❤ mollymouser ❤
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Sarcasm is my Superpower
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Location: Central California
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Post by ❤ mollymouser ❤ on Dec 23, 2010 21:50:12 GMT -5
With a new year just around the corner, it can be a good time to take stock of how 2010 went for you / your family ~ and figure out what some of your Smart Spending (Finance / Money / Debt) Goals will be for 2011.
HOW WAS 2010 FOR YOU?
WHAT DO YOU PLAN TO DO THE SAME/DIFFERENT FOR 2011?
ANY SMART SPENDING GOALS FOR 2011 YOU WANT TO SHARE? (As with all threads, feel free to be as specific or particular as you'd like, always keeping in mind that this is a public Internet forum and people should always be careful about disclosing sensitive, confidential or personal financial information.)
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❤ mollymouser ❤
Senior Associate
Sarcasm is my Superpower
Crazy Cat Lady
Joined: Dec 18, 2010 16:09:58 GMT -5
Posts: 12,857
Today's Mood: Gen X ... so I'm sarcastic and annoyed
Location: Central California
Favorite Drink: Diet Mountain Dew
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Post by ❤ mollymouser ❤ on Dec 23, 2010 21:54:54 GMT -5
HOW WAS 2010 FOR YOU?
WHAT DO YOU PLAN TO DO THE SAME/DIFFERENT FOR 2011?
ANY SMART SPENDING GOALS FOR 2011 YOU WANT TO SHARE? I think 2010 went well for us. My biggest goals were to try to work on keeping spending reasonable and under control, to increase our charitable giving, and to begin to work on building + replenishing our depleted savings account. I think progress was made in all areas, though we still have room for improvement (of course!) I think we will try to do a better job of comparison shopping, coupon clipping, sales-watching, and other steps to keep our household spending where we'd like it to be. We will also want to figure out a budget for vacations and vacation spending. And, as always, we will work to keep energy costs under control. I think I pretty much have the same goals for 2011 that I had in 2010.
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Sharon
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Post by Sharon on Dec 24, 2010 10:51:35 GMT -5
DD is heading to college- out of state. We are going to really start buckling down and try to get some money saved to help with the college expenses.
Through these boards I have made great strides over the last 2-3 years. This next year though we are going to have to be even more mindful of our spending. I know I am about 18 years to late in the process but that is the way it goes sometimes. I just keep telling DD we will figure it out.
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cronewitch
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Post by cronewitch on Dec 24, 2010 12:26:37 GMT -5
2010 was good to me, I cut back on saving for retirement in my 401K because of tax planning for retirement. I have been putting in the max for people over 50 since 2003 but now my tax rate in retirement will be about what it is now. The stock market did great this year up over 77K this year. That gave me a total of 510K for retirement when my goal was 500K to get 20K in retirement income from investments. Now unless the markets plunge I can retire in April 2013.
Yesterday I refinanced my mortgage to 3.458% from a old 15 year so my payments will drop 900 a month almost to 612.47. Since I will only put about 10K into the 401K it will give me about 20K a year in extra income to invest. So if I invest 30K a year the next couple of years with my 510K I have saved up now and market returns I should have over 600K for retirement maybe 700K or more.
That seems like a lot of money but you only get about 4% safe withdrawal rate so only about 25K a year plus SS of about 15K so 40K still isn't rich.
My goals for 2011 are simple, don't get fired live below my means and donate to charity since I seem to have about enough.
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Post by suzwantstobefree on Dec 24, 2010 13:14:38 GMT -5
I am 43 and plan to retire in September 2032, which seems a long ways away, but really will be here before you know it!!!! My long term goals are to 1) not get fired heehee 2) comtribute the max to my 401K, 3) pay off my home.
For 2011 I want to get my home mortgage below $150K, save more money in my EF, and make the max contribution to my 401K.
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djmj3284
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Post by djmj3284 on Dec 24, 2010 16:54:56 GMT -5
1. Pay off 2 credit cards that have been a thorn in my side for too long about $6500. Did about that much in 2010. So I think it is doable. 2. Revise our business budgets per location (we own 3 small retail stores that of course have business financing so I need to get the businesses to our home level of austerity) 3. Plan for a vacation in 2012 - ie save for it so we can go on a short cruise to Alaska. Haven't been on vacation in 7 years and we are getting a little burned out. 4. Keep everything going for another year so the 12 people who depend on our business as their means of support continue to work. This one is my don't get fired!!! Of course we get fired by customers not the meanie boss. I guess I am the meanie boss now. 5. Figure out the grocery hounds process - I'm not nearly that good and don't want to waste money that could go to the large goals.
