I’m having some professional difficulty right now and I feel like quitting and finding a new job. Unfortunately, I don’t have an emergency fund to float me during a period of unemployment. I have the windfall from the sale of my car and my tax refund which won’t be coming for a while since I haven’t filed for them yet.

This will teach me to keep a razor thin savings account.

Because I am consulting, I can hop to another project. Therefore I don’t really have to walk away from my job. But it does sharpen the heck out of my mind and motivate saving.

A few weeks ago people asked me what I was going to do with the money from selling the car. I really thought I was going to use it to pay off my credit cards, but I’m happier to save it now that I realize where I’m at. It may cost me more money in interest, but I feel like the smarter move is to build that emergency fund up.

I’m already meeting my Save-O-Meter goal then so it feels good to cross that one off this year.

Strategizing the Future is a post from: Mapgirl's Fiscal Challenge

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Like Grace says, it looks a lot like last year.

2010 Goal #1
Pay down credit card debt by $5000

2010 Goal #2
Fill the Save-O-Meter to $4K

2010 Goal #3
Save $10K in my 401k plan

I’ve modified my ambitions this year because well, just like Grace says, I make my goals the same as every year because I don’t meet them. So this year, I made them a little more achievable.

Goal #1 has always been to pay off my credit card debts. However, with buying a new car this year, I’m not going to fool myself. I will be glad to pay off $5K of my current balances. ($15,133.58 as of the end of December.)

Goal #2 is the same as it’s always been. It’s a mix of my regular bank savings account and my company stock purchase program. Since that’s a fast liquidating account, I’ve decided to include that into my Save-O-Meter.

Goal #3 is an aspiration. I never save the full amount I can, but this goal gives me a little flexibility to edge off my contributions so I can complete Goals #1 and #2. I also heard that I did very well in my ratings this past year, so if I contribute my full bonus to the 401k, then I’ll be able to edge off to my minimum for the match amount and have more left for Goal #1.

Say It. Then Do It.

2010 Goals is a post from: Mapgirl's Fiscal Challenge

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2009 Goal #1
Pay down credit card debt by December 31

An improvement over last month so no complaints. Would have been better if I restrained myself in New York City and skipped a shopping trip but that didn’t happen. At least I put it on a charge plate so I didn’t pay interest on it.

2009 Goal #2
Fill the Save-O-Meter to $4K

No improvement. But since saving is easier for me than paying down debt, I might have to make this my top priority for the rest of the year.

September 2009 Goals Update is a post from: Mapgirl's Fiscal Challenge

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2009 Goal #1
Pay down credit card debt by December 31

Big fat fail. Again.

2009 Goal #2
Fill the Save-O-Meter to $4K

A small improvement. It’s 30.5% but I will be drawing some of it down since I have some planned expenses coming due this month.

***

Of course today none of this mean anything. My friend, S, lost her battle to breast cancer after 5 long years of hope and crushing sadness. I am happy that she was able to control her end by selecting a hospice to make her comfortable in her final days. I heart goes out to J, her husband, who has stood by her for many years during her illness. They found each other later in life and seemed very happy together.

Please do your cancer screening self-exams.

August 2009 Goals Update is a post from: Mapgirl's Fiscal Challenge

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2009 Goal #1
Pay down credit card debt by December 31

After all was said and done, I was fooling myself through July. There is no way I’m going to make this goal this year. But it’s not a complete loss or reason to stop fighting towards this goal. I’ll be happy if I can get under $5k and have paid down about $10K for the year.

2009 Goal #2
Fill the Save-O-Meter to $4K

I made a little progress on this one, and there’s about $1225 in my savings accounts right now.

Also, per some tweets this morning by Liz Weston (@lizweston) and Debt Hater (@DebtHater), one good thing about these monthly goal and net worth updates is that you can see what’s happening to your finances before it’s too late. You can do a self-intervention *before* all your creditors come knocking and adjust your savings and budgets.

July 2009 Goal Update is a post from: Mapgirl's Fiscal Challenge

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Comment from Reader Slinky:

My mum recently asked me for a loan (and isn’t THAT weird?) and I felt really bad to say no. If I had the money and felt secure, she’s one of the few people that I’d give that money to in a heartbeat. But the economy is iffy, my job was looking rocky and the only spare cash I had was my small emergency fund. I also knew she didn’t absolutely Need this money. And in the end, I was right, she didn’t need it. She found a way to make things work on her own. (Which made me really proud of her!) It was an interesting conversation and an interesting experience to say the least.

I am certainly no stranger to this situation. A few weeks ago my sibling asked me for a loan at an unspecified amount. I was feeling flush so I said yes. But in the end I didn’t have to loan the money. Now that I’m moving for a 2nd time in 2 months, I’m not feeling quite so flush. So it’s making my Fiscal Challenge pretty rough in August.

My mom called asking for some help on her roof repairs. Several years ago, I promised mom I would help out with the house. I have already helped her buy new windows and this year seems like a good year to do the work because contractors are desperate for work. I’m proud of my mom because she shopped around several bids and the guy who did the windows came in under $7K for the job. (He’s also done the windows and roof for a neighbor and some other people we know. But you should always get a few estimates anyway.)

