New Years -- Resolve, Restart, Refocus

I love New Years. And not just because I met my husband on New Years Eve, 2002. (awesome!) I love what this time of year represents. It's a time of transition for me; I'm trying to right my financial ship, I'm trying to branch out in other directions away from my chosen career, and I'm trying to simplify things at home by cleaning, recycling and getting rid of clutter. It's all lofty ambitions and pie-in-the-sky, or is it?
Regardless of one's circumstances, and the journey a person is taking, it's of great benefit to pause once in awhile and take note of one's progress (or lack thereof!). For some people, it's time to start something new, set a goal.
And, really, that's the thing. In order to achieve some measure of success, you have to set a goal for yourself. Not something too fuzzy like "look better", "organize my house" or "meet people". A goal ideally is specific and quantifiable. It's also a good idea to make a goal achievable. Give yourself a timeline, set the goal, and reach for it. For example, I want to completely pay off my balance (say, $500) on credit card X in 6 months. To make it achievable, divide the payment into 6 equal installments, set up the payments automatically on your online banking software, and voila, goal achieved. (Of course, you need to stop using this credit card completely or hide it in an ice cream tub in the freezer!) Once a small goal is set, and achieved, then it makes it easier and more desirable to set another goal, and the success bandwagon is in motion!

 There are a number of items on my to-do list for 2011. First thing is to pay off my credit card with the highest interest rate, and lowest balance. (interest rate, almost 19.5%, balance around $800). I am waiting for a freelancer paycheque (around $350) to pay off the first chunk of that debt. Then, I will pay another $100 monthly until it's paid off. Should be less than 6 months. Then, I will be cancelling that card (interest rate too high anyway), and keeping just the one main credit card with the under 6% balance, but much higher balance. That's going to be the next hurdle to clear, will take a bit longer. but it's still achievable. I will have to do up a formal budget in the next few days and see what my cash flow will look like in the coming months. 

Perseverance is not a long race; it is many short races one after the other.
Walter Elliot