I heard that as a kid growing up from Oklahoma relatives – said when it was really time to tell the truth! I love it. And for whatever reason, it surmounts my agnosticism & paraphrases the need for honesty to this day.
In that spirit…:
Life balance goals met & missed (2006 vs 2007)
Come to Jesus 2006:
-on dining out: spent $11k (what's that phrase…'ignorance is bliss'?!)
-on cooking for family: avoided learning how
-on retirement savings: had diddle for a plan
-on spending habits: didn't have a clue
-on tax protection: accrued $7k tax bill (paid for via credit card…gulp)
Come to Jesus 2007:
-on dining out: cut that puppy DOWN & roughly ended year spending app. $1.5k
-on cooking for family: learned! We spent app. $5k on groceries this year. And my husband was fantastic in brainstorming ideas & being patient with sometimes a very smoky home (I'd like to think my self-esteem is pretty strong being 37 and admitting this … or just SILLY)
-on retirement savings: met with financial planners & invested 12% income toward a specific plan (as in we now know 'the number' to save for by retirement age). I disagreed with some planners' suggestion on how much to save for. More on that later.
-on spending habits: set an actual plan and more regularly audited habits via Quicken. Frankly I didn't audit them habitually. I attempted tracking via our spending plan which wasn't comprehensive. It's time for me to buck up and do that download account process per Quicken.
-on tax protection: our pre-tax retirement contributions lowered our taxable income; I also worked from home (resigned from high stress management job & made far less money). That fact as pros & cons but it was a great year for re-gaining sanity, renewing/building communities online and off, & gaining a few clients. And the reduced stress enhanced the marriage (ain't that right honey??). NOTE: That $7k tax bill balance decreased some (see below).
The main goal for 2008 is two-fold: to completely pay-off that '06 puke-vomit-ick-tax-bill (paid for via credit card in '07) and to build six months worth of savings.
QUESTION TO YOU:
What life balance/personal finance goal motivates you for 2008? …Any come-to-Jesus moments of your own last year?
HAPPY NEW YEAR! And thanks for your ideas & motivation throughout last year. Your insight and humor strengthened resolve.
–Get Rich Slowly shares factory worker's story to millionaire retirement. This guy's simple, prudent decisions inspire!
– Playful, honest journey through spending plans at Budgeting Babe;
-Clear, actionable approach for starting 2008 … Chirs Brogan shares (3) words that help him decide or decline next steps.