Patrick over at Cash Money Life has started a new carnival, titled the Carnival of Financial Goals. Patrick is filling a niche as there is no other carnival currently dedicated to setting or sharing financial goals. I think this is an excellent idea. Share your 2008 financial goals for a chance to win an Ipod or 3 personal finance books. Make sure you visit Cash Money Life to submit your 2008 financial resolution and review the rules of the contest.
My 2008 financial resolution is to: get the balance of my car loan under $20k. Per Patrick's requirements, I will use the S.M.A.R.T goal format.
- Specific - I want to decrease the balance of my car loan to less that $20,000 by December 2008. I will do this by applying an additional $200 per month to my car payment.
- Measurable - Once the payment posts, I can determine how much of my payment was applied to principal and how much went to interest.
- Actionable - This is 100% reasonable considering I decreased my monthly expenditures by over $400 by paying off the remainder of my credit card debt.
- Realistic - Absolutely. I could say I will apply an additional $1000/mo to my debt but this is not reasonable because I would not be able to cover my other bills. $200 will not make a big change in my budget.
- Timely - One year is more than enough time considering my balance is about $25,200 right now. It may actually take 6-9 months instead of an entire year if I am able to apply more than $200 a month.
What is your financial resolution? When does the contest end? December 4th, at 11:59 EST.
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Great goal. You've got a nice plan and I think you'll do well in meeting your goal!
* Thanks Patrick.