One Snarky Chica with Issues

A lot of people make resolutions at the start of a new year and getting financially fit is always on the list of resolutions.

If you are wanting to get a grip on your finances in 2008 it is a good idea that you sit down and actually define your goals. Rather than saying “I want to be financially responsible” say something like “I don’t want to spend more than I make, I want to save at least 10% of my income and I do not want to incur any new debt.”

Actually defining what you want to achieve makes it so that you can visualize those goals and create a solid plan to achieve them.

Before sitting down to make out that list of goals there are some things to remember when it comes to goal-making.

Be realistic and create a financial goal that is actually achievable so that you do not get discouraged.

Be time specific with your financial goals. Set deadlines on your financial goal timeline so that you will be able to stay on track.

Make sure that your goal is measurable. This means instead of saying I want to save up for an emergency fund you should say I want to save up $5000 for an emergency fund.

Remember to challenge yourself. It may sound silly now, but pursuing the challenge is what makes it fun!

Here are some of my financial goals for 2008:

• Put at least $2,000 in IRAs for my girlfriend and myself
• Get an emergency fund up to $3,000
• Pay off at least $25,000 of debt
• Open a mutual fund account for my brother’s graduation of at least $500.

What about you? Have any lofty financial goals for ‘08?