I have heard a lot of people say that they don’t make resolutions for the new year because they feel like they will just be setting themselves up for failure. I tend to disagree! I am a reflective person by nature, so I am constantly looking back at where I was and where I am now. I think that resolutions - or we can call them goals, are an important tool to impact future success. So in the spirit of encouraging you to set some goals I thought I would share some of mine.
What are some of my financial goals? Well as a newly minted home owner there are a lot of new things my wife and I have to get used too - making a mortgage payment instead of a rent payment is one of them! I also plan to save 1.5% of the value of my house to use for house repairs.
This year we may not have any issues with the property but maybe next year we will have to re-paint the house, or replace the furnace. By saving a few bucks every month we will be prepared for those types of expenses. A new furnace, without this savings, used to be a major emergency now it is just an inconvenience.
As most of you know, I am also a big fan of budgeting. Liz and I have had a budget for a long time but just like everyone else sometimes we get off the straight and narrow path and have to get back on board. In 2011 I want to budget more deliberately rather than just use the same old plan from the past. This includes sitting down each month as a team and looking through our bank statements to evaluate our budget versus actual spending.
On the career front, I want to continue to grow the relationships we have established with Guide Rock Capital, and meet new people that we can help reach their goals. We have experienced overwhelmingly positive feedback from our readers about this blog so I plan to add some new multimedia functionality such as pod casts, videos and new images. Keep an eye out for the new material and let me know what you think!
Finally, one of my biggest goals for 2011 is to get more involved in community efforts to improve financial literacy in our work place, schools, and neighborhoods. In case you couldn’t tell I am pretty passionate about influencing social change through increased Financial Wellbeing. Money is a taboo topic in our culture but it doesn’t have to be. By talking about personal finance we can create new understanding of how to improve our relationships and our lifestyles. I am not sure how this goal will look when I reflect in 2012, but I plan to keep my eyes open for opportunities to get involved.
Leave a comment! What are you planning to do in 2011?