This is going to be the start of a monthly serious where I lay out my goals and status. Each month, I will talk about my progress exposing my successes and failures. First, I have two goals for the next year.
- Debt: I have a little under $5,000.00 in credit card debt. This amount is going down quickly, and barring any bad decisions I should have it gone within six months.
- Emergency Fund: I currently have $1,000.00 in a savings account. This is a great start, (considering where I came from), however I want to get it to three months of living expenses or about $5100.00.
These two are my main goals to get myself on track. Great progress has been made in reducing my overall debt in the past year. I was at around $10,000.00 in credit card debt. Once these two goals are met, I will continue to grow my emergency fund until it is six months of my expenses, work on increasing my 401k contributions to 10%, and save money for a down payment on a house.
Several things are changing in the next couple of months. My roommate just got engaged, so I am going to have to find a new place to live. There are several apartments around that are reasonable, although I am also looking for a possible roommate as well to save a little money. The emergency fund estimate listed above is assuming I don’t find a suitable roommate.
So tay tuned next month to see how I am doing.
-Kevin
