Tuesday, January 26, 2010

Financial Goals: Do You See The Forest Through The Trees?

When it comes to your financial goals, do you think BIG? Do you allow yourself to dream about the possibilities that are out there when the debt is paid off or your income has increased?

Or is the road that leads to the forest too daunting of a task to tackle?

It's sometimes hard for me and my husband to allow ourselves to think big. But what happens when we don't allow it?

If we want to be debt free, then we have to live like we want to be debt free, not just think "oh that would be nice some day".

Our financial goals might look like yours: pay down the debt, increase our emergency savings, save money for short term goals, save money for retirement, set aside money for our kids' education, travel, renovate the house, blah, blah, blah...and buy a camper...that last one might not be on your list ;).

Our list is large, long and intimidating, but if we don't have a plan, it will just stay at what it is...a list.

What do we need to do to get to the forest ahead of us? Action steps are needed and a plan needs to be developed. We need to tackle one tree at a time and maybe the forest will be ours.

Oh honey, I know you are reading this...are you in???

To my readers: What does your forest look like and how are you going to get there?

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  1. My husband is like my mother...they can't really dream or plan. When things don't come to light the way they want, they get very, very discouraged. I am the opposite...I have to dream and make plans and goals, even if they don't come true. Without them, I am lost and discouraged.

    My immediate goals are to pay off the credit card debt, never use them again and increase money for groceries. Then I want to pay off all credit debt and get health insurance for my husband and I and start a savings account. Then finally, I want to pay off all medical debt and start working on paying off the mortgage early. Then we can have money to remodel, travel, and do things we couldn't even think of doing now!

  2. This Month:
    1. Move credit card debt at an outrageous rate to a card with a reasonable rate. We've tried to get the creditor to lower the rate, but they almost laughed.
    This Year:
    2. Pay down that credit card debt.
    Next Year:
    3. Establish healthier cash fund for regular expenses.

    It's a crazy big amount, so even steady progress is difficult to recognize.

  3. Good Afternoon,
    I found your blog and really enjoy it!

    Our family is debt-free as of '08. We paid off two automobiles at $14,000 total, and a laptop at $800.00. We had our only and last credit card through Macy's that we paid off every month so we didn't have a balance to tackle on that but we cut it up 3 years ago and haven't used a credit card since! We are strictly on a cash-only, envelope system that we have been doing since 2008. If we don't have it, we either don't need it or we save up for it! I think the toughest part of becoming debt-free was the sacrifice. In 2007 we didn't eat out once- not even off the dollar menu at Mc Donalds! We only had one vehilce at the time as well so I had to walk to my OB appointments (we live 2 miles from the Dr.'s office). It paid off though and now we are hoping to help other couples to become debt free as well.
    I must say that the only "debt" we have is our mortgage which we don't plan on paying off because we don't plan on living here longer than 5 years. However, we do pay extra towards the principle each month. We also have an emergency fund and a CD. With our 2009 tax return and the money made from selling one of the two paid vehicles we plan on paying cash for a gently used van as we are expecting baby 3! ☺

  4. You're so right. Must focus on the forest! :)


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