New Year’s Resolutions

Posted on January 4, 2005 4 Comments

As I mentioned in my opening post, 2004 has been a good year for me. Reflecting on the year of the Green Monkey, I couldn’t help but feel proud of myself. Although I probably spent too much, I made strides towards financial security, built a foundation for personal savings and had fun doing it.

Some of my 2004 financial highlights include opening a 401K, starting a savings account, switching banks to end usage fees, getting a promotion at work, moving to a great apartment that costs less than my old one and starting this blog to keep my spending in check.

As 2005 rolls in, my financial resolutions have become more clear based on what I accomplished last year. The key to making resolutions is to keep them attainable; for that reason, the list of financial resolutions is relatively short.

• I resolve to increase my savings account to $5,000. This requires an increase in my current monthly savings, which I will implement once my Christmas bills are paid off. This also requires me to skip a trip to Vegas in March for the NCAA tournament, but I believe it’s worth the sacrafice.
• I’m getting an additional credit card or charge card for monthly expenses to split with my boyfriend, who I live with. We can sign up for automatic bill pay on our monthly bills (including household, phone, the gym, groceries, etc.) and not have to worry about paying each on time, separately. This will also allow us to cash in on rewards programs. We currently split everything down the middle, and do not have any joint accounts. While I don’t believe we can put the card in both names if we are not married, one of us will obtain the card in name.

CAUTION: I would only recommend getting a joint credit or charge card to budgeting babes who are married or who live with a completely trustworthy partner. (Brian and I have been dating for six years and living together for two.) You may want to put an agreement in writing to ensure that if you break up or divorce, you’ll pay off the credit card together and split the account.

• I plan to get my student loan debt down to $10,500.
• I pledge to continue budgeting wisely!

I encourage you all set attainable financial goals for yourself as well, no matter the state of your personal finances. As Michelle Singletary, personal finance contributor to NPR’s “Day to Day” said, 2005 is a chance to start fresh. No matter what you did in 2004, you can use the New Year to wipe the slate clean and get your finances in order. Good luck!

STUPID PURCHASE UPDATE
With all the sales going on, I couldn’t help but to indulge a bit this weekend. I bought a few things for myself for the first time in a while. The first was a fuzzy blue sweater tank and matching camisole from Banana Republic. It was on sale for $20; I think I can afford it.

Also, this weekend I went to the mall to get nylons for New Year’s Eve. As usual the sales grabbed my attention right away. I walked out with said nylons, but also with some new undergarments (on sale at 25 percent off) and three tee-shirts (they were buy one, get two free!). I guess you can’t win them all.

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