Financial Fitness
April 3rd, 2008. Filed under: Finance & Fitness Fridays.I am neither financially fit nor physically fit, but I’m working on both. On Nov. 27, 2007 Patrick at cashmoneylife asked for our financial goals for 2008. These were mine. My main financial goal for 2008 is to pay off a no interest x 1 year purchase of a new central a/c unit. This will be $4,485 due in July. During the second half of the year my goal is to pay off all remaining medical bills from an unexpected 10 day hospital admit and two surgeries. Right now that is approximately $2,000. Being optimistic now my goal for the remainder of the year will be to pay off my car. I am so looking forward to no car payments (ever).
I’m making progress and hope to have met all three goals by the end of July. Right now I have all but $285 for the a/c unit put aside, all the medical bills paid except $259 and the balance owed on my car loan is at $1497. I love Dave Ramsey’s snowball. I haven’t been following his pathway completely, but appreciate the wisdom of using the snowball. I chose to pay off the debts with the lowest balance first rather than the ones with the highest interest rates. I need to see progress to keep me motivated. Unfortunately, the largest debt is also the one with the highest interest rate. I’ll rethink my strategy at year’s end when I set my goals for 2009. Until then you can hold me accountable.
What are your financial goals for this year? Are you going to be able to accomplish them? What can you do differently to help meet your goals?
April 4th, 2008 at 23:56
Congratulation on your commitment , nice blog ,
Tracy ho
wisdomgettingloaded
October 9th, 2008 at 16:30
I can certainly understand why you can’t agree with a person’s commitment to financial fitness since you want us to go out and buy cars on credit through you. It’s not going to happen.