Nov 02 2008

Goals for November

Did I seriously forget to post about my goals for October? Sheesh. Well, here’s some goals for November.

1. Pay double the amount of our car loan this month.

In October, I mailed a double car payment of $277.33 and sent it directly to the principal of the loan. I’m hoping that we can send at least a double payment each month as a minimum. If we do, then we’ll have our car paid off by the end of next year. I’ll use $1,662 from our emergency fund to make the last over payment. You see, $1,662 is six months of car payments. It’s needed in our emergency fund right now to cover lost wages, but it won’t be needed once we get rid of that bill.

Of course, if we can send more money to the loan, we will. But, for November and December, I’m not going to send more than $277.33.

Why? That brings me to my next point.

2. Put all extra funds in savings this month and next month.

I’ve been keeping track of my freelance and blogging income, and after fiddling with some numbers on a tax web site, it’s looking like we’re going to owe the government some money for this tax year.

Apparently I haven’t set aside enough money for taxes. Whoops.

It won’t be a problem, though. I just need to take steps to prepare.

As y’all might recall, my baby is due on Dec. 30. Now, babies rarely come on their due dates. If he’s born in December, we’ll be able to claim him as a dependent for the 2008 tax year. I think. If we can do that, we probably will owe a tiny amount of taxes, and we might even get a small refund. If he’s born in January though, it’ll be a bigger tax bill for us.

So, once he’s born, we’ll have a better sense of our tax obligations.

For now, I’m setting aside all extra money into a savings account. We can use that money for taxes if we need to, or, I’ll have a larger amount of money to send to our car loan in January. Either way, it works out.

3. Create a budget for Christmas gifts and other related expenses.

We’re not making a big fuss for Christmas this year, but we’ll still want to prepare for it. Some people need to start a few months in advance to set aside some cash, but I think we’ll be fine starting now.

4. Find new “snowflakes” to add to savings, with the goal of at least $200.

I know it isn’t a huge goal, but I would like to find new ways to save money or earn money. Just off the top of my head, I know that I can earn an easy $20 from ING Direct for using my debit card 5x (I’ve already used it three times this month). And maybe YouData will start to be a little more profitable. I’ll be on the lookout for more things I can do.

7 Responses to “Goals for November”

  1. I should curb my spending!!! Etsy is really the devil. That should be my goal for November.

    Congrats on your realistic goals :)

    Fabulously Broke’s last blog post..Bought 2 fabulous necklaces on Etsy

  2. I’m taking the H&R Block tax class right now. And, yes…if your baby’s born by 11:59 pm on 12/31, you get to claim him for the 2008 tax year. So, here’s hoping he comes on or before your due date!

    Great goals!

    Corrie @ “Cents”able Momma’s last blog post..CVS $5 Challenge – 11/2 – 11/8

  3. I’m a contractor for two different companies and therefore, do not have taxes witheld from my income. I’d be interested in knowing the website you’re using to get an estimate on the taxes you owe. I have a feeling that we haven’t prepared for it the way we should!

    I sure do wish I my baby was due to be born before the end of the year! That would be a tremendous tax break for us. But alas, I’m not due until mid-February, so I won’t be wishing for a 2008 delivery!

  4. Yes, even if he’s born at 11:59pm Dec 31, you claim him on the 2008 taxes. On the other hand, many hospitals have a special package for the first baby of the year. So if you end up on Jan 1 (or even later, depending on the size of your city) it would still be fun, at least, if you ended up with the first baby of the year.

    I’d rather have the tax deduction, too.

  5. Yeah, It would be fun to have the first baby of 09! I live in Pittsburgh (about 2 million in the metro) so he’ll have to hustle if he wants to be the first.

    Ultimately, he’s gunna come whenever he’s ready, and that’s fine with me. I’m just hoping he can help us out a little :)

    Risha, I just went to and clicked on the tax estimator on the left side:

    I believe you should put in your income in the category for your own business, but of course I’m no tax expert and I could be wrong.

    Hope that helps!

  6. I signed up for YouData and I love it! Thanks for the suggestion! Great goals, Kacie!

    MrsMoney’s last blog post..Sunday Link Love!

  7. Some great goals for November – and sensible too. I hope baby decides to come this year to help with the tax bill – but it always exciting to be the first baby born in the year.

    Clare’s last blog post..Four festive Christmas gift ideas to make your office gift exchange a success

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Hey! I'm Kacie, wife to Shane and mother to Jonathan (7), Vivienne (5) and Amelia (2) . I write about my family's finance: how we save money, improve our spending, and plan for the future.

I hope I can inspire and encourage you to improve your situation. See disclosure.

I'm adopting a much slower-paced posting schedule, and treating this as a hobby blog now.

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