Thursday, March 27, 2008

Current obsession

I'm on a financial responsibility kick these days. Despite having an archivist's training in record keeping, I'm pretty terrible at my own personal finances. It's pretty embarrassing to admit it. My hope is that if I blog a little bit about it, it will help keep me accountable to a certain degree. I was really inspired by a blog post by my friend Ian who got himself out of debt and managed to save $10,000 in just two years. (Unfortunately I can't find the post and can't link to it.)

Here are my goals:
1. Pay off my credit card debt in 3 years. It seems like a long time, but sadly it's a pretty big number to tackle.
2. Save 10% of my income each paycheck into a high-yield savings account so that I will slowly accumulate an emergency fund as well as a down payment for a house within 3 years.
3. Be very aware of where my money goes. I realize that my fear of really examining it just leads to the problem getting worse. Even when it's scary, you gain control just by opening your mail, sorting through bills, knowing your bank balance, etc.

Anyhow, I'm completely obsessed with this blog:
It's full of common sense and written for the regular joe. I'll keep you all posted as to progress.


andrea said...

you are gonna do great! that finance blog is pretty fun to read, i like the concept of getting rich slowly. they mention the "debt snowball" which is one of the tricks ian used. i like some of the smaller practical advice they give, like about making tv/cable cheaper.

dirty bird said...

but i don't want to open my mail!

Yen said...

Go Kate! Saving can be fun!

Here's the posting.