Posts tagged as:

goal setting

Prioritizing Goals?

by Jeff on July 14, 2010

When I started this blog, I had intentions of writing about money, health and sustainability, trying to point out that the spot where they all intersect occurs more often than you would think.  I tried to keep to that at the beginning, but I found it to be very difficult.  When I started posting with more frequency about 2 months ago, I had been trying to keep 4 posts going up a week, with finances on Monday [typically stories from lessons I pick up at the school of hard knocks], the environment/green topics on Wednesday, and health on Fridays, with a link round-up Thursday.  I’ve had some posts on health recently, but nothing substantial.  The same thing goes with the environmental and green topics.  I have not had much time to relate any strategies to this to my life (as it is now) so it’s difficult for me to write about.  The same goes for finance [thankfully] I havent made many mistakes lately, so I cant tell you a story about how my stupidity cost me a bundle like it did here.

Well, I guess it’s time for me to come clean on all these topics, and I’ll start with the environmental side of things.  As I alluded to in the post on recently about the importance of a warranty, I drive a lot.  It’s because of my job situation and it depends on the day, but at a minimum, it’s around 100 miles.  If I go to my second job after my first job (which I do about 2-3 times during the work week, and I’m doing to pay down my debt) it’s slightly over 150 miles per day.  Along with this, I go to my second job 1 day on the weekend, which is another 100 mile commute.  All told, I typically put at least 700 miles on my car in a week, and sometimes more than that.  This is obviously not what I had envisioned when I started this blog a year ago, nor is it what I imagined my post-college lifestyle would be like.  Far from it, in fact. I had nice visions in my head of living less than 5 miles from my office no matter what city I ended up moving to and walking or biking to work.  I came extremely close to accomplishing that, but unfortunately it came apart at the seams before it could even get started.

Once that happened, reality  set in.  I had (thankfully) been saving up cash to make a move to somewhere, possibly across the country.  I ended up planning to have the money for a security deposit in an expensive market and to cover moving costs.  I ended up not needing of this but I did need the money to live off of for a while.  All told, my savings came out to about 3 months worth of expenses.  Living off of that money wasn’t fun, and the account was draining fast.  I realized I needed some income in the worst way.  I tried to find employment near my home (or in my city, or state) but that didn’t happen soon enough, so I found myself accepting a position where I’d be driving at least 100 miles a day.  Reality came by and smacked my dreams of walking to work into the future. At the time, it didnt really bother me.  I needed an income, and I needed one bad, and was not really in the position to be picky when I was a few months away from eating alpo.  Now that I’m not in that position (financially) anymore, not being able to walk (or bike, or drive less than an hour) to work bothers me a bit.

Along with that, I dont really feel like I’ve been practicing being sustainable very well lately.  Sure, I’ve gotten much better at bringing reusable bags to the grocery store, but I still forget them every time I purchase something at Wal-Mart or Target.  This doesn’t really make me feel any better about bringing them to the store, save for the fact that I usually punish myself for forgetting reusable bags by making myself carry out whatever I purchase, sans bag.  I haven’t been tending to my compost pile regularly enough, but it is still not going strong as I think it could.  I think it’s got something to do with the nature of it “set it and forget it” more than any action that  I’ve  taken recently.

These are alright, but I constantly feel like I could be doing more.  More waste could get composted, I could be driving less (much less), and I could remember bags more often.  However, it seems like doing some of the things I want to do more of would short circuit progress to my other goals.  I cant drive less because I need two jobs to become debt free (for now).  I’m  using 100% of my second income to pay off debt and fund my savings account/E fund for now, and I don’t want to give that up.  Its difficult for me to remember to bring bags to go non-food shopping with because I actively try not to buy things when I’m in a store.  That, combined with my “punishment” for myself seems to do a perfectly fine job of keeping me from buying things.  As far as the compost goes, I’m not really sure why I keep forgetting to put stuff in the bin.  Much of the yard waste goes in there, but almost none of the food waste.  I had a bucket to keep in the kitchen for food waste, but the dog chewed it up.   A lot of the things in the kitchen have to do with ease right now.  It’s much easier for me to toss it in the garbage than walk it outside to the bin.

