Free From Broke is about to turn a year old (October 4th to be exact). A lot has happened in the past year: I took the jump and started my own site. We decided to live off one income so my wife can stay home to watch the kids. We’ve had car accidents. We bought a new car. We received an economic stimulus check. And so many more things. (I also built up some great relationships with other bloggers and readers out there! Thank you all!)
So now to look toward the next year. Here are some things on the horizon for our personal finances:
- Discover how livable one income will be. So far we’re doing ok but we haven’t seen what my paycheck will look like yet after we’ve changed the withholding and health care with my employer. There will be lots of adjustments for us I’m sure!
- Take our idea of frugality and kick it into high gear. We’ve always lived relatively frugal (at least I think we have). With two incomes though we were able to splurge when we wanted to. Now with one income we’re really going to have to lock our costs down and take our frugality to the next step. Grocery shopping is one thing we’ve really been watching lately.
- Continue building up Free From Broke. I gotta tell you, this site is a lot of fun to run! A year ago I couldn’t have imagined the site would be where it is. Still, I’d like to see the site grow more. I’d like more reader interaction and interaction with other sites. A year is a long time but I think we’re still very much only beginning to grow here!
- Look into what it will take to buy a house. I know, I keep talking about one income and now we want to buy a house! But realistically I don’t think we’re too far off on affording it. We’ve been saving and we have full equity in our co-op. We need to crunch some numbers and seriously consider whether a house is something we can handle in the next year and beyond.
- Head back to school, again. I’ve been slowly going back to school taking around a course a semester. I took off this semester (last semester was a bit crazy) but I think I need to go back in the Spring. I have some ideas about what I should be majoring in. A change in career may very well be in the works too.
- Continue doing what we do with our investments. The sky may be falling today but it won’t last forever (it won’t right?). I’ll keep adding to my 401(k) and also build up our CD’s in ING. As we’re able we’ll add to our Roth IRA and general savings.
The next year will be interesting for us for sure!
Now to the contest!
First I’d like to wish MiB Smarter Money happy blogoversary as well! We’re both teaming up to bring you as many chances as possible to win some great prizes. Check out Hank’s contest! Hank is asking his readers: What is the single most important thing you’ve learned over the past year?
I’d like to hear what you’re going to do with your finances in the next year!
To help celebrate my one-year blogoversary, you’ll have a chance to win one of three Amazon gift cards totaling $100 ($75, $15, and $10).
Here’s how you can participate:
- Leave a comment on this post about what you will do with your finances in the next year (5 entries) Make sure you leave a valid email address!
- Comment on MiB Smarter Money’s contest (5 entries). Contact me to tell me about your comment.
- Comment bonus – The top commenter on all posts in the contest period will automatically get 15 entries while the 2nd and 3rd highest commenters will get 10 entries! (Comments should be on current articles within the contest period).
- Subscribe to my RSS feed or via email and email me the secret phrase (10 entries). If you are already subscribed you can email me the secret phrase to enter as well.
- Subscribe to MIB Smarter Money’s RSS feed and email me his secret phrase (10 entries). Again if you already subscribe to MiB just email me his secret phrase.
- Favorite this post in social media and email me the link showing me where you submitted it (5 entries each). This could be Digg, Reddit, Stumble Upon, or PF Buzz.
- If you have a blog write about what you will be doing with your personal finances in the next year and link back to this post (20 entries). Email me your link. I’d love to hear what you will be doing with your finances on your site!
- Link back to any post in Free From Broke during the contest period (15 entries). Have a round-up? Add one of my articles! Think one of my articles fits well with one of your upcoming articles? Add a link back! Each link will be worth 15 entries. You have to contact me and tell me where you linked. No spam!
- Add Free From Broke to your blogroll (10 entries)! Again, contact me and send me your link! If I’m already up there you can still enter by emailing me!
That is a lot of ways for you to enter! The more you enter the more chances you have of winning!
