A Dollar Saved is.....

Two weeks into January and I am still really focused on my six goals for this year....this is a good sign since typically by the 15th of every year I have resigned myself to another year of failure.

2010 seems different somehow....

Not only did I set realistic goals, I also re-examined some of my past goals and tried to figure out why I couldn't accomplish them.

Every year for as long as I can remember I would set a goal for myself to make more money. Well, in my twenties this was fairly easy to do, but then once I started having children, went back to school and then switched careers it became more difficult to earn more money.

Not one to admit defeat easily...I asked myself, "how can I make more money this year?"

Well, a few options came to mind....

One, I could take on a part-time job.

Two, I could ask for a raise

Well, a part-time job doesn't work really well in my life with my daughters. It's hard enough scheduling family time and I can't ask for a raise since I work for a union.

And then it came to me.....

If I can't make more money.....I could always try to spend less money!

Why have I never thought of this before????

I wanted to make 10K more this year than I did last year.

Well, since the government would likely tax me at a 50 per cent tax rate....even if I did make $10,000 more....I would only see about $5000 at the end of the year.

So, if I save $5000 this year by cutting back I will end up the the extra five grand in my pocket.

No, this doesn't mean I am never going to order a tall, non-fat caramel corretto ever again, but it does mean that I am going to carefully track all of my spending and think twice before I splurge. I don't buy lattes everyday, but if I did I would be spending over $1400/year and I do like to go out for lunch...most of my lunches average between $15-20 each meal. If I go out for lunch three times a week for a year....that is $2800!

I think this strategy can work on many of your goals....

If you haven't had success in the past...take some time and try and figure out why your goals couldn't be achieved and see if you can find new ways to accomplish them, or set a different type of goal.

Just a thought!