Frugal Friday: New Year Goals

Happy New Year!

I love January 1. There’s just something invigorating about it. We get a fresh start! While 2009 was great in its own respects, I’m looking forward to growing and improving in 2010.

This Frugal Friday is dedicated to any financial goal you might have. There’s safety in numbers. It always feels better to know that other people are in this money-saving boat with us.You can share your progress on an old one or share your hopes for a new one. It doesn’t have to be anything wild and crazy. Staying on a budget is good enough. I’ll be sharing more tomorrow about why you should have a budget.

My personal goal? Oh I have so many. But, here are my top three:

  1. Get my grocery budget consistently under $600. Read how I plan to do that this month.
  2. FishPapa and I are going to start working ourselves up the Baby Steps. Our next one is to work on retirement and college funding. Dave recommends 15% of household income to go toward this category. We’re going to crunch some numbers and see what we can do. 
  3. Try out this envelope system for paying things in cash. I’ve gotten a little lax and have been using a debit card. I have a sneaky suspicion that I’m spending more as a result of that. (You can make your own envelopes — prettier ones, too — if you use Kellie’s template. Oh my! Somebody want to do this for me? Too cute!)

What are YOU going to do this year with your money? Will you

  • kiss those credit cards goodbye?
  • pay down debt?
  • start using a price book?
  • create a budget and try to stick to it?
  • start investing 15% of your household income in retirement?
  • sock money away toward buying a house?
  • forego the morning Starbucks stop and put the money toward something more tangible?

These are just a few ideas. But there is no end to what you could dream up. Consider at least one improvement you could make in your family’s finances and share it with us. Post it on your blog and bring the link back here or simply tell us about it in the comments section.

So, what are you gonna do?

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Comments

  1. mamaslaundrytalk says:

    Can't wait to read about $600 per month for a grocery budget!

    Happy New Year! :)

    -Lauren

  2. Hoosier Homemade says:

    Oops, sorry I think I was suppose to link up a financial goal.
    Feel free to delete my link.
    ~Liz

  3. Adventure Mom Janna says:

    Yes, I apologize too. I read the first part of the post, and failed to follow directions of posting financial goals.

    My financial tip is to never carry a balance on credit cards. I love reading the children's book "One Grain of Rice" by Demi b/c it teaches the amazing concept of compounding which can be to our detriment on Credit cards and to our advantage in investments.

    Thanks for the positive peer pressure to be a better steward of what God has given. "The borrower is servant to the lender."

    Enjoy your time with Crystal and family!

  4. We are trying to do away with our vices so we can afford a vacation:-)

  5. Ktietje85 says:

    You posted too quickly for me! My resolutions are posting tomorrow night on my blog. But, right now we're working on funding the kids' college accounts (finally got them set up…our oldest is almost 2 so I guess that's not too bad!). We plan to pay off our last student loan, too, and then get to serious work on our mortgage. Not bad, huh?

  6. Shannon Hager says:

    I linked up my goals. This was the first time I have ever used the linky thing so my link just says "Shannon". Next time I will elborate more!

  7. To be honest, we do need to take the Dave Ramsey Course.
    But what we are doing is saving where we can to pay off debt. All Credit Cards are shredded and we are paying them down one at a time.
    We have not started saving for college and other things, but we think by next year, if we stay on course, we will be able to.
    We did a 100 Day NO SPEND challenge where we challenged ourselves not to eat out, go to movies, buy extras like Starbucks. NO Extras AT ALL! We did pretty well. (my dad had a stroke so we had to go to Houston, but we REALLY did well other than that).

    By the end of 2011, we want to be debt free (including both cars) for a few years so that we can bank some money and have something to fall back on.

    I think we can all help eachother with our goals and I so appreciate your blog.

    Emily
    http://www.davisfamilydoodles.blogspot.com

Thanks so much for participating in this conversation about "a mom's life."

This is a place where moms can be themselves. Remember that each mother's path looks a little different. Please keep your comments respectful and kind. Reasonable minds will disagree in a nice way.

So let's talk about it, using "our big girl words."

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