mypfvoyage.org

The month of January was a very busy time for me. I was able to start to improve on my personal financial goals. In addition to my financial goals I was able to pursue some career goals. The lack of posts reflects this busy period. I signed up to track my finances with Mint.com. I also signed up with NCNnetwork.com to track my credit card debt and NetworthIQ.com to track my net worth.

There has been some improvement in the ability to start reducing my overall debt and in general my credit card debt. I will soon have figures and maybe graphs available on the site to visual show my progress. At the end of January my net worth was negative number which did not surprised me. However, it was not too bad. My January net worth was (10,120). The amount that I owe for my credit card debts was $3800 and that came down from $4000 in December. I am happy with my progress so far and hope to continue.

If you choose to only pay the minimum payment on a credit card each month you will not see the balance move to significantly. Not only will it take more time to pay off your debt, but the finance charges on your unpaid balances will increase the total amount of your original debt. If you were to charge $4000 on a 17% interest rate card and only make the minimum payments and charge nothing else, it could take you up to 23 years to repay your debt. So if you can afford to pay more than the minimum payment do that. It will help to reduce your outstanding balance sooner.

The number 8 stands for new beginnings and the number 7 stands for completion. At the beginning of every new year, resolutions are made to improve on ones personal life. There are personal financial resolutions made also. However, to start the 2008 off right I am going to set goals instead. Goals are essential to obtaining your personal financial freedom.

2008 Personal Financial Goals

1. Make a budget and stick to it.

Read the rest of this entry »