Now that I have a new job, I think I need to come up with some real financial goals other than paying off my credit cards.
Goal 1. Emergency Fund
According to Suzie Orman you should have an emergency fund of at least 6 months salary in the event of job loss.
Emergency Fund - $10,000
Goal 2. New Car Fund
My current car is 10 years old and while it runs fine I know that I will need a new car sooner or later. According to Internet lore you should put down 20% of the price of the car to account for depreciation.
New Car Fund - $5000
Goal 3. Monthly Savings
Most financial advisers (at least the ones I have seen on TV say that you should save 20% of your income. I can not afford that, so I'm going to start with 10%
Monthly Savings - $230 per month
These goals are going to take a lot of discipline to accomplish. I guess if I focus on the monthly savings I will get all of the goals done over time.
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