Some legalese – This giveaway is meant to be in fun. Please have fun and do not try to “game” the contest in any way. I reserve the right to determine what a valid entry is and also reserve the right to adjust the rules if necessary (only one comment per article posted in the contest period will count for entries). I will not tolerate spam entries! All entries will be entered onto a spreadsheet and a randomizer program will pick the winners. You must leave a valid email address so I can contact you if you win. If your email is not valid I will move on the the next email that comes up in the randomizer. The contest period is September 22, 2008 to 11:59AM EST on October 15th, 2008. Odds of winning depend on the number of entries. You can enter each way once. Only one winner per gift card.
What will you be doing with your finances in the next year?
Sign up with ING Direct and get a $25 bonus
Related Posts
- Your Personal Finance Tipping Point And A Contest
- Personal Finance Resource Links 05-25-09
- Tip'd - A Social Community For Financial Articles
- Make Money Online Writing Articles.
- Weakonomics Links: Personal Finance - Canadian Style
- Do Unto Others' Blogs As You Would Have Them Do Unto Yours
Subscribe to Free From Broke | Follow Free From Broke on Twitter
{ 16 trackbacks }
{ 64 comments… read them below or add one }
Grats on switching to one income, I’m curious to see how it will work for you.
I’ll comment on your first question: What will I do with my finances in the next year?
I’ve been pretty good with finances as of late, last year I opened an ING savings account and have been pouring auto-deposits into there among other things. This coming year, I want to pay off my car before the loan ends, saving me about $400 in interest and the money I will save each month from not paying for my car will go straight into savings to fund some more bigger buys like a house, condo, or a move to an entirely new city.
Exciting! I suppose
In the next year I’m going to be dumping MORE cash into my retirement accounts. You’re buying low right now and it “may” go lower, but honestly, I’m still in it for another 40 years and I don’t mind buying while the buying is good.
Happy Anniversary!! In the next year I am going to pay off my car loan, and start paying down my wife’s student loans.
We anticipate being completely debt-free (excluding the house) by the time our tax return comes…and we are thinking that we may not even need to tax return in which case that would be an automatic 2-3 months of expenses in our emergency savings fund. After that, my husband really needs a new/used car. He is currently driving a 2000 Plymouth with over 100,000K miles on it. He’ll drive it until it dies on him, but we need to save for that!
Stumbled ya!
I agree with Hank! More money in the retirement accounts. We’ve also been saving up to put in our yard (we did a fence this year). So next year’s Big Expense will be sprinkler system and grass.
Congrats on FFB’s one year anniversary.
I would say our family financial goal for the next year is to continue finding ways to cut expenses and increase income. We already received a nice letter from our county tax board saying that our property tax would be lowered next year.
Great contest idea. I stumbled.
We will continue to do more of the same.. save save save and spend less.
Of course, I also plan on winning the lottery and sailing off into the sunset with my pile of cash but we can talk about that later
Happy Almost Blogday!
Stumbled, Dugg, PF Buzzed.
My wife and I may start having children next year, so our finances are going to change dramatically because we will go down to one income (day job income, anyway). My business income will make up some of the income we lose when she leaves the work force. But it certainly won’t equal the difference. We’ve been preparing for it for awhile though, so we should be fine. I’m sure it will be a huge change though!
The next year will be pretty adventurous. I’m on disability and trying to work my way up to some PT job. My husband is on unemployment. We’re waiting to hear back from the Dept of Vocational Rehab, which will assign him a counselor and help him figure out what kind of work he can do (with severe eczema that causes a lot of absences).
So, at least until March, he will probably stay on unemployment and train for a new job. Starting in April, his unemployment will run out. If he’s in school, we should be able to get worker retraining to help with basic living costs.
Meanwhile, we are using his unemployment to pay down our $12,000 of debt. We are putting $200-$250 of his $342 weekly pay toward those credit card debts, having just finished up the last $2000 of his student loans since June.
I am hoping to have all $12,000 eradicated in 12 months’ time, but we have a lot of unexpected medical expenses. So I am prepared for it to take around 18 months.
I’m working on my own blog, and I hope that I can bring in a few bucks here and there with that. I want to grow the blog in the next year. I have 75 subscribers, at present. I would like to be able to double it in the next six months. This means learning about some SEO.
