As we count down the last few days of 2007 and head into 2008, I wanted to review my financial goals I set in 2007 and post my complete 2008 financial goals.

In this post from September 10, 2007, my main goals were to:

  • Payoff my 0% credit card balance before the promo rate expires. This has been completed. I paid this off when I paid off the remainder of my credit card debt.
  • Payoff my credit card balance at 2.9% for life. This was also completed. See above.
  • Increase my Freedom Savings Account to $2000. This has been completed. The balance now stands at around $2400 due to the infusion of cash from my year end bonus. This account is where I keep money to pay for my automobile insurance premiums, automobile tag fees, and any other bill that is paid on a quarterly or bi-annual basis.
  • Increase Rental Property Savings Account to $1000. This has not been completed. While the balance has increased, it has not increased to where I've planned it to be. Since my Freedom Account is fully funded, I will direct more money into this account until it is fully funded. This is the account I use for any emergency repairs to my rental property and to pay for the home maintenance plan.
  • Setup automatic bi-weekly transfers to my Freedom Account and Rental Property Account. Not only did I setup an automatic transfer to these accounts, I setup a WEEKLY transfer instead of bi-weekly. I don't even miss the money now.
  • End 2007 with a Networth of $64,000. After that September post, I increased the goal to $65,000. I've passed both of those goals but the final numbers will depend on how the market performs thru the rest of the year.
As I posted in the 1st Carnival of Financial Goals - 2008 Resolutions Edition, one of my goals for 2008 is to decrease the balance of my car loan to less than $20,000 by the end of 2008. To accomplish this, I will add an additional $200 a month to my regular payment to decrease the principal balance. I would also like to:
  • Increase my Networth to at least $75,000. This is very conservative and will be adjusted accordingly around the middle of the year.
  • Increase my Freedom Account balance to $5000.00. This is alot more than I need in this account and if the balance gets that high, I will direct any additional money towards debt payments.
  • Increase my Rental Property Account balance to at least $1500.00
  • Decrease my Non-Mortgage debt to less than $40,000. Now that my credit card debt is gone, my focus is now on the car loan balance. Once the car loan balance is gone, I will then start on the student loan.
  • Increase my Credit Scores. I would like to have at least a 720 with all 3 bureaus.
Be sure to subscribe to SingleGuyMoney to see if I accomplish these goals. I would also would like to wish you a very happy and prosperous New Year. Let's make 2008 the year we get free of debt!!!!!

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4 comments

  1. RacerX // December 27, 2007 at 7:19 PM  

    Congratulations on reaching most of your 2007 goals!

    Keep up the hard work!

  2. TheLocoMono // December 27, 2007 at 10:08 PM  

    That will be interesting to hear about, your credit score goal. I am working on mine as well.

    I have my credit report cleaned up but still have yet to see the effect of it on the credit scores.

    Looking forward to reading your posts on this topic. Congrats on your goals.

  3. Patrick // December 27, 2007 at 10:11 PM  

    Congrats on all the great progress this past year! :)

  4. Blubba // December 28, 2007 at 12:47 AM  

    Wow, that's really great. Congratulations on setting out and obtaining those goals and good luck in 2008!