Right now I can only commit to helping her with $2K because I also need to scrape up cash to move into the rental my boyfriend and I are taking. It’s a bit of a mess right now.

The strategy is to:
1. Knock down my 401k contributions in August.
2. Take a $4k Balance Transfer on one of my credit cards.
3. Take my renter’s security deposit and rent and push it towards my higher rate interest credit cards.
4. Pay off all the high rate interest balances before Christmas.

This really kills my 2009 Goals. But goals are only aspirations and my mother’s roof has been needing a fix for a while. (Try something like 2 or 3 years. I hate to see a shingle out of place and I believe there is a slight sag underneath which will require a tear-off of the whole thing.)

Bad Timing is a post from: Mapgirl's Fiscal Challenge

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Life has been crazy in 2009. But in mostly good ways.

1. My boyfriend asked me to move in.
2. My car was telling me how old she is and I started to consider my options.
3. I got two performance bonuses and a raise on the way.
4. I fixed up and rented out my condo.
5. My pop turned 70 and we did an unexpected trip to CA for a birthday party.

Now there is still more craziness ahead this summer.

My boyfriend and I are finally sick of the neighbors and their externalities so we’re looking to rent another house in the area. I think we’ve found one and I hope we can move there on August 1st. That will be iffy since the place is a mess and the landlord needs to do a lot of work to get it ready.

I also really want to buy a new car. But I also want to get out of credit card debt. To buy a new car in cash, I would have to save about $35K for the car that lights my heart afire, which would take about 2-3 years. I also realize for that kind of money, I could have a down payment on another property. Nothing to sneeze at so I need to rethink my long-term life strategy and being a multiple-property owner.

Right now it’s still unclear what will happen with the potential rental. If we don’t get it, we may tough it out with the crazy people next door for another year. If so, I should be able to squirrel away a good chunk of money. If we do move, I should still be able to pay off all my credit cards and squirrel away a bit of cash, but a more modest amount.

Where Am I Headed This Summer? is a post from: Mapgirl's Fiscal Challenge

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2009 Goal #1
Pay down credit card debt by December 31

My balances are artificially high right now. I got hit with some late construction charges in June, so I didn’t have a chance to pay it down with my latest bonus. I should still be on track at the end of August.

2009 Goal #2
Fill the Save-O-Meter to $4K

I’m marking this a mega fail even though I bought a $1000.00 CD in June. I have to pay interest out to my renter if she stays past 13 months, so I put her security deposit aside in a CD to make sure the money would always be there. CD’s work best for me, so I think when I’m done paying off the credit card debts, I’ll have to create a CD ladder.

June 2009 Goal Update is a post from: Mapgirl's Fiscal Challenge

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2009 Goal #1
Pay down credit card debt by December 31

Strangely still on track at the end of May. However, it’s going to be a bumpy ride. My balances will remain flat for the next month. After that, if I get a renter in by July 1st, I’ll be able to push a lot more money towards my credit cards.

2009 Goal #2
Fill the Save-O-Meter to $4K

My tax return came in during May and it covered a large chunk of my condo renovations. However, I have liquidated everything and my Save-O-Meter is at its lowest since I began keeping track of it. 3% represents about ~$120.00. I will probably fail this one this year, but it’s a struggle between paying off my debt in Goal #1 and building up my savings.

If anything, I have changed my lunch habits by packing it a little more frequently. It’s a mix of needing to save up money for my renovation, but I am also packing lunch so I don’t have to leave the office. Work is picking up and I don’t have time to go get something. It’s either pack lunch, eat out of the vending machine, or eat nothing.

May 2009 Goals Update is a post from: Mapgirl's Fiscal Challenge

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2009 Goal #1
Pay down credit card debt by December 31

Holding steady on this goal. I still think I can make it, but it’s contingent on making better cash flow the rest of the year with my condo turning into a rental.

2009 Goal #2
Fill the Save-O-Meter to $4K

I actually liquidated my Save-O-Meter to do my condo renovations, but I hope to replenish it when my tax return comes in. I sent in my return in April, so I don’t expect the money till late June.

April 2009 Goals Update is a post from: Mapgirl's Fiscal Challenge

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2009 Goal #1
Pay down credit card debt by December 31

Hey, I hit 31% in the middle of the month. Pretty cool. April will be rough since the Capitals are going to make the play offs and I have to front the money for those tickets.

2009 Goal #2
Fill the Save-O-Meter to $4K

In March I got a bonus from work and so I put 12% into my 401k, paid for plane tickets for me and boyfriend to go to California, and the rest went into my savings. Little by little. Bit by bit. I am slowly building this up, but I think I should work on saving more money every week. Currently it’s set to $30 a week, but I should bump that up. I find myself having a little more cash at the end of the month than expected, so I try to sweep some of the extra into savings. I am considering sweeping it into my credit cards instead.

March 2009: Goals Update is a post from: Mapgirl's Fiscal Challenge

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2009 Goal #1
Pay down credit card debt by December 31

Not much progress at the moment, but it’s falling.

