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Completed 3 of 9 Financial Goals for the Year

February 11th, 2007 at 07:48 pm

I've been working (slowly) towards completing the goals I set up for myself at the beginning of this blog.

FINANCIAL GOALS for 2007:

-set up a retirement account through work

-contribute fully to an IRA

-sell unwanted items and use the money to pay for home repairs

-research new home/auto insurances to find the best for less than currently paying

-have a will drawn up

-find a place for all financial paperwork to be centrally located, easily obtainable place

-get a free electronic bill paying system through my bank to save $$ on paying bills

-set up a PayPal account through a separate bank other than main one

-check into cancelling monthly cell phone plan and going to a pre-paid plan


COMPLETED:

-Changed over my insurance both on my house and for my cars.
SAVINGS-$386.80 per year.

-Set up a Paypal account through a different bank other than my main one.
SAVINGS- None really, but I have already received payments through the account. Smile

-Cancelled monthly cell phone service and went with pre-paid plan.
SAVINGS-Estimate of $160 or more per year. Prior cost was about $360 a year. Current estimation of less than $200 a year. Smile

IN PROGRESS

-Started selling items on Half.com. Have sold two books so far, but considering I only put them up a couple of weeks ago, I'm happy. Although this goal isn't "completed", it's one that will be in progress through the entire year. I'm putting the $$ into my $20 Challenge and will use this money for fixing up the house.

-Also, checked on setting up a free electronic bill pay account through my regular bank, but was told they don't offer that option. The bank is being sold to Washington Mutual Frown and it was said that they should offer electronic bill pay within the next year.

-I have all the paperwork needed to start contributing to a 403(b) through work. I just need to find the time to call up CALSTRS and find out what exactly I need to do to select one of the funds that they represent. There was information on their website that stated there was a $50 a year charge for their management of the account. What wasn't clear is if that's $50 for one's entire account or if it's $50 per fund you invest in. I want to contribute the full amount allowed each year ($15,500).

There's also the option of doing the same with a 486 Plan (at least I think that's the number). That will allow me another $15,500 a year. Smile I just need to find places for this $$ so they stop taxing and taking so much from me!

-I'll be working on a ROTH IRA in the next few weeks. Not the best timing as my property taxes are almost due. I need to research where the best places are to put my money.

Although not on my list, I would like to consolidate all of my traditional IRA accounts and find out if an old 401K from a prior job can be rolled into a traditional IRA. I'm hoping to put all the $$$ together, as they are just bits of money, but together it's a tidy sum (about $10,000).

I'm going to look online to see if I can get some ideas about how to organize all of my finiancial papers. Seems I keep bills in one spot, pay them in another, have my taxes stored somewhere else...I just need a central spot that will work for all of it. Organization isn't a strong point of mine. Once I've reorganized something, it's like my mind can't remember where I've put it! Go figure!

4 Responses to “Completed 3 of 9 Financial Goals for the Year”

  1. genmed Says:

    Great job! I'd be happy to have gotten one done in a month, but three! Way to go. Keep up the good work.

  2. scfr Says:

    Wow - You are off to a great start!

    Regarding organizing your financial papers, I use & LOVE David Bach's filing system. Here's a link: http://www.finishrich.com/pdf/worksheets-step1.pdf

    The genius of it is it's simplicity. My papers used to be all over the place, but a couple years ago I adopted Mr. Bach's system and now all my financial papers are in one of those Rubbermaid files ... and the amazing thing is that I have kept this filing system up (no doubt because it's so easy and compact).
    The only change I made to his system is that instead of a "FinishRich Inventory Planner" file I labelled mine "The Big Picture" [I made up my own folders for this file: Assets/Net Worth, Earnings, Safe Deposit Box Contents, Investments Being Considered, Financial Planning Services, and Credit Scores/Reports.]

    Good luck to you!

  3. Cheetahwoman7 Says:

    Thanks genmed and scfr,

    scfr, I tried to get that link to work by pasting it into my browser, but it just didn't want to show me it's hidden treasures. Maybe after I get someone to look at this darn computer, 'cuz it's been acting up a lot the last few months.

  4. scfr Says:

    If you can't get the link to work, it may be worth checking out the book (Smart Couples Finish Rich) from your library just to see his filing system. (Or go to David Bach's web site and access the free tools section, but you will probably have to register and you may not want to do that.) I did like the book overall (as you can see from my user name) but the filing system was actually my favorite part! I have tried many systems unsuccessfully over the years, and this is by far the best.

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