Dec 30 2009

2010 money hopes

Who’s ready to start a new decade? I am! The 2000’s were pretty good for me, actually. I graduated from high school in 2003, went on The Price is Right, started (and finished) college at Indiana University, met and married my husband, moved to Pittsburgh, had a son. All huge milestones, and all good ones.

That decade, I got my first of many jobs. In college, I accumulated some credit card and car debt. We buckled down and paid it all off, and built up an emergency fund.

Since becoming debt-free in May, we’ve bought a few things we had been putting off. We loosened up on being ultra tightwads. It became OK to spend $20 here and there.

We do need to buckle down a little bit so that our savings account will grow at a more rapid pace. It’s just getting a little too lax lately.

We have a few savings goals that I’ll outline:

  • Second car. We have one car right now, and it runs well. It only has 32k miles on it, despite being driven from Pittsburgh to Indiana and back a dozen times. We have no intention of getting rid of it anytime soon. Still, eventually we think we’ll need a second vehicle. We’d like to pay cash for it (maybe $6 – 8k?). To me, that’s a lot of money. It’ll take us awhile to save it. We’ll get our car fund going right now so that when we do decide to get another car, we’ll be able to pay for it. Target completion date: October 2010.
  • Johnny’s college fund. I don’t anticipate contributing huge amounts to my son’s college fund just yet, as we have other pressing financial goals. Still, I think we can contribute small amounts and money that he receives as gifts. Even small contributions are better than nothing, right?  Set up by end of January 2010.
  • House down payment. Oh, this mammoth goal. Ideally, we’ll save up 20 percent to put down on a 15-year mortgage. As far as I can tell, I’m talking at least $20-25k just for the dang down payment. We’ll need more to pay for the closing costs, prepaids and other stuff that’s needed when you buy a house. Ugh. If things keep going as they are, it’ll take us a few years to get that kind of savings. I don’t even know that I can put a realistic end date on this one. Let’s then say that I hope to be working toward this goal by the end of 2010. At the very least, I do think we’ll be in a house within the few years, and hopefully close to paying it off by the end of the decade.

How did the decade treat you? What are your goals?

4 Responses to “2010 money hopes”

  1. I reached a lot of the same milestones as you this past decade, as I think I’m about a year older. We also bought our first home, and although we didn’t think it out as carefully as you are, we are doing okay. Our big goal right now is to pay off our van early. Not to be cheesy but your blog was a large part of inspiring us to do this :-) We’ve been chipping away at it for months, paying a little extra here and there instead of blowing the extra money we are blessed with. Paying it off on time would have been July 2012, but we refinanced and got it down to Jan 2012, and it looks like we could have it paid off by Jan 2011 if we really commit. Having that paid off will give us some serious leeway and allow us to contribute more aggressively to savings for ourselves and for our girls. Anyway, thanks for your awesome blog. It has definitely helped us.
    .-= Jenny´s last blog ..What should I put on my iPod? =-.

  2. I told my husband today that I wanted to think about financial goals this year and he kinda laughed. he’s been unemployed for over a year so thinking about how to pay off debt, or start saving is not really an option. We can’t even pay all our bills each month. I’m getting so frustrated with it all, but God has been providing. hopefully this year we’ll be able to get caught up and pay off some debt. our biggest goal is surviving!!
    .-= Jes´s last blog ..Crafts! =-.

  3. Jenny — Thanks so much for the feedback! It means a lot to me to know that I may have positively influenced someone. Go go go go! I bet you can do it sooner than you think!

    Jes — You’ve really had a rough year for sure. I pray that your husband will find some steady employment soon and that you’re able to start making some headway. Best wishes!

  4. This year our #1 goal is to eliminate my husband’s loans. We have $4,000 left. We will totally do it.
    Then we turn to our mortgage. We only put 6% down on a 30 year note. I’ll never do that again! We want to get to 12% equity this year, with our eyes on 20% equity by 2011.
    After we hit 12% equity, we’ll be getting Darah’s college fund going.Wish us luck!
    .-= tiffany´s last blog ..Belly Laughs =-.

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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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