2009 Goal #2
Fill the Save-O-Meter to $4K

Liquidated my Save-O-Meter in February, but I am hoping to replenish it with the bonus I’m getting. The plan is to put $1K in savings and push the rest of the money towards debt repayment.

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Sistah Ant asked me to clarify if I was going to pay down some of debt in 2009 or all of it. I meant to say ALL of it. That means about $15K remaining. Of course, I’m having a bad February and March trying to make that goal. I just bought plane tickets for me and my boyfriend to go to Monterrey, CA for my dad’s 70th birthday party. It’s a big ole’ shindig with family from all over CA, and possibly Chicago and Portland coming to town. I love my pop. I’m so glad he’s still with us, but zowee, it’s a tad expensive.

Luckily since boyfriend travels for work, he has points we can use for car and hotel rental to try and save money, plus we’ll be able to crash with friends on some nights to keep our hotel expenses down. (We aren’t going to get out of staying overnight in Monterrey, but we’re now trying to block off a whole set of rooms at a discount for the entire family.)

Also, Reader Tim mentioned, ‘If…you do find yourself out of work, how much of a hit will that make to your debt reduction?”. He doesn’t know that I am a government contractor on a stable contract. I also was highly rated during my last review, so I won’t be dumped anytime soon. I make it a point of not being redundant. That’s one reason why I left telecom 2 years ago. I just found out from my old colleagues that they are *still* being downsized. Call it paranoia, but doing federal contracting work on 5-7 year term GSA contracts can be a very good thing. (Or for any other three/four letter agency here in town.)

I want to place a priority on debt repayment over saving, because I am still saving money. I just don’t have the 3-6 month cushion recommended by most financial planners. Instead, I focused on by 401k plan and trying to catch up with my own age group in terms of net worth. I am trying to look at long term. In one year, if am poorly rated and cut from my job (**HIGHLY** unlikely), I will have 401k assets to fall back on. I will also have a car to sell, possibly a condo I could liquidate, and NO CREDIT CARD DEBT. I can’t tell you how much better off my net worth will be just be getting rid of it.

Everyone makes choices. JD at Get Rich Slowly always says, ‘Do what works for you.’ For me, the right choice is to focus on debt repayment. I still kick a little money to automatic savings every week. I’m just not pouring money into an emergency fund at the moment.

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I last wrote about my goals in December, but I hadn’t set them in stone.

This is what I initially thought I would do:
1. Pay down my credit card debt. Target balance for December 2009 is $3000.00.
2. Save 20% of my salary between my 401k, ESPP, HSA.

But that seems too easy. The second goal is a no-brainer with automatic savings plans at work. I think my current settings have me putting away 19% and I am saving about $150 a month in short-term liquid savings.

Really I guess I need to think beyond 2009 for a few minutes and consider where I want to be in a few more years.

1. I need a car savings fund. My car is 8 years old and I’ll want to buy something else within 5 years. I’d like to have $10K in this account by the time I go get a car.
2. I’m worried about the current economy. Though I work in federal contracting and my job is relatively safe, I feel like I should have a real emergency fund and not a token amount of savings.
3. I also feel like I should have a Mom & Dad emergency fund for those little things my mom asks for like money for property taxes, renovations, and the new roof I promised her, but don’t feel I have money for.

And on top of all that, I still want to pay down my credit card debts.

So I’m still mulling all of this over. It’s hard to balance out competing financial interests here. I have debt reduction competing with saving. Isn’t that the perennial dilemma?

The best course I guess is to stick with a debt payment goal and a savings goal.

As it stands, I have one credit card balance at $10,001.20, with a total balance of about $15,050.00 as of December 31. I think I can push my original goal idea even further and get this paid off by the end of the year.

I know that I will be getting a small bonus this year from my company. The amount hasn’t yet been finalized, but it will be about 3-5%. I think I should save that in liquid savings. Combine that with my current savings, I hope to fill up the Save-O-Meter again by the end of the year.

2009 Goal #1
Pay down credit card debt by December 31

2009 Goal #2
Fill the Save-O-Meter to $4K

Setting Goals for 2009 is a post from: Mapgirl's Fiscal Challenge

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Gosh. I hadn’t given much thought to my goals for 2009 till I saw NCN’s blog about his goal planning.

As it is, I really want to make huge strides in my credit card debt. Ostensibly, I started this blog to help me get control of my finances. I seem to have done decently well on it since my net worth has been growing steadily since the blog’s inception in 2006.

But after looking at my net worth in detail, I see that my greatest weakness is my credit card debt. In trying times where my new company’s 401k lost nearly 40% of its value since I started working there in January 2008, I figure my best bet for increasing my net worth is paying down debt.

After a setback earlier this year (see the Renovation category for a set of posts about my emergency bathroom repair/renovation), I changed my goals for 2008 to focus on debt repayment.

I’m still not where I really want to be so next year really has some simple goals again.

1. Pay down my credit card debt. Target balance for December 2009 is $3000.00.
2. Save 20% of my salary between my 401k, ESPP, HSA.

2009 S.M.A.R.T. goals are K.I.S.S.-able.

Thinking About 2009 Goals is a post from: Mapgirl's Fiscal Challenge

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