2008: Financial Goals Review

by Marcy on January 1, 2009 · 0 comments

Oh how times have changed. I am sitting here on New Year’s Eve blogging…waiting on my two year old to fall asleep so that my husband and I can watch a movie and attempt to stay up until midnight. See? I’m always honest around here, even if it means confessing my dorkdom on the Internet. :-)

Tonight I thought I would recap how we did in terms of our 2008 financial goals…and I’ll follow up tomorrow or Friday with our goals for 2009. Because lord knows what I would do if I didn’t have a goal or two to work toward. (I’d go nuts I think!)

2008 was our second full year of living on one income. As I have mentioned previously, when I quit my job we reduced our household income by nearly 50%. To say it was a shock to the system was an understatement. Fortunately it has forced us to pay more attention to our spending, and in turn has made us more disciplined when it comes to saving and debt reduction. We were also introduced to the world of Dave Ramsey in ’08, and I have nothing but good things to say about him and his material. If you are looking to improve your financial life in ’09, do yourself a favor and check Dave out…his common sense (and no B.S.!) approach is refreshing and inspirational. And no, I’m not being paid to say that! :-)

As for ’08…we were able to:

– Pay off our van (no more car payments!)
– Finish the year with no new debt
– Replenish our emergency fund after a few emergencies caused us to dip into our savings
– Draft a household budget based on Dave Ramsey’s recommendations

And for the real shocker (to me…I just figured this out!)…

– We paid just over 3 times the amount that was required of us on our student loan debt! This is especially cool to me considering that we didn’t start paying extra on the student loan until our van loan was paid off…which was 4 or 5 months into the year.

While I am thrilled at what we were able to accomplish, we did fall short in terms of our student loan pay off goal. I’ll be busting my butt in ’09 to make up for this because that loan is going to bite the dust in ’09…mark my words! We also have other areas where we need to improve…but I’ll talk about that more in my 2009 Financial Goals post.

Ok…my 2 year old is asleep and it is time for some movie watching now…

Happy New Year!

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