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Post by suzwantstobefree on Dec 24, 2010 17:06:54 GMT -5
DJMJ - Oh My gosh you will love the Alaskan Cruise. It was the best vacation (ie most relaxing) I have ever been on. I went in 2009 - It was truly a beautiful experience! I really enjoyed the off ship trip on the train through the mountains. If you can - do that!!!!
You have a great set of goals.
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Apple
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Post by Apple on Dec 25, 2010 20:23:02 GMT -5
In 2010 I pretty much cut out any extraneous spending (and I lived pretty cheap before that). I've been paying extra on my property and already have over 10% down on the new house (see avatar--well, until I change it). Logs are being cut, plans have been sent to the permit office, things are in motion. This year my goal is to get the shell of the house completely paid for as well as the septic system/roof/foundation so that I can start the inside work in the winter. It will be crazy busy, and I'll be penny-pinching, but in the end, it will be worth the sacrifice. I have big dreams and big goals, but nothing is out of reach.
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❤ mollymouser ❤
Senior Associate
Sarcasm is my Superpower
Crazy Cat Lady
Joined: Dec 18, 2010 16:09:58 GMT -5
Posts: 12,857
Today's Mood: Gen X ... so I'm sarcastic and annoyed
Location: Central California
Favorite Drink: Diet Mountain Dew
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Post by ❤ mollymouser ❤ on Dec 25, 2010 21:26:21 GMT -5
Great goals!
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Post by suzwantstobefree on Dec 26, 2010 7:32:33 GMT -5
Apple, your new home looks beautiful!! I really would like to have a log cabin one day. What part of the country do you live in?
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Agatha
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Yes, I guess I'm a rather sedate dragon. Fire-breathing only at request or when absolutely necessary
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Post by Agatha on Dec 26, 2010 8:47:49 GMT -5
I didn't set any goals for 2010 but I have starting thinking about 2011.
1. Find a job. Yes, I'm unemployed and voluntarily so. I don't expect any problem with this. . .really. But I need to find something in my field which is less physically demanding. 12 hour shifts and recent knee surgery have taken a toll. 2. Replenish my savings. A new roof, two plumbing disasters, and surgery gave it a massive hit. I'm just glad I had it and it makes me extremely nervous to look at zeros. 3. Options. After getting number three back up I have a few things I would like to get done. A true vacation would be nice; I haven't had one of those in years. But it may be a luxury in 2011. There is still the plumbing in the main bathroom. The boys (my nephews who live with me) have been saints putting up with the low water flow and I have promised it is the first thing on the home improvement list.
Thank the PTB I have no credit card debt, just a small rehab bill left over from my knee surgery. It will be paid off in just a few short months so I didn't include it.
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Small Biz Owner
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Post by Small Biz Owner on Dec 26, 2010 9:40:31 GMT -5
<<Find a job. Yes, I'm unemployed>>
Best wishes from me in that regard. Things are supposed to be a bit better now if you believe the news.
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Apple
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Post by Apple on Dec 26, 2010 11:30:53 GMT -5
Apple, your new home looks beautiful!! I really would like to have a log cabin one day. What part of the country do you live in? Thank you! I'm excited and scared at the same time since I'm tackling this by myself. I've got a great builder though, he makes gorgeous houses, every log is unique (he just peels them, he doesn't mill them down to make them uniform). I live in the NW and the home will be at about 2400 feet elevation surrounded by Ponderosa pines, firs, and some other kinds of trees.
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Post by suzwantstobefree on Dec 26, 2010 13:23:55 GMT -5
Very cool Apple. I would love to get a log cabin in N.C. one day!
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Plain Old Petunia
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bloom where you are planted
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Post by Plain Old Petunia on Dec 26, 2010 21:54:43 GMT -5
In 2010 I pretty much cut out any extraneous spending (and I lived pretty cheap before that). I've been paying extra on my property and already have over 10% down on the new house (see avatar--well, until I change it). Logs are being cut, plans have been sent to the permit office, things are in motion. This year my goal is to get the shell of the house completely paid for as well as the septic system/roof/foundation so that I can start the inside work in the winter. It will be crazy busy, and I'll be penny-pinching, but in the end, it will be worth the sacrifice. I have big dreams and big goals, but nothing is out of reach. Wow, that sounds fabulous! Best of luck to you.
