Friday, March 18, 2011

Behavior Changes

My emergency fund is currently at $6,000. The next goal will be $10,000.

Financial behavior:

Present: I am paying myself first.
Past: I paid bills first.

Present: I am paying down credit card bills without incurring new debt.
Past: Racked up credit card bills with no concrete plan to pay them off.

Present: I am no longer Bank of Family Incorporated.
Past: Always lent money, or helped family pay bills.

Present: Increase IRA contributions with each raise.
Past: Didn't have a proper retirment plan.


BK said...

that's wassup!!! I had to alter my behavior but am going to change them again once I get out of this hole. It's crazy to make one amount of $$ and then your employer cuts your salary by 25% in a single income home taking care of a family that is a HUGE difference!!! so I'm on the road to rebuilding my emergency fund, paying myself first and rebuilding the college funds as I prepare to withdraw next year for my 1st child attending.. sigh

Jerry said...

I think it is important to pay yourself first. It's insurance that you will have the funds you need in case life leads to some kind of emergency, etc.

Tired of being broke said...

BK - as long as you start paying yourself 1st that is the first step to getting back on track.

Jerry - that ER fund is good for what ifs.

Jeff said...

Paying yourself is definitely the way to go! I have always tried to save 10%, give 10% and live on the rest.

I still have to work on the whole Bank of Family thing. Seems that the ones that always are in need know that I believe that family should do for each other and I usually get hit up for the money. I am getting better though.