FB’s Financial Goals for 2008

Retirement Fund is getting upped

– Currently have $14,000 in it

– Am going to contribute an additional $400/month along with the 4% salary company match I do (for a total 8% at the end).

– Would like to have $24,000 by the end of the year, but I don’t know if I’ll be able to do that considering I may be maxing out my retirement contributions again. We’ll see, come tax time. I can always pause payments if I go too far.

– Switching all my index funds that I normally purchase through the TD Bank E-Series with a MER (Management Expense Ratio) cost of 0.58% to iShares because the MER is 0.17% or some other ridiculously low number for index shares.

– Going to continue investing in index funds, but am going to focus on the technology index funds sector as I am most interested in that industry. Considering banks as well…

Saving a healthier emergency fund

– Right now it’s a pitiful $200 compared to the $2000 I had a month ago.

– Originally I had only wanted $1000, but now I’m going to save at least $5000 in emergency money. It’s going to be a push but I’ll try my best.

– When my debts get close to being cleared ($2000 or $3000 left), I’ll withdraw the money from my EF and clear it in full, but I’d rather have the cash on hand and wait for that moment rather than throwing it into debt right away and not being able to access it if I need it immediately.

Clearing a good chunk of my debt

– I hope to be cleared my massive student loan (the big gorilla) by the end of summer (September 2008). But with my emergency fund goal I may not make it until end of November 2008.

– Then I only have the chimpanzee left of $15,000 and that’ll be cleared by mid 2009 if all goes well.

Going to start a travel budget

– Have a bunch of weddings to attend and other mini vacations I’d like to take with BF but I don’t want to rely on my EF for this because that’s not its purpose.

– Maybe a travel budget of about $5000 seems reasonable? I don’t know yet. It depends on where we go, but I’ll start squirreling away money now in advance.

– Am going to take this travel budget out of my toiletries/makeup/clothing/technology fund. Yup. Cutting the fat to make room for travelling 😀

Laying off the credit cards

– Have already started doing that, by taking out $200 in cash each paycheck and trying to make that last.

– Going to try and see whether I can have a $0 balance for at least a month, that way I can ‘restart’ the credit cards and keep better track of what I’m spending and on what.

Continuing to track expenses

– I can still trim that fat, but I don’t want to go so frugal and so cheap that I end up depriving myself then going on a huge shopping blitz.

– Am going to start a whole new Excel sheet with the same templates but now for 2008.

– Am going to review 2007 expenses and see where I could improve.

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About the Author

Just a girl trying to find a balance between being a Shopaholic and a Saver. I cleared $60,000 in 18 months earning $65,000 gross/year. Now I am self-employed, and you can read more about my story here, or visit my other blog: The Everyday Minimalist.