We’re also hoping to pay down enough of our debt to start saving for a car of our own. I’m going to look into programs that help low-income/disabled persons get a working car.
And, finally, within the next year I would like to start working with the Dept of Vocational Rehab and figure out if there’s something I could do for a living, in and around severe fatigue.
Thank goodness we have a year to do all this. Otherwise I might want to run and hide!
Oh, by the way, I linked to your contest in my blog: http://ipickuppennies.blogspot.com/2008/09/mental-health-day-aka-link-round-up.html
Congrats on the 1 year and good luck with the upcoming year as well!
I am looking forward to keeping up on your progress and hope to keep updating my own at my blog as well.
For the next year I am hoping to try and figure out how to possibly get into a house as well but other things I want to accomplish include:
- Find more revenue streams to supplement my income.
- Clean up college loans stuck in collection (private loans with no way out, one mistake I have been paying for a long time).
- Build up a small emergency fund and start a bit of savings again.
We are trying really hard to pay down our credit card debt. Hoping to have at least get 1 card paid off, but really want to get two of them paid off.
I will be adding to my ING emergency savings account, saving for a car, continuing to contribute to my IRA, continuing to prepay my mortgage with the goal of paying it off completely within the next five years. I want to save even more on groceries, shop around for cheaper car insurance and try to cut back on medical expenses! Lots of boring things, but they add up to more fun in the end–more money for fun trips!
Adding more cash to the EF, trying to build up a cash “supply” for immediate access in an emergency, fund 529s for both kids, and get hubby working again!
We are planning to grow our savings so we can buy a car in full in the summer. We also are planning to invest in an index fund soon. This will require some added frugality!
In the next year, I plan on opening a CD to help build my finances.
jceko77@yahoo.com
In the next year, we would like to put 1,000. aside in an emergency fund, and since our truck only has about 9 payments left on it, pay it off, and celebrate! Six years is too long to pay for a vehicle. It may sound simple, but I’d just like to have a simple budget with some breathing room and be able to tend to anything that comes up, instead being caught off guard. I’d like to not be living paycheck to paycheck as much. (It’s nice to dream, isn’t it?)
In the next year, my goals are to make extra payments on my vehicle and start saving for a house. Last years goal was to pay off credit card, which I have done, now I just need to get serious about saving.
We are continuing to implement our financial plans as early retirees both working part-time for fun and profit. We are thrifty and frugal and enjoy inexpensive things like going to the farmer’s market, using coupons to shop with double and triple coupons, growing plants from seeds or seedlings, reading, walks, etc. Frugal can be fun. We have found that our financial thriftyness and investments over the years are really paying off now.
1) Manage sick pet expenses
2) Manage part-time tuition/fees (and homework, yuck)
3) Better organize overall financial records
4) Pay back “last-minute” student loan used for moving expenses
5) Start a for-profit hobby (like a blog)
6) Build up savings again
This time next year I expect to have no more credit card debt! I also hope to have my emergency fund up to three months of expenses. My son is scheduled to graduate from college in May, which will free up a lot of money that I can apply towards meeting my goals. Congratulations on your 1 year blog birthday!
As of this year I am debt FREE but the way the stock market has took a tumble for the worst I’ll be making my retirement plan one of my top priorities. Because of the economy I’ll be looking at my finances more closely and SAVING on everything that includes fewer trips, taking advantage of FREE samples, using coupons, do it myself (projects)etc. Without going into to many details I will simply live FRUGAL!
I just graduated with my MPH, and while my husband makes a good living, I am still working on finding a job.
But in the meantime, I am working on “Value added” projects. These are projects that take more time than money to do, and will add to our family’s financial well-being in the long run.
These include:
1- Using the help of a friend who is a real estate specialist to scouting out foreclosures for a deal on a home in our high-cost area. If it works, it will save us a few 100k in exchange for a little bartering (for my friend’s services) and footwork on my part.
2- Organize our family finances. We live in earthquake country, so I bought Suzie Ormand’s “Little Blue Box” and I’m both scanning our important documents into Gmail documents and storing them in the box for easy evacuation access.
