Frugal Patti

Your financial goals will depend on what your financial situation is currently, and what your future goals are. Remember to have each of your goals meet the SMART criteria we discussed on 12/28/08. I will present some major categories and examples of goals that some may want to have under each category.

Reduce Debt (every bit helps):

• Pay $x extra on mortgage each month
• Pay $x extra on car loan each month
• Pay $x extra on credit card x each month

Increase Income (assists with either debt reduction or savings):

• Make $x extra per month by working overtime
• Make $x extra per month by getting part-time job x

Short Term Savings (savings that you will spend in under/about a year):

• Save $x per month to start a Christmas/holiday fund for 2009
• Save $x per month for a new sofa
• Save $x per month for 2009 vacation

Long Term Savings (savings for the long term):

• Increase 401K contributions by x% (or $x) per month (or pay period)
• Increase retirement savings in x account by $x per month
• Increase college fund savings in x account by $x per month

Tomorrow: Setting Work/Career Goals…