2013 Action Plan

I’ve previously set several goals for 2013.  In order to achieve my goals, I’ll need to come up with a an action plan, or a series of clearly defined steps, in order to reach them.  These were my financial goals:

  • Max out Roth IRA at the new max contribution limit of $5500
  • Pay off my car loan to my parents ($4000)
  • Set up repayment plan to my parents for the refinance loan
  • Make a deliberate effort to put money aside each month for savings goals
  • Continue to apply for property tax credits to keep my bill low

To achieve my goals, I’ll need to put money aside towards each of my goals each month, and still pay off all my bills.  In order to achieve my goals, I am going to try a new method for the month of January: I know that I can reasonably pay all my bills using my graduate school stipend and the income from two of my three renters, so I will take the rental income from the cheapest of my rental rooms and apply it directly towards one of my dedicated savings accounts.  This way I get the satisfaction of seeing a big chunk of change ($620) go directly towards a goal each month.  I will track my spending every week in order to make sure I am keeping my spending below the rest of my income.  At the end of the month, whatever monthly income is left will be calculated and then deposited towards another savings goal.  I’m starting slow with the very achievable goal of “reserving” only one of my rental incomes…once I get used to spending less money, then I can try and add on part or the whole rental income from a second tenant/roommate.  I think this method will be effective because it’s simple and I will have the satisfaction of seeing major progress every month.

January’s savings goal that I will deposit $620 towards is….the puppy fund!  The puppy fund is now at over $2000, so I should be all set for the high start up costs of purchasing the puppy, all the toys and equipment, vet bills, and training classes.  Still not sure when the puppy will come home, but by dedicating my initial savings deposit for January to the puppy fund, I know I will be financially ready whenever I get the call that I’m going to be a puppy-momma!


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