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Post by money100 on Dec 26, 2010 22:50:21 GMT -5
at Apple's signature! HOW WAS 2010 FOR YOU? It was disappointing, money-wise. We have $36K in CC debt, $5K owed to my inlaws and $450/month in student loans for the next 6 years. My priority was to reduce the CC debt by $10K and instead we're in the same shoes, after 12 months of raises, bonuses, unexpected tax refunds and paying $600 to cc debt each paycheques (26 in all). Basically, I would reduce the cc balance and rack them up again. WHAT DO YOU PLAN TO DO THE SAME/DIFFERENT FOR 2011? I plan to not use cc's at all in the new year as I clearly cannot be trusted and to buy only the things we NEED. I plan to make use of our library for books and dvds, the second run theatre for "big" movies and to continue grocery shopping at No Frills (low cost but good quality supermarket here in Ontario). I plan to stop buying lunches at work, rationalizing my way by saying a $6 lunch is probably what a lunch I made at home would cost anyway. By hook or by crook, I'll make every single work lunch a homemade one. BTW, if anyone did any research into this and can prove that a ham-and-cheese sammy with a yogurt and apple works out to $.89 (or some such), I'm dying to hear it. Most of all, I plan to use this board to convince myself that super smart people like you guys are doing well and I need to get my $ hit together!!!
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Apple
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Post by Apple on Dec 26, 2010 23:21:37 GMT -5
Thanks, I'm an electrician so I try to keep those little boogers moving I'd much rather them be inconvenienced than me. There isn't any place to go out for lunch where I work, so I have to bring a lunch or I go hungry. It just becomes habit after a while. I try to make enough to have leftovers just for this purpose, but with a 13 year old boy sometimes they're gone before the dish can get cold. I try to keep extra stuff in the freezer for those days when I'm too lazy to make anything. Layered Enchiladas work well for that. Cook a casserole dish full, cut it into serving sizes and individually wrap and freeze. I'm sure you can chip away at that debt, many have, and the relief you'll feel will be amazing.
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cronewitch
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Post by cronewitch on Dec 27, 2010 3:34:43 GMT -5
Lunch from home can be nearly free. I don't eat sandwiches but like Apple I don't have anywhere to buy lunch so must bring from home. I just got apples at 19 cents a pound so 10lbs for 1.90 was about 20 apples, cheese is about 4.99 for 2lbs. So an apple for 10 cents and about 2oz of cheese is around 80 cents total. You can figure up you cost for a sandwich an yogurt but it would be hard to spend $6 on lunch from home.
Our stores have ham on sale for 99 cents this week so assuming $10 would buy a big chunk for sandwiches you could make at least 20 so 50 cents each for meat, 75 cents for cheese and 20 cents for bread, 5 cents for mustard you could make one for around 1.20, yogurt is around 50 cents and 50 cents for an apple would be about 2.20 total.
It is probably healthier than a restaurant $6 lunch and you can use leftovers instead of buying lunch food separate.
I don't enjoy the packing part of packing a lunch so I like to take food to keep at work a few days worth at a time.
I can get a can of chili for around $1 and 10lbs of potatoes was 1.29. Putting cans of chili in my office then bring a few potatoes I can always have potato microwaved with chili. Or I can take several apples and a big piece of cheese and just have apple and cheese for lunch. Sometimes I take peanut butter and crackers.
You don't need to take school child lunches if you have a refrigerator and microwave at work.
A major savings here is sales tax groceries aren't taxed and restaurants are 9.5% and if not fast food you have a tip too.
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Post by suzwantstobefree on Dec 27, 2010 6:34:34 GMT -5
Apple, I like your signature too, but anything that moves makes me dizzy!!!!
Money100 - I would challenge you to "poverty" lunches. I learned about this on the WIRR - South thread. It is anything that you can take to work and spend $5 or less. If you do it for 4 days then you treat yourself to lunch out on Friday. Actually, I can do this for well under $3 each day (and you can make your own dollar challenge). People can get pretty creative with this! And if anyone says anything to you about being cheap you just say - this is a poverty lunch - I am trying to save money so I can get out of Poverty!!!!
Personally, I like to take my lunch but hate putting it together in the morning, so that is why I try for 4 days and then if I succeed, I treat myself to a day out!
It takes a lot of discipline to get out of credit card debt. I like someones idea of writing checks for everything. This allows them a few more minutes to think if they really need something.
