Thursday, June 25, 2009

What's Your Goals?

Tried to go to the bank yesterday after work, but it was too crowded so I decided not to go. Not a good choice since they were closed today!
I will go next week.!

My mother suggested I write out my goals to make them more obtainable so I have decided I will blog about my financial goals. My long-term goal, hopefully by the end of the year, is to purchase a house. After much thought, I feel a single-family home is the way to go. My mom disagrees and thinks a townhouse would be better since I would not have to take of the yard. But, I do not think that would be a good long-term investment. I do know when I buy a house I would like a smaller home so it is cheaper to maintain – inside and outside.

I will obtain this goal by FINALLY opening a saving account this Saturday. (I wrote it, so now I have to do it. I have been putting it off for a few weeks now since I do not want to leave the house on Saturday morning, but now I feel accountable. )

I will open my savings account with $1000. I decided on this amount since I do not need to use this money right now and it would be nice to have MY money make me some MONEY! J

I will also transfer my second job’s paycheck to this new savings account. I am now 100% positive it is extra money since I have learned to live off my full-time job’s paycheck. It is not a lot of money, but every little bit counts. At most, that will be about $300 a month going into savings. My being frugal has helped me learn to spend less but still get what I wanted. Clipping coupons and going over the sales ads let me know when and where to buy my merchandise.

One last thing I will do to save money is to transfer $120 from my checking account to my savings account each month. This is the money I would have spent on health insurance. About a month ago I chose to cancel my health insurance since the rate was going up to about $200 a month. I would still have to pay $20 co-pay and be billed for any overages. I went to my family doctor twice and the girly doctor once last year. I made this decision given that I do not have any health issues and I do not have any dependents relying on my insurance. I think it would be cheaper to go to the doctor without insurance seeing as I do not go often.

If I do all of these saving methods, I believe I will be able to save around $400 each month. In six months, I will have saved $3400 if you count my original $1000. I can always save extra money as I learn to save even more.

Wish me luck!

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