Friday, September 26, 2008

Free From Broke's Financial Plan for the Year Ahead Contest--win up to $300

As the government tries to sort out the financial bailout, this is a good time to take stock of our personal financial plans, something that we at least have some control over!

Free From Broke is celebrating his blog's first year by hosting a contest What We're Looking to Do With Our Finances in the Next Year where you can win up to $300 in cash by participating in various ways.

My short term financial goals are simple:

1. Add to my ING emergency savings account

2. Save for a car

3. Continue to contribute to my IRA

4. Continue to prepay my mortgage*
(with the long-term goal of paying it off completely within the next five years)

5. Save even more on groceries (currently only saving between 10-15%)

6. Shop around for cheaper car insurance (already have my deductibles at max and already cancelled collision and comprehensive on both cars--they're old!)

7. Try to cut back on medical expenses

I'm hoping all these boring frugal activities pay off with more available fun money for future trips!

* I just read a chilling story in the Miami Herald that made me re-think this idea, about a woman who is losing her house despite having it paid off (in a condo association where most people are defaulting and abandoning their homes because they had little equity in them anyway). I live in a single family home but we do have a home association! More on this later...

1 comment:

Free From Broke said...

Sounds like a great plan! Thanks for linking to my contest!