And, finally, (I get a little chatty), I would see if there is anything you can do with couponing. I have really saved a bunch of money by combining sales and coupons and stocking up my pantry when things are on sale. I don't know what it is like in Canada, but in Florida I am able to go to the higher end grocery store that I like but get great deals that save me more than going to the "no frills" store.....
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Post by kadee on Dec 27, 2010 17:23:08 GMT -5
This year I think I am going to do a couple of things I haven't done before! 1. Take a class that I like! 2. Volunteer, it is a requirement to complete the class I want...50 hrs. during the year! If that goes well, I may take another class at the VoTech that I want also. I've been saving, doing for others most of my life and decided that this is the year to do some things for myself! When I have completed at least one of these classes, I should be able to save from some of the teachings there too! My other goal is to get our veggie garden area cleaned up and usable! Last year it was taken over by bermuda grass! That is some of the hardest stuff to get rid of I've ever seen! That should mean that I will be really, really busy during Jan., Feb. & March! If I get the garden cleaned & going, I will be canning/freezing the largest part of our veggies for the year! That will save a good deal of $$!
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Post by yogi on Dec 27, 2010 22:46:33 GMT -5
I am so thankful that 2010 was a good year for me financially. I paid off my car loan (woo hoo!!!) and built up an emergency fund by opening up an online savings account through ING. The automatic savings plan has helped me tremendously because I don't see or miss the money when it is automatically deducted from my checking account. My goal for 2011 is to keep adding to the emergency fund and finding new ways to save money
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blackcard
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As of April 2013 Mortgage is paid in full :) NO debt of any kind.
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Post by blackcard on Dec 27, 2010 22:55:04 GMT -5
Trying some more self restraint. Five years I have done it now <pats self on back>
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twinkle
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Post by twinkle on Dec 28, 2010 3:27:01 GMT -5
2010 was a good year for me . I paid off my mortgage and am debt free. My goals for 2011 include contributing significantly to a 401k and saving for a good used vehicle. I wiil also work at purchasing mostly needs and indulging in fewer wants
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daisylu
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Post by daisylu on Dec 28, 2010 8:32:05 GMT -5
2010 was harder than expected for me. Groceries and medical hit me the hardest. It was my first full year of marriage, and I learned that feeding a family of four is a lot more costly than I had anticipated. I did extremely well with other spending though.
In 2011, I want to carry-over my "no boredom shopping" philosophy. That worked well for me this year.
And having paid off my last car loan, I hope to really build on the savings.
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Post by Deleted on Dec 28, 2010 18:31:28 GMT -5
2010 wasn't the best, but it was better than years pas I have a car payment again (my car decided to kick the bucket right as I was trying to turn my finances around so I have a car payment again.) But I managed to get 1 CC paid off.
2011 1) Finish paying off CCs 2) Start saving more in my EF. 3) Take a real vacation for the first time in 10+ years.
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Post by breezy on Dec 29, 2010 9:58:59 GMT -5
2010 was really hard on me. I'd like to be better prepared going forward, so my goals for 2011 are: 1. To stick to my budget. 2. Fund my EF (6 months) 3. Increase my 401k contibutions. 4. Maybe get a part time job.
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Post by leeann on Dec 30, 2010 23:08:53 GMT -5
1 I want to save at least $6000.00 in addition to funds for our vacation fund and an account that is mainly for emergencies. 2 I don't want to touch this money once I put it there 3 I want to pay as much as possible in cash, even debit cards can be dangerous if you don't write down those receipts quickly 4 I want to stop the stupid spending on stuff like magazines, all of the make up I buy 5 seriously considering a no spend time. not sure how long it will be-I know some do this for a year at a time 6 can't think of more right now, but this is really big for me
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whispering17
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Life is short...eat dessert first!!
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Post by whispering17 on Dec 31, 2010 0:12:31 GMT -5
In 2010, I did max out my 401k but I didn't save any other money. My EF should be much richer than it is right now. I plan to be more disciplined in 2011. I have set up auto deposit from my paycheck directly to savings. I will also write down every expenditure so I can better track my money. My cc's are paid off except for one I use monthly. And it is paid off monthly. My truck is also paid for and just recently serviced so it will last longer. I'm a work in progress!
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Post by suzwantstobefree on Dec 31, 2010 8:36:17 GMT -5
I'm a work in progress! Aren't we all Good goals!
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Post by tiredboomer on Dec 31, 2010 13:42:20 GMT -5
I met my major goal of 2010 - enough money for a new roof. 2011 goals - bathroom remodeling, Roth IRAs funded, and up the 401K contribution.
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