3- Adding to my resume: I am using this extra time to further my training by volunteering and sitting in at a local clinic for learning disabled children several times a week AND acting as website content editor and health programs developer for a friend’s new fitness start-up. It may not go anywhere, but it’s a chance to write articles for the website and get experience. If it DOES work out, I have an equity in the company and a paying job once it starts to turn a profit.
4- Writing an ebook. My first degree is in English, and I am writing curriculum for a new MPH subject on spec for an elective class that my former university is hoping to hire me for in the spring. They were going to pay me, but that fell through, and while the immediate income would have been nice, this way I have full absolute rights to what I write, and can resell the textbook online. I hope to sell it and some study software my husband and I program for about $100 per set.
5- Retooling our grocery bills. I am also using my job with the start-up and my MPH to re-tool our grocery bill. I’ve found that just switching to one or two vegetarian main dishes per week and actually sticking to portion control for our protein/starches is trimming down both our grocery budget and our waistlines. The extra money we save will go to paying off some medical bills and my student loans.
I plan on doing nothing this year. I’ve already done it all, put my money into automatic savings, protected what I already have by locking it away in CD’s (sure they’re low-interest, but they are safe!), and cut and cut expenses until there is no place left to cut. Okay, I COULD stop eating, but that would have rather diminishing returns!
I started doing all of this cutting/frugality last year, when the writing was being written up on the wall. Now that the world has shuddered financially, I am in good shape. Recently, I thought I might buy a used car. The costs for renting/owning were absolutely identical, so it was a real tussle in my head. Finally, I listened to a little voice inside my heart that said, “No. Don’t go there!” So, I didn’t, and it silenced that little voice, and I am still walking everywhere, and renting cars when I need them.
The point is, remember that old poster of the kitten hanging on for dear life onto a rope? It said words to the effect of, “Tie a knot and hang on.” I’ve tied my knot. I am hanging on. And, if there is ever a splurge in my life next year, it may be to rescue a kitten, or a cat, or, maybe, a dog. Not yet–that knot is still pretty new. But that is where I stand. Er, hang.
Congrats on a year from a new reader- looks like i found your blog a year too late.
This year we will (fingers crossed!) pay off our little debt and go from one income to one and a 1/4…I’ve just started working part time after a 12 year absence from the workforce when i had my children.
It was worth every sacrifice and still is.
My best to your family as you make this transition…from the looks of your blog, you’ll be just fine.
I have budgeted for 2009 already – and plan to pay off 3 things – now if I can just stay on track!
Hi!
Your contest is simple and interesting. I have blogged about it on my contest blog ContestHub.net
Please inform me about your further contests to let more people know about them. Feel free to submit them here – it is free.
Here is the link to my blog post.
Cheers, Contest Hub.
My husband is now a stay at home dad and we are trying to spend as little as possible.
Good luck on buying a house! Its the best investment you can make!
As for next year….we’re going to pay off my car! We’ve had it about a year…and i wanted it paid off within two years! THEN we’re looking at getting DH another car with better gas mileage! He wont get a brand new car though! Other than that, we’ll continue throwing as much money as possible into savings and our one year old’s cds!
as long as nothing major happens we will have alot paid off…but as they say in life shite happens
Nice mashup contest
Hi! Congrats for your first year! here my entries:
http://aboutblogcontest.blogspot.com/2008/10/amazon-gift-card-giveaway.html
- subscribed by mail to your blog
- added you to my blogroll
- dug (glf1980), stumbled (ludo1980)
Sent a mail with the secret phrase. Hope everything is ok.
Thanks!
Congrats on your anniversary!
This next year I am planning on getting a handle on my finances, fully fund an emergency account, pay down my car, and go back to school. I also want to do a better job of teaching my children about money and how if you don’t manage it, it will manage you. I’m also subscribing to your blog.
I’ve planning on investing in some lower risk stocks given the financial uncertainty now.
I’m studying more on my savings account and moving money from a standard savings account to a money market account. I’m also hoping to increase my monthly contributions to my savings and streamline my budget.
So much to do, so little time.
Great contest idea. Congrats on the year of blogging too.
