SMART: Specific, Measurable, Achievable, Relevant, Time-Bound
Goal #1
Specific – Contribute to my 401k plan
Measurable – X% of my total salary
Achievable – With each paycheck
Relevant – Yes. Because it will help my retirement funds grow
Time-Bound – All of 2008
I will not get a corporate match for my first 12 months, but my new company will match 100% of the first Y% of my salary, so there are some extra benefits to doing this, but I won’t see them till 2009. That’s fine. Because of other goals, X=Y, i.e. I’m only putting in the minimum to get the match.
Goal #2
Specific – Reduce my credit card debt
Measurable – By 50% or $9,137 (rounded up to $10K)
Achievable – Monthly payments of $762
Relevant – Yes. Because it will help my net worth grow faster
Time-Bound – December 31, 2008
My NCN Network chart/Save-O-Meter number is $18,273 and I have not made much progress at all. In fact, I’m probably going over that when I finish tallying my December net worth numbers. What really burns me is that Tricia has paid off more debt that I have. I’m really proud of her, but dammit. I gotta get moving!
Goal #3
Specific – Reduce my credit card debt on my highest balance card ~$10K
Measurable – By 50%
Achievable – ~$450 a month
Relevant – Yes. Because it’s killing my credit score
Time-Bound – December 31, 2008
This leaves about $312 per month for my other credit cards. Though they have higher interest rates, the balance to available credit ratios are so low they aren’t detrimental to my credit score. I’m not buying anything any time soon, bu I would like to push my score higher for the heck of it. There is an implied goal here of breaking a FICO score of 720.
2008 is going to be very simple. Three goals and three goals only. I am focused on saving for retirement and reducing my credit card debt. That is all. Once I get going on these three things, I feel my larger goal of having nothing but my mortgage will come to me more easily in 2009.
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Good Luck on your 2008 goals!!!
Very nice goals, all of them! I like how you’re balancing retirement savings and debt repayment. Both are so important to financial health.
Hey, Mapgirl – your goal of paying off 10K in 2008 is the same as my goal! If my husband’s job hunt keeps going as slow as it’s going, we are going to have a rough time making that goal.
I think it’s great that you are concentrating on retirement as well. I wish my retirement account looked as good as yours
Mapgirl,
Excellent goals! Especially goal #1. Too many people ignore this simple thing – investing in their 401k – also – check and see if your company matches a certain percentage of what you contribute because that is FREE money for you!
I’m also a big fan of Zig Ziglar’s books and Goals is one of my favorites.
I’m still writing down my goal list! (Does it count if it isn’t done until the year officially starts?) It’s huge, but I will whittle it down to 10 things (both about money and other things) to accomplish this year… I’m such a procrastinator I just hope I’m done by the end of the week!
Great goals mapgirl! I like how you really followed the SMART style.
3 goals.. wooohoooo you can do it!!! Good luck. and we’ll make sure you only pay cash when the Fab 5 do their thing!