My Financial Goals for 2009

The year is about to end, and I am determined to have a better year next year financially. Having started new accounts that will serve as my piggy banks for several funds, I am more than ready to begin a more productive 2009.

Here are a few pointers in determining your financial goals:

Set your goals

Like me, I have set more specific goals this year. Like for example, my main bread and butter is coming from the lease of our home in big Manila. But the lease contract is expiring on the middle of this year, hence there is a need for me to prepare for a few months of no income. I have created accounts wherein I have little by little set aside money to cover for future expenses like:

Short term goals

1. rental money for the house we are leasing now in rural Mindanao (good for 7 months)

2. money to pay electricity bills (good for 7 months)

3. money to cover phone bills (good for 7 months)

4. money to cover groceries (good for 5 months)

Long term goals

1. Continue to contribute P5,000 per month for my children’s ITF funds.

2. Start saving for retirement

3. Start saving for a lot in rural Mindanao

Set realistic goals

Having a clear set of goals will make planning easier. From here, we can create the opportunities to save and allocate funds for our Short and Long Term goals. One of the next thing we need is to be able to prioritize how our monthly contribution is going to be in order for us to make our short term goals a reality. It is important for us to be able to identify your realistic goals.

Create steps in reaching your goals

Having only one income, I am more inclined to create alot of steps in order to reach my short term goals. I have pledged to live a more frugal life next year. I pledge fewer trips to the city and I am determined to plan each trip extensively now. I intend to cut on spending and create more means and opportunities to increase savings.

Create more means to earn income

I have started my freelance writing gigs a few months back. I am planning to intensify my job seach with the intent to beef up my portfolio in order to bag more projects. I am still writing for Pinoy Travel Blog and Pinoy Urban Blog with Yuga. This is something I have been doing on and off for years now, and I am more compelled to increase my presence in the blogosphere. I am going to launch my frugality and personal finance site next year and I hope to get more readers feedback and even monetize the site.

Creating our own financial vision is important so we can remain focus in achieving our monetary success and freedom. Being frugal is just one of the means of getting there.

Do you have money saving tip to share? Do so by making a comment or by writing me an email at frugal.pinoy@gmail.com

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