I hope all of you start out 2013 on the right path and Debt Roundup is always here to help. To end 2012 on a good note, I compiled a fantastic list of personal finance tips from some of the best bloggers around. If you haven’t had time to check it out, please do so. These tips can help you start 2013 on the right foot and get your finances in check before you hit your new weight loss goal!
For the new year, I am co-hosting another great $100 cash giveaway. Please enter to win with the widget at the end of this post. Giveaway ends on 1/12/13. Enter Now!
As the new year begins, we all have goals that we want to achieve during the year. These might be to lose weight, make more money, buy a house, save money, buy a car, or whatever else. Goals are extremely important for any aspect of life, but they really mean a lot when it comes down to personal finance. If we don’t have goals to achieve, then how will we know if we are doing the right things with our money? Please take some time this month to put your goals down on paper and find ways to feasibly achieve those goals. Maybe even reward yourself for each one that you check off your list. Rewards can be a great way to keep you on track.
Since 2013 is just starting today, I figured I would jot down some of my financial goals. I am sure there will be a lot going on this year and getting my goals in front of my face will only make them more attainable. I can create a game plan early and hopefully execute them before the end of 2013. Here are my goals for my 2013 finances.
Juggling Baby Costs
As some of you know, my wife and I had a baby at the end of December. My son was born on 12/27 and has been a blessing to our family. As a first time parent, I didn’t know what to expect, but everything has been awesome so far. I can’t wait to see what the future brings.
Speaking of the future, I will be using 2013 to figure out how to deal with the rising costs of being a parent. Since my wife and I did not have kids before, we have had a pretty solid budget and our finances under control. This will all change this year. I will need to figure out what I want to do to start saving for college, paying for day care, clothing, food, diapers, doctor’s visits, and all the other things that babies need to survive. I have no idea what to expect in this area, so I will be learning as I go. If you have any tips, please let me know!
I am a fan of being able to retire and live off of the money that I saved up. I don’t want to have to work while I am retired because I made some financial mistakes. I have a 401(k) through work, so I have been pretty happy with that. I will need to change my allocations and amount being saved in order to catch up from when I was paying off my credit cards. I also have a Roth IRA through Betterment. This has been great so far, but I want to fund more of it and hopefully max it out in 2013. The baby costs might through a wrench in this plan.
Investing has been something that I have never really understood fully. Until recently, I didn’t even know how to login to my 401(k) account and check it progress. This all changed back in July 2012 when I finished paying off the credit cards. I wanted to get a grip of my investments and make more.
I would like to dive into personal investing with a site like Prosper or Lending Club. I think there could be some potential with these types of investments, but I don’t want to dive in fully in order to stave off any potential losses. I would also like to start getting into the stock market and dividend stocks. There are quite a few great dividend stocks out there and I want to get in on them.
Home Down Payment
We have been in our current home for 6 years, but it is time for a change and get out of the neighborhood that we are in. It is not the best to raise a child, but it has been fine as a first time home and neighborhood. My wife and I are looking to purchase a home by the end of 2013 or the beginning of 2014. We want to be able to put down 20% on the house in order to keep away PMI, which is something that we pay now and that I dread completely. I don’t hate a lot of things, but I hate PMI! This will be a big goal to hit, but I think we can do it if we get disciplined with our budget and baby spending.
Credit Card Rewards
This is my last goal for 2013. I have used credit cards for many years, but the only reward I got from them was the feeling of being in debt. Not the type of reward that I want. Now that I have better control of my finances and buying emotions, I want to harness the power of credit card rewards. There is nothing better than getting rewards for doing the spending that you normally would. I enjoy cash back credit cards, as I don’t travel by airplane much, so these are the type of rewards that I am looking for.
Do any of you have any suggestions of a great cash back credit card? I have good credit history, so I am not in need of anything for bad credit.
Well, these are my finance goals for 2013. There are not many of them, but they are pretty big. I want to achieve financial greatness this year and I think I might be able to do it.
What are your 2013 financial goals? What do you hope to do with your money?
If you are a personal finance blogger and want to be a part of co-hosting these giveaways, check out the Giveaway Project from Saving Advice.