The American Dollar
One industrious American family's focus on a financial goal of freedom. Through worldly personal finance education, here is our story.
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Our Story: Both my wife and I are 27 years old and have gone through financial hell and back. Now we are on track to financial freedom, however we are not financial advisors or professionals, just everyday people. Share our journey from a negative networth and email us if you have questions or comments! :)


Monday, July 23, 2007

Setting goals and Sticking to them

Our family sets goals on a regular basis. Whether its next year, next month, or 24 hours from now, we plan it and map it out. I guess thats makes us a little bit OVER organized sometimes. Its hard to imagine that we would be where we are right now without some proper planning. Also if you take a look back at some of my earlier posts when we had opened our monthly bills only to find credit card statements, horrendous student loans and just up to our eyeballs in debt. I remember almost 4 years ago actually being on our home elliptical machine listening to some random music on a bulky ipod, not even having any baby thoughts on the brain, and thinking we need to get a plan together and get this debt cleaned up before we reach 30. I sat down that evening with an excel spreadsheet and got our finances in order. To this day, I still use the same formatted spreadsheet but the expenses column has shrunk dramatically from paying about 12 different companies every month to only 4... mortgage, power, cable, and wireless service. How did we achieve this before we were both 25 years old? We stuck to the plan and worked the budget making sure all our extra money was going towards our debt. Once that debt was gone, we never looked back. Its a great feeling. I guess we are at a crossroad stage in our life where we are building up our emergency fund and saving saving saving for that next BIG thing. Dont ask me what the next big thing is, I dont even know. So it comes back full circle again where we have to determine where this next batch of savings is going. Granted we are paying down our mortgage aggressively, our retirement accounts are going to be maxed this year and a child's college savings account is on the radar. All I know right now is that we have to set up some more goals and stick to them like the way we did the debt. The question is where to start...


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