10/27/2009

2010 Monthly Budget - Looking Ahead

Have you starting thinking about your 2010 budget?

I have, off and on, for the last few months.  My Mom and Jordan have been encouraging me to just get through the rest of this year before worrying about it - but there are seriously only two months left!!

It's hard to figure out what I really want to do.  Do I want to eliminate my student loan debt, reach $10,000 in the house fund or max out my RRSPs.  I don't have unlimited funds - I can probably either do one of these things really well or all of these things half-a$$ed.
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12 comments:

  1. I really have no idea of where to start with my 2010 budget. I graduate in the spring, so it will be time for the transition from student to working gal (thank God!), but there may or may not be a big move in the near future. Totally depends on the boyfriend's career.

    So many variables!

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  2. The other day I got really excited thinking about 2010. It's going to be a great year and I'm eager for it to start also! I also have the same problem on what most to focus on. Debt, of course, and then after that probably retirement because it's the thing I think about the least.

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  3. My 2010 goal is primarily to get rid of my consolidated loan as fast as possible. There are other minor goals but this is the one that haunts me.

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  4. I never budget more then a month out. maybe thats a bad thing, maybe it's not. Now as for planning goals for the year, I do do that on an on going basis. it is very fluid in the way we set goals and build up our plan. I think we do need to have more of a concrete plan when it comes to goals. I think next year a portion of our income will be for goals and the rest can remain fluid. Just like our debt repayment is a set and fixed amount, that section of the budget once that goal is done will be available for other goals.

    regards,

    Jason

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  5. I don't use a written budget, but early 2010 is when we'll be credit card debt-free! And hoping to make more payments on the mortgage principal.

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  6. I actually started doing this on a spreadsheet to see how much money we could save for next year, all while paying for new appliances. I will have to figure out how to cut out some expenses if I plan on contributing to a retirement account and funding my daughter's college expenses for the year! No fun, for sure.

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  7. I want to be debt-free in 2010. Kind of hard to imagine! Hopefully get that done with early in the year. I want to start a TFSA, and a planned spending account (wedding, house). I hope I can find a full-time job, it would just make things so much easier!

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  8. I am thinking student loans because those payments, though small, affect your ability to carry a mortgage. I think there could be a work around for the DP, but there is none for max. payments as a percent of income.

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  9. I really want to, but can't count my chickens just yet with my job situation the way it is. I think either SLs or maxing your RRSPs should be a priority though.

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  10. I haven't thought about my budget, but I have thought about what I'd like my goals to be. Like how much of my credit card I'd like to have paid off, how much more I'd like to have in my emergency fund. So not specific month to month budgets - but ideas for the GOALS I'd like to accomplish in 2010 - absolutely!

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  11. Personally i've been giving next year's budget some thought, though I'm not stressing out about it, and since November is the most immediate month coming that's really where I'm looking. In terms of looking forward to what I want to do for the next year, those are goals, and mine are always evolving. Goals in terms of what I want to tackle for the next year, what I want to accomplish, what have I accomplished this year things like that. The thing is though, until December gets here, getting too far ahead of myself often means I take my focus off what I'm doing and don't truly get what I want done.

    There are some variables that are in play that will affect things for next year - possible raise, working out of my car more, things like that. I think I'd take the advice of your family and really focus on getting your goals met in these next two months. Then in the middle of December you can sit down with a much clearer picture of what you want to do and bang out the numbers and goals for next year.

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  12. wow - thank you everyone for all the great feedback!!

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