I’ve been largely inspired by Krystal over at Give Me Back My Five Bucks, so I’ll do a take off of her, though for now I’m just going to outline my short-term goals. While looking long-term is certainly important, pretty much all of my disposable income and energy over the next year will go toward these short-term goals:
Short-Term goals (1-2 years)
Pay off all credit card debt
This is my most immediate financial goal, and the one I plan to focus on totally over the course of this next year. Crunched the numbers using this handy debt reduction planner, and if I devote $1,000/month toward my debt, I can pay it all off by the end of next year. How, you wonder, do I plan on coming up with $1,000 disposable to put toward my debts? One of my big financial moves will be cutting down on my housing costs. My lease ends in mid-November and the plan is to room up with two friends of mine who are currently renting a townhouse. Instead of spending $1,000/month on rent and housing costs, I should be able to cut that down to $450-500. There’s also the option of moving in with dad and stepmom to save even more money, but I think that drastic a move just might kill me lol.
Create a positive net worth
I figure if I can knock the credit card debt out in a year, during the second year I can focus on my auto and student loans. I’m honestly not even that attached to my car anymore, and would gladly sell it for something more cost-efficient, such as a scooter. Unfortunately, the used car I bought a few years back has been one mechanical breakdown after another. As a result, I’ve put thousands of dollars of work into the car, if I were to sell it now I’d lose money on the deal, as I’m “upside-down.” So the plan is to pay it off and keep it around as long as it will drive. As far as student loans, I owe about $4,800, due entirely to a semester I spent abroad, but I wouldn’t change my decision to take out a loan for anything. The experience was invaluable. But right now, my net worth is pitiful.
Net $5,000 a year in freelance web design work
I know everyone and their mother is a web designer these days, but it’s really a shame that I don’t capitalize on my abilities, and ability to make money working from home. Sometimes I see sites that folks have paid a pretty penny for, and they make me want to cringe. My lack of earning in this area is directly due to my laziness.
Net $1,000 a year on Ebay Ebay/Craigslist/PPP/Etc.
With all the crap I have laying around my house, there’s no reason to not be making at least some income via my decluttering.
+ Update: I’m now grouping all extra income here, including sales to local secondhand stores, craigslist, pay per post, etc.
Continue to contribute to my 401k
C’mon, everyone needs at least one freebie goal right? Plus, I’m pretty proud of myself for contributing the maximum. My first job, I skipped the 401k thing, and now that I’m enrolled I’m appalled at the thought of all that free money I was giving away.
