Happy New Year! We have a brand new year to do things right! So what are your New Years goals/resolutions? I have several lol.... Pay off the Carecredit balance! No carrying balances on credit cards Pay extra on my mortgage Save for a car Obtain 700's scores Get more cash reward cards & make some extra money off myself Only apply for certain cards I want, no more toy/store cards Build up Regular & Emergency funds, contribute more to kid's money funds & IRA. Allocate more into the cash fund each payday so I quit winding up negative on it every payday.......ggggrrrrr. Stick strictly to my budget! Work on those stuck baddies on my Exp report Geez I got alot of work to do! hahahaha, I just got a merit raise & have revamped my budget. I hope it works! I plan to start focusing more on savings & cutting costs. What are your resolutions? Let's hear em! Tegleg
Teg, Great list and respectable goals! Good Luck! You've obviously come a long way, it's great to hear about your successes. Keep it going. As for me, I'm working on on the list...I'm hoping for a strong year myself!
Our New years goal is to go forward in a positive cash flow and not to be seduced by credit...Live well with in income /expences and save for unexpected interuptions of income. Cash for auto,s..period...1 small local credit card, no more exposure from debit card.(no protection) and "freeze" credit reports.(have ID fraud to deal with._).We have begun...
Tegleg, I'd forgo the paying extra on the mortgage right now. You'd be better off to put that money into your emergency fund or your IRA. If you pay off the mortgage and have a crisis such as the loss of a job, you won't be able to get a mortgage to take the money out of your house. If you've put it away, you have it for emergencies, and can keep up the mortgage payments if you have some sort of life crisis. This is a very informative article. He also brings up other points, such as that your mortgage interest is deductible. You have to look at the total cost of your money. If you look at the interest rate on the mortgage and adjust it for the tax deduction, it is some of the cheapest money you can get. You might want to read some of the other articles on Ric's web site. He has been ranked the #2 independent financial advisor in the country by Barron's. I follow much of his advice (obviously everyone disagrees with everyone else on something) and have found that overall, he gives you a very good picture of saving, investing, and making the most of your money.
no1healy, Looks like you've made a start by facing what you've come up against. I'm sorry I haven't been around much lately, I'll try to catch up. But congrats on facing your problems and trying to reach a positive outcome.
My new years resolution (increase my scores across the board) started in early December and with the help I have had since joining this board. I am starting to see some amazing returns. This is an amazing board with great resources and unbelievable membership, I am not sure what every ones back ground is here but itâ??s nice to see people help people out instead of pass judgment. There is a lot of benevolence on this board and that makes every one here truly amazing.
Good going y'all! It's great to see everyone's progress & goals & ambitions. Together we can do it! Hed thank you so much! I wrote this post before I saw & replied to the other & it just gave me an idea. In my new budget I had budgeted an extra amount for the mortgage payment. The actual payment is 740 & I budgeted 840 there is a 100 I can shift to the emergency fund. Not much I know, but every little bit adds up. I have been contemplating this years taxes. I haven't ever gone the deduction route but I think I will see how it adds up this year since I now have a mortgage. Saving up the emergency fund is gonna be tough but I think with alot of luck & alot of willpower I can make some progress. Now I am off to do some reading, thanks for the link! Tegleg
I'm glad to help. That's what people need to understand--it's about building wealth. Debt in and of itself is not always bad. There can be good debt. If you can make more than it costs, it's good. If it's building something like a business with better payoffs, it can be good if controlled. Using other people's money wisely is good, but uncontrolled debt is bad.
As a financial guy, I have to agree w/Hedwig; it is about building wealth. Hedwig is correct about making the emergency fund a priority (for now). Your goal for an emergency fund should be 3-6 months of living expenses. I know this sounds like a lot, but it can build quickly once you get into a savings mode. If it is available where you work, try automatic withdrawals to a savings account. Most people do not "miss" the money if it is not in their check. Also, do not overlook any employer benefits that are essentially "free money", your 401K, medical and care flex accounts, etc. A little homwork as to projected expenses can help tremendously here. Once you are well on your way to an emergency funds, and retirement and education savings, then go back and pay extra on your mortgage. I usually recommend people pay extra on their mortgage, the accumulated savings are incredible. But, make sure you have the basics in place for other savings. To help with this savings plan, follow the addage of "pay yourself first". This means take out yur budgeted savings before you pay any other bills or expenses. After a while this becomes automatic, and your spending adjusts to the new amount. Keep it up Teg, you're well on your way to financial success.
