Thursday, February 16, 2012

Mid-Month Money Manifesto - Month 2

Month 2:  Goals...  And Adjusting Goals

It's time for another Mid-Month Money Manifesto post.  Last month I talked about what was working.  This month I am talking about my goals.

{source}
 I had this whole post written about my financial goals for the year and how I was prioritizing between paying down student loans and my mortgage while savings for a down payment for the purchase of a home down the road...   Then I got my final medical bill and realized my out-of-pocket obligation for my sinus surgery is nearly twice what I thought it would be.

Gosh, being an adult sucks sometimes.  I am not abandoning my financial goals... They are just getting pushed off to the 2nd half of the year as the goal for the first half of the year is to pay off my medical bills and pay off a credit card that I am carrying a balance on.

So once I have met these goals, I will set goals for the rest of 2012 - most likely in the 2nd half of the year. 

Do you have well-defined financial goals?  In the past, I have set up automatic deposits so that I save a certain amount each year, and in addition to my monthly student loan payments, I always put extra towards paying down the principal, but I haven't really had much more focus than that.  This year I will.  

16 comments:

Kelly (She Wears a Red Sox Cap) said...

Honestly, this is why I find money so annoyingly stressful because just went you think you have control of it, something ridiculous pops up. I mean obviously your surgery was very important and will be worth it in the end, but I just don't get why insurance wouldn't cover something like that!
Anyway, I'm glad you are still working towards your goals even if it will take a little longer than expected :)

Gracie (Complicated Day) said...

Yikes, medical bills :-/
I've always had financial goals - like exactly how much debt I would take on for college, how soon I would pay that off, etc. I was in school when my husband and I got married and he was shocked to find that, although I was self-supporting and working my way through college, I had a $13000 CD fund. I explained that my goal was always to have a year's expense cushion! Right now my goals are more related to savings, 401k, and the house fund: a savings fund for a down payment if we ever choose to buy.

Carolina John said...

I hate the way something pops up like that. Yesterday we took Kelley's car in for an alignment and it turns out it needs $1500 in repairs. Now I would rather just replace the car because we don't have that much cash laying around and we don't actually get anything for that expense. This is why I hate cars.

health care is the same boat. You think your insurance is going to cover X, but when the bills come in it's always more expensive than you expect. always. and the republican's really don't think we need to overhaul the health care system. geez.

Donna said...

We have been very good at saving in our 401ks and 529 plans for the kids. Our goal for this year is to save separately from those two methods. We switched to an HSA health insurance plan last year and I was initially resistant but it has actually been much easier to stay on top of health care costs, especially with kids. Between the four of us, someone goes to the doctor or dentist at least once a month!

missris said...

Oh that sucks! Medical bills are so stressful because you never know exactly how much something is going to cost, and then you always get charged way more than you thought you would! When I had my wisdom teeth out there was a line item on my bill for $15 for a "warm blanket." I didn't even take the blanket home, it was just something I had in the recovery room. And I had to pay it--warm blankets apparently aren't covered by insurance! Blech. Anyway, I'm sorry you've had to rearrange your goals. That's a bummer.

imlivinginadream said...

That just sucks about your medical bills. I'm lucky enough in Canada to not have to deal with those (not yet, anyway) but I'm still no better with my money. My goals next month have to do with budgeting... I just have a LOT of difficulty fully paying my credit card & saving. But I really need to because at this rate I don't have enough savings to finish school, which terrifies me. Time to buckle down and start saving for real. I'm with you on saving this year, that's for sure!

Nora said...

My first rule when I get my paycheck: pay myself first. I always put some money into my savings account before I do anything else. I'm aggressively working on paying off my credit card that has a balance on it as well, so that's second. If I have "extra" money at the end of the month, I save some of that too. This year my goals are to get my credit card to zero (should be in the first half of the year) and then once my car is paid off putting half of that payment into my savings along with my usual monthly savings. Here's hoping it works! Lots of variables between now and then for me though =)

Also medical bills/insurance? Totally blow. I can relate to that!

Jolene - EverydayFoodie said...

I feel for you about the medical bill. We don't have those in Canada thankfully, or I would be in big debt because of my mom's year hospital stay last year. I have pretty clear financial goals. I didn't get into school debt, as I paid my way by working while I was in school, so all I have is a mortgage and 1 car loan. I invest and save a huge amount for retirement. Other than that ... I don't know what else to do.

crystal said...

Ugh, as someone less than 1 year away from receiving my first student loan bill following 10+ years of expensive schooling, I have nothing profound to say about this post!! How about this, money stinks!!

Stephany said...

Right now, my biggest money goal is to stick with a budget. I have a good little template to use, but I tend to spend willy-nilly (usually little purchases but they can add up quick!). I'm doing better at paying my bills, putting a good chunk of what's left over into savings, and the rest is mine but it's a work in progress!

Still so bummed about that big bill from your surgery. It was an investment in your health, but man, our health care system needs a major overhaul. It's terrible!

Becky said...

I'm glad you're allowing yourself to adjust your expectations - I think being flexible is the most important things about financial goals! The sinus surgery was DEFINITELY an investment in your health - but I agree that medical bills are the worst of the kinds of bills!

Kyria @ Travel Spot said...

I hate medical bills. A few years ago, I did not have insurance and I had to have surgery and it was a wake up call.

I am a saver. I always put money aside for several things: retirement, a home, a vacation. I have a lot of pots going on!

Amber (Girl with the red hair) said...

My handle on my finances ebbs and flows. I feel like I have a good handle on it but then a big expense comes up (or the holidays) and UP my credit card balance goes. I JUST paid off my credit card balance from the holidays this week and next week we're getting Chloe spayed so that will be another big expense. And on it goes!

So sorry that stupid medical bill messed with your financial goals so much :( You WILL get a handle on it again, promise!!

pinkflipflops said...

we have tons of fin. goals. we save a ridiculous amount because my husband has it in his head he will retire at 59. so we save a lot. luckily we have always budgeted on his paycheck only. that means anything i earn is bonus money wooohooo.. so thank our lucky stars we ahve never had an emergency in our almost 5 years of marriage. my personal fin goal is to freaking get our food budget under control again. i need to coupon and find the best deals. i was doing soooo good and then life/baby/work got me too tired and ive been winging it and that is dangerious.

Jeanie said...

Financial goals -- yes, to save what I can (while still living) and to be able to take early retirement in a year and a half. Not sure how it will all shake down, but working on it! And paying more on the house...

Nilsa @ SoMi Speaks said...

I think the key with life goals is to (a) make them, so you have something to work towards and (b) be willing to adjust them as your life changes. It doesn't make sense to stay rigid with these sorts of goals, because sometimes sticking with a financial goal makes you worse off in the long-run if you don't take care of some short-term business!