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Financial Fixer-Upper Day 1: Get Your Goals Down

Posted by on Apr. 9, 2012 at 9:23 AM
  • 102 Replies

Thanks for joining the Tax-Time Financial Fixer-Upper Challenge! We hope you learn a lot from these 10 days of tips for saving and spending and smarter!

Your activity for today is: Assess Your Situation and Get Your Goals Down

Before starting to work on your spending and saving habits, it's important to assess where you are, and where you want to go. Today, think about your current financial state. What do you spend most of your money on right now? Is more going out than coming in? How much do you typically save each month? Do you have separate checking and savings accounts?

Then, think about your goals. What do you want to achieve by spending less and saving more? Is there something big -- another kid, a wedding, college, retirement, etc.-- you are saving for? Do you want to stop living paycheck to paycheck? Do you want to get out of debt? Do you just want to go out to eat at a really nice restaurant?

Tell us about your assessment in the replies below! You might find there are other moms in a similar situation. Tell us your goals, too!

-Cafe Steph

woohooTo sign up for the Tax Time Financial Fixer-Upper Challenge, click here.

by on Apr. 9, 2012 at 9:23 AM
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Replies (1-10):
othermom
by Silver Member on Apr. 9, 2012 at 9:42 AM

Right now we save a little bit, most of our money goes to bills and to some hospital bills that we need to pay off, but wthey will be paid off soon. Our goals are to save a little more and to be able to still do a few fun things.

amy7243
by on Apr. 9, 2012 at 9:43 AM
1 mom liked this

 I would love to stop living paycheck to paycheck. We have been doing better lately but I am going to start to save alot more.This challenge should kick me into gear.

alotta_fagina
by on Apr. 9, 2012 at 9:44 AM

Most of our money goes towards bills, but a lot more could be going towards bills if we could budget better. We have a savings account but there's hardly anything in there. My main goal is to stop having to live paycheck to paycheck and not have to stress about bills, since we do have more coming in each month than the bills cost.

RADmomma
by on Apr. 9, 2012 at 9:45 AM

Right now most of our money goes to bills and gas for the vehicles. I am pretty good at shopping on a budget and I am working on lowering our bills. We are also working on getting a more fuel effiencent vehicle. But DH has to work so he has to drive....

We would like to get more in savings.

jdy9440
by on Apr. 9, 2012 at 9:47 AM
My goal is to become debt free. We just finished paying off two cars and a boat, now need to pay off some credit cards and medical bills. We need to stop wasting money on eating out, so I need to plan meals better and cook. Then just want to save for retirement.
sweetmissy_05
by Bronze Member on Apr. 9, 2012 at 9:48 AM
1 mom liked this
We need to stop spending so much money at the gas station for things, do more budgeting, start saving money.
Bmat
by Barb on Apr. 9, 2012 at 9:48 AM

We've had some expenses this year that have pulled our savings down. It would be nice to have that cushion again.

RobynS
by on Apr. 9, 2012 at 9:48 AM

We did Financial Peace University last fall, so we assessed everything then. What an eye opener! We knew we had it all wrong, but we didn't realize just HOW WRONG. Ack!

Definitely had more going out than coming in. :(

DWells06
by on Apr. 9, 2012 at 9:49 AM

Right now we are paying off debt as well as savings...been thinking about having Baby #2 but I'd like to change careers but afraid to have a paycut as we're comfortable. I'd like to be able to have things under control where if we did have a job change, we can still afford it. Both of us work so at least we're still getting income in.

jenniferlee_12
by Member on Apr. 9, 2012 at 9:50 AM

We are pretty good right now. I want o put any extra towards the car and house to pay it off.

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