But all of this begs the question, How can I work towards my goals in a meaningful way that doesn’t compromise my other goals?  Do you readers have something like a goal priority list, where maybe your #1 goal is to be debt free, then your #2 goal is to lose 24 lbs?  I know that focusing on 1 thing can help you accomplish your goal quickly, but it’s not a race (right?).

How do you all handle your goals?

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Budgeting 101: Goal Setting

by Jeff on July 27, 2009

Greetings readers, I hope that you all had a good weekend, and are ready for BUDGETING!!!!!

This is part of a 5 day series.  Today is goal setting and initial analysis.  Tomorrow will be Banking basics.

I hope that you were able to collect all your monthly bills last month, and are ready to get them under control.

Here is my monthly expense list:

  • Rent = $375 – yes, it’s cheap to live where I do (wyoming)
  • Verizon = $52 – This covers my cell phone for the month
  • Bresnan (Tv/Internet) = $83 – This covers internet, cable tv with far more channels than I can watch, and HD service, as well as 2 movie channels.  Typically, I dont get this fancy with my tv service, my former pacakge included HD channels and basic cable, and that’s all.  However, when I went to set up my new account, this was the special, and it gave 12 months worth of prices, as opposed to the typical 6.  I jumped on it, and will re-evaluate when the time comes to see what can be trimmed from this package.
  • Water = $60 –  This I think may be high, however I have not had to water a lawn for a while, so Im not too sure.
  • Electricity = $50
  • Auto Insurance = $33.  I have an old car, and I own it outright.
  • Southwest Airlines Card = 40, total balance ~ 1,000.  - I opened this card as a balance transfer, and it has worked great, however I have not paid it off.  This is my top priority for cards.
  • WaMu Card = 120, Total Balance = ~2200.  Im paying interest on this and am tired of it.  This one is going to get transferred to a 0% interest card this week.
  • Citi Card = 40, Balance = ~2300.  This is 0% interest until May 2010.  This is the lowest priority in my payback schedule.

These are all my constant monthly expenses.  These dont change, until I pay them off, in the case of the credit cards, or if I move, in all the other cases.

Just like everyone else, I have to eat and cant sit at home all the time while Im not working or I will go crazy.  Typically, I like to go out to dinners and movies with the girlfriend, eat a meal out, or cook something at my house.

  • Dining Out – $60 – Meals out here are cheap, I typically come in under budget on this item.  This however does not include fast food.  Sometimes I go to lunch with coworkers when I forget to bring one for myself.  Due to the stark difference in the quality and cost of the food, I break them apart
  • Fast Food  - $25 – This is typically spent at qudoba or chipotle.
  • Entertainment – $40 –  This is typically movies or plays.  We dont get much else up here.
  • Gas – ?? – I have not set an amount for this category, as it drastically changes.  I have gone 2 months without filling up, and I’ve done it two times in a week before.  With the change in employment, I believe that Ill be able to pin a number to this soon.

That’s all for my budget this month, and It wasnt that painful, was it?

You: No, it could have been worse.

If you need another budget article, here’s one from Punch Debt in The Face, a favorite Personal Finance Blogger of mine.  Punch’s Budget

So, now that you’ve got your monthly expenses, here comes the fun part.  Setting your goals.  There are 5 months left in 2009, and I suggest you do your goals for 3 months, end of year, and a final category called long term.  The long term goals are things that are far on the horizon, but can be prepared for.  This can include things like retirement, sending children (or grandchildren) to college, or a first or second home.  Make sure to make your goals attainable, if not, you most likely will not succeed and will

Here are mine:

3 Months:

  • Have southwest credit card paid off.  - I know this is ambitious, but Im hoping that I can get it done.

End – of – year:

  • Have my remaining credit card debt reduced by 1/2 from the point the southwest card was paid off.
  • Increase my savings.  This wasnt mentioned in my budget because I’ve already built a comfortable emergency fund, and am now focusing on my debt.

Longer Term:

  • I would like some land in a secluded area to build a small weekend or vacation home on.
  • Travel more, specifically South America and Australia/New Zeland.

With all the commotion surrounding the current state of the economy, I think that many people are starting to look at their finances and begin to budget based off of their income, and not the potential cash they had on hand, which included credit cards, homes, and other financing methods.  While the high savings rate is currently hampering the economic recovery, in my opinion it will be a good thing for the long term.

To the readers:

  1. How does setting goals help you budget?
  2. What other expenses do you have that you may be able to cut back on?

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