principle grew. There was also a Vegas Vacation throw in the mix during October which set me back a month. Again, I only have my self to blame on this one.
The point of it all is that I really did drop the ball in 2009 when it came to my finances. A few instances came up where some of my funds needed to be redirected towards family obligations and then there were just bad decisions on my part. The family stuff is justifiable; however, I should put myself in a strong financial position that I am easily able to help out my family whenever needed and on occasions when not needed.
The year of 2009 is done. Along with that, you will not be hearing, seeing, or reading any more New Year Resolutions from this guy. Rather than trying to forecast my performance for the entire year, I am going to break it down into more manageable and REALISTIC time periods such as months. In all reality, all a New Year Resolution consists of is a wishful guess of where you want to be in 12 months. That is not putting yourself in the best position to be successful. I have been known to do a ton of talking and show little action. Let this be the point where I admit to realizing that I am full of crap.
Hello readers. Hello bloggers. Hello 2010.
Tuesday, January 5, 2010
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7 comments:
Haha...oh man, that last few lines cracked me up ;) I applaud you for staying honest my good sir. Here's to a brilliant 2010 indeed!
Looking forward to your action over talking.
Can you expand on how your helped family? I always have trouble balancing when I should help them out or not.
This is why you need to budget for 'Other' or miscellaneous and direct funds there as part of your monthly budget. Then you can use the money from that account for things that come up while keeping the money for bills separate.
I also have a 'snowball' fund that gets monthly deposits and every now and then I use it to pay an extra payment on the credit card.
You need to set definite budgets for each thing, including savings and make yourself stick to it.
@J Money - Glad I could entertain you. I am just trying to make some major moves this year, lots of new stuff to share with everyone over next few weeks!
@fan - I live at home so I help out my parents when I can with anything from utilities, insurance bills, or anything if they ask. Its tough sometimes when you need to take care of soemthing, i too struggle with it constantly.
@Lulu - Your right, I need that buffer fund for the stuff that "might just happen". I think I might have to set up that snowbaling account to help me pay down the credit card principle. Great idea!
Regardless if I have the money available in the budget or not. I have trouble helping out family members with something when I see them wasting money say 2 months later. I think, I could still have that money if they just handled their affairs properly.
Know what I'm saying?
@fan - I know exactly what you are saying. First they are asking for money to spare them, next thing you know they are blowing the money carelessly. It is at the point where it be best to try and explain to them that you won't be helping them if they are going to continue to be irresponsible with their financial decisions.
Yes, and my new year's resolution is to set on my long term goals. That way, I can be able to focus on my job, on what I am currently doing and everything.
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