In the next year we’ll be:
1. Learning how much a baby really costs.
2. Trying to stretch ourselves and contribute to our Roth IRAs prior to 4/15/09.
3. Eliminating more debt.
4. Starting a savings account for our next house.
Congrats on your one yr anniversary! I just celebrated my 100th Post. Very much looking forward to my one yr anniversary. I signed up for your rss feed, but I don’t know how to get your secret phrase. I also stumbled.
My finance plan for the next year is to actually follow the budget I take time to make! I can tell you that paying attention to the grocery part is a great place to start.
I’ll be writing a post about “Free from broke” and I’ll link back to you.
Thanks for the fun contest!
Money is tight in our household (one-income, 2 kids in diapers and one potty training right now). So our goal for 2009 is to increase our income (hopefully through my blog!) and then decide on whether to chip away at our mortgage or invest. The thought of paying off the mortgage early is very comforting… but I recognize that the beauty of compound interest may make investing a smarter option.
Pay down auto loan
Cut spending of services i am over paying (cable especially)
Build blog
Over the next year I hope to continue on with the good sound base that we’ve built in this past year. We’ve become debt free, built up an emergency fund and 6 months of expenses and gone on a mediterranean vacation without using credit.
Over the next year we hope to get our financial house even more in order by saving more towards retirement, continuing and improving our monthly budget, making extra payments on our mortgage, and getting all of our life insurance, disability and other coverages in line and in order.
Oh, and I want to start making $1000 a day in adsense on my blog
i plan on not spending my money shopping for stuff i do not need like more shoes, purses, etc. i tend to do that sometimes, but i’m not a complete shopaholic so i think i can do it haha
We’re living more simply and conserving where we can…hopefully the kids will accept this turn of events.
bebemiqui82(at)yahoo(dot)com
In the next year we hope to buy a house(hopefully a foreclosure, so we can start out with EQUITY). We also hope to put money in a college fund for our daughter. Last but not least, learn to be more and more frugal, and figure out ways to make extra income.
Thanks for the giveaway!!
ggp42304@hotmail.com
This next year I am going to open up a Christmas savings account so I have the cash to pay for the holidays.
jen
jen62728@aol.com
We’ll continue to work to pay off old debt. We haven’t accumulated any new debt since we stopped using credit cards nearly two years ago (yay!) but we still have plenty of old debt. We make the final payment on the car in December and from then on every bit of what we would have paid for that will go toward debt. That will really make an impact this year and I’m looking forward to seeing the results.
First of all, congrats on the blogversary! I stop by when you are in the carnivals. I really MUST get this feed thing figured out! (I’m too ‘old school’ LOL)
My goals for the next year…
Increase my 401 (k) contribution by at least 1-2% of gross salary. I’m already getting the match, so this will be all me. I still have a ways to go to get to 15% from me.
Replenish the e fund after the great appliance melt down (replacing the washer AND the stove is an ouch). Then start an escrow account for appliance replacement.
Continue to save up for a new to me car. Mine has (hopefully) a couple more years left of life, but I WILL be paying cash for its replacement.
Put in a garden. Fun, exercise and stuff for canning! YUMMMMM
We’re hoping to eliminate our credit card debt within the next year, but it’s dependent upon some outside factors.
This coming year is going to be a big transition for us. My husband is graduating from grad school and so we’re looking for to an income again! In the meantime, to save money we’re living with my parents hoping to save up for a home of our own so we don’t have to drop money into the well that is rent. We also have to start budgeting to pay back those pesky student loans.
I have learned that it is NOT cheap to be having a baby! This is our first and I am just going nuts trying to figure out how I’m going to pay these incredibly daunting bills that are to come my way. I suppose I’ll have to continue putting in more hours at work and have a fund ready to pay for any “surprises.” Wish me luck!
In the next year, we’re going to be paying off my student loan (currently $6,800) and then hopefully pay off most of our second mortgage ($35,000). My goal is to have that paid off by next December, but that might be a little aggressive. Then, all that’s left will be the mortgage. Yea!!!!! Oh yeah, and we plan to have a kid within the next year too. CVS diaper deals, here I come!
I hope to start my sons college saving before he turns one. I meant to do it for the longest time but havent.