Practicing Financial Wisdom

January 10, 2009 at 1:07 pm (Goals for 2009)

This picture has nothing to do with “practicing financial wisdom” but it is one of my favorite pictures!!
Debbie, Esther, Snowwoman, Me and Susie

Debbie, Esther, Snowwoman, Me and Susie

I haven’t set financial goals for many years.  We had two kids in college for 8 years and helped them as much as we could.  As a result, there was never enough money, so we didn’t set any goals… except to hope that we had enough to pay for emergencies… which we always seemed to be able to do.  God’s grace and mercy are indeed great!
I am going to stop my part-time job in May and we will have a bit less money coming in, so I wanted to sit down and figure out where we were financially so I knew how to plan.  We have no credit card debt.  Dan and I each have one credit card account and our practice since 1989 is to pay the card off each month or, at worse, pay the balance off within 3 months.  We do not use department store credit cards.  We have a mortgage– over 1/2 of the payment goes to the escrow account to pay taxes and insurance! 
Our only small debt is our car payment and a line of credit from the bank we use when we need larger amounts of cash (Danny bought his snowplow with it).   My goal this year is to pay off our car early and the line of credit early.  I have totalled those two debts and divided by 12.  That is the amount I am going to apply to those accounts each month. 
Danny has a 401K for retirement and we have a small savings.  I would like to add to the savings $50/month this year.  I also want to set up a “kitchen fund.”  Our kitchen needs redone and the cost will be significant.  I know we won’t be able to save for it in one year, but I want to start!
I am cutting back on the times I go to the grocery store and am only going with a list!  I would like to start using coupons, but am finding that the coupons in the Sunday paper are usually for items I don’t use!   I am planning one week of meals at a time and shopping that way.  I would like to save $100 a month on our grocery bill! 
I will write about my creative goals another day.  I finally feel rested and am able to breathe again and am thinking in colors again (another blog for another time!)

1 Comment

  1. Danielle said,

    “I would like to start using coupons, but am finding that the coupons in the Sunday paper are usually for items I don’t use!”

    This has been my experience too. I’m just starting to get into the whole drug store thing. I signed up for a card with CVS and it sounds like there are some big savings to be had there. It sounds a tad complicated, but I want to save more money so I’m going to make the effort. You can find out more here: and scroll down the the post entitle “drugstore game” if you want to know more.

    Good luck!

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