12.28.2010

2011 Goals

Setting goals for the entire year always intimidates me. I've always set realistic goals for myself in the past, but never any financial goals. Since 2011 will be the first year that I will be having a full-time income (being optimistic that I don't lose my job), I would like to focus more on financial goals than on personal goals as I have done in the past.


2011 Financial Goals


1. Max out Roth IRA
I don't know if I will be able to max it out for the 2010 tax year since I only have until May, but I want to max it out for sure for the 2011 tax year. I've missed out on the power of compound interest for 23 years and I don't want to miss out anymore!

2. Finance a vacation in cash.
This is an absolute must this year. I want to go on vacation with the BF totally on cash this year. It doesn't have to be a long or expensive vacation, but even a nice weekend getaway paid strictly with cash would feel great knowing that I don't have to make payments on a CC later. When we go on vacation, we like to really treat ourselves and do away with a frugal budget, so I will have to save about $5,000 for a trip to Hawaii.

3. Buy my first property as an investment.
Living rent-free with the BF's parents is a HUGE benefit. I get to save and save, but the BF and I are always on the look out for investment opportunities. We are planning to buy our first condo together but we will be renting it out to let it pay for itself for a year or two.

4. Contribute as much as possible to my 401K and force the BF to start one.
I'm not sure if I will be able to max out my 401k since I have other savings goals that I would like to meet before maxing it out. Another huge goal of mine is to force the BF to start a 401k. He's already 30 and he doesn't have one yet, only particularly because he started working late and he has other priorities in regards to saving. I know what other PF bloggers would say to this, I've bombarded him with the same financial tunes that you all would say.... compound interest is key! You don't need a lot of money to start contributing! $10 a month is all I ask! I'm pretty sure by the end of 2011 he will be contributing to one.

5. Never pay interest on my credit card again.
This is more like a life goal rather than a 2011 goal, but I really want to never pay interest on my credit card again. I've paid my fair share of interest already! This means no more impulse purchases and no more buying things I do not need. If I don't have the cash for it, I don't need it at that very moment. Now that I have an emergency fund, I don't need to use my credit card for "emergencies".

6. Save, save and save!
I have lots and lots of savings goals for 2011. I want to build my emergency fund up to AT LEAST $5,000 at all times, but I'm pushing for $10,000. I also want to contribute about $50 a month for Christmas gifts in December ($600 total). In addition I have a Travel Fund that I want to build up to $5,000 (this will include trips and airplane tickets to fly back home).


2011 Personal Goals


1. Start going to the gym again.
I have always been a hardcore gym person. I love running, the treadmill, spinning, pilates, yoga, cardio classes, elliptical, and doing weights and machines. I started 2010 very strong in the gym department and absolutely loved how pilates toned me up. When I moved in May to another city for a new job, I let my fitness goals/life slip away and I haven't been consistent with working out. I've been sporadically running outside here and there but I really need to get motivated again.

2. Study for the LSAT and take the test.
I've been procrastinating big time on this one. I was scheduled to take the LSAT in 2009 as well as 2010 but situations have always come up that made me reschedule. I've taken Testmasters and a bunch of practice tests. I haven't been able to get my score where I've wanted it to be, but in order to do this I need to study my butt off. I need to find the time to study each night.

Well that's pretty much it. I'm not too ambitious when it comes to personal goals. I usually only set one or two personal goals and stick with them. With my financial goals, it's looking pretty ambitious right now but I have my mind set on achieving them. 2011 will be a good year.


What are your 2011 goals? Did you stick with your 2010 goals?

6 comments:

mybuckstopshere.com said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Those are some great goals! I was thinking of listing a cash-paid vacation for 2011, but I think my priority should be to save, no vacationing for me...I think. If you come to Hawaii, let me know. I've been living in Hawaii for my entire 25 years and can give you some great places to visit/eat/see.

mybuckstopshere.com said...Best Blogger Tips[Reply to comment]Best Blogger Templates

(I thought I could comment on your about page)
You are so right, we have a lot in common! I started working at 15 too, but didn't think to save any of it. Instead, I spent the last 10 years splurging on things. I see you started blogging in October, same here! Good luck with your financial and personal goals for 2011. I'll definitely be back to read more since I can relate. I'll be creating a blogroll soon, and I want to add your blog. :)

Jessie said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Will you continue to live rent free while renting out your investment property?

shoppingtosaving said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Hi Jessie, you know what, I think so. The BF pays for his parents' credit cards each month (300-400) and I pay his mom about $100-200 a month for food/utilities so that's our "rent" right there. We also take them out to dinner, clean the house, etc. They have a 4-bedroom house and they are very generous and want us to stay as they are on the old side.

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