Financial Goals



I'm not usually one for setting goals, but lately I have all of these ideas that just float around my head. I think, "Oh yea, I'd like to do that," or "I should really look into doing that."  But I never get around to it and then the idea gets lost to the universe.  I heard it once said that people who write down their goals are 75% (or some crazy number like that) more likely to achieve them than someone who doesn't!  Seriously! 

I wrote down some personal goals the other day, but I can't help but feel like I should have some financial goals while I'm doing the Spending Fast.  This will be a working list, and change periodically.  I'll check in on it from time to time, and update each task in pink.  But for now, here it goes:
  1. Enroll in my company's 401K retirement plan I actually chose to not to participate in my company's 401K but instead enrolled in the Roth 401K plan they offered.
  2. Call my bank and talk to them about my checking account's fees.  I've read that for other banks the monthly fee can be waived if you sign up for direct deposit - which I already have.  If they won't waive the monthly fee, find a new bank that will. (I also do not want a bank that requires me to have a minimum amount in my account  to have a fee waived, this usually-four-digit-dollar-amount would better serve me in a savings account). 
  3. Call my Credit Union, where I have a savings account, and ask if the interest is compounded daily, monthly, yearly, or quarterly... Find a bank that does has daily compounded interest...  While I'm at it, find out what my interest rate is...  and, if I need to, check around for banks that have higher interest rates. I checked my Savings Account's interest rate, 0.25% APY!  Awful!  So I opened a new account with a different bank at 1.15% APY! (current Federal Funds Rate = 0.25%)
  4. Set up a Money Market Account.  This is where I'm going to be putting all of the extra savings I have from my Spending Fast.  Ideally, find one with no monthly/yearly fee, no minimum balance requirement, and has the highest annual percentage rate (the interest they'll give me every year) I can get. I tackled numbers 3 and 4 in the same step.  Read more about it here.
  5. Get a Credit Card.  I don't have one.  I was one of those people who closed the accounts as soon as I paid them off- RULE #1 OF CREDIT CARDS: Never close them!  I'm going to get a card, not to use, but to increase my debt to credit ratio. I was able to get my ideal credit card with the help of BF as a cosigner!  My goal now is to move on to #7!
  6. Pull all three credit reports.  Dispute any inaccuracies and know my credit score. Fortunately, everything was correct on all three reports, despite the identity theft scare I had earlier this year! 
  7. Use my Credit Card and pay it off every month, on time to raise my FICO score.
  8. Set up a Roth IRA account, separate from my work retirement fund, and contribute at least $50-$100 each month.  The Big Picture for this account is that it will be used as my Emergency Savings Fund.  I want to build it to $20,000. (This is a long term goal)
  9. Create a Short Term Savings Fund.  This will be my savings account for things like Vacations and unexpected car repairs.  I want to build it to $5,000.  (This is a long term goal)
  10. Set up a Revocable Living Trust with an Incapacity Clause and transfer all of my assets to it. 
  11. Create a will and name an executor.
  12. Create an Advance Directive (living will) and Durable Power of Attorney.
  13. Find a part-time job.  I would like to find a part time job that I can work a few nights a week.  I feel like without an extra income, I'm barely going to break even every month.  This is bad since the point is to save money.  I've already made as many cuts to my necessities as I can.

The Ultimate Goal:
Save enough money (around $20,000) to put a 20% downpayment on a house!
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