The Frugal Files: In the Short-Term

Hey there folks!!

The Frugalicious Diva is back for another week!! Can you believe 2011 is almost coming to an end? It seems the year went by so quickly, but I thought before the year ended they we might a jumpstart on our goals for 2012. So, this week we are going to begin to think about our short-term goals. Short-term goals are good to update periodically. For the sake of this conversation, it can be whatever you want to accomplish within the next three months.

In order to make this a fun exercise, we’re going to play a little game. I’m always looking for a new challenge; something that will challenge the mind and spark our creative interests. This is how it goes: I’ll give you a category and you write down what goals you have in the short term.

In order to help you get started, I will give you examples of goals, an action step or plan and an affirmation to keep you motivated.

Saving:

            Goal: Save $500 in either an Emergency Fund or a Living Expense Fund

Action Step: Set up an Automatic Savings draft from your checking account to the bank account that houses this Fund.

Affirmation: “I am grateful that income is CONSTANTLY increasing.”

An Emergency Fund is money you put away for emergencies ONLY; situations like car or home needs. Many financial experts suggest you keep a minimum of $1000 in this fund. We’re just getting started, so $500 is better than $0.

A Living Expense Fund is the money you put away for rainy period; for instance if you lost your employment for some reason. The amount you save here should be a minimum of six months worth of you EXPENSES. So add up your rent/mortgage, utilities, groceries and any other regular expenses you have for one month and multiply that figure by six. That’s how much you should have in that fund. It is only used if you have a loss of income, so you can still stay afloat.

Debt Busting:

            Goal: Pay off one debt (preferably the easiest one to pay in three months)

Action Step: For the next three months, give up one habit that will yield you enough money to pay off your debt (i.e. skip the beverage, dining out or monthly shopping trip) Put what you would have spent on your debt to pay it off.

Affirmation: “I am grateful I can pay bills and I do so with love and happiness.”

Declutter:

            Goal: Clear out the junk in my basement

Action Step: Make a list of items of which to dispose and put it on Freecycle for them to take away and clear this space.

Affirmation: “I am making room for only abundance in my life and my home.”

Give:

            Goal: Give a monthly blessing to someone else.

Action Step: Donate to your favorite charity or give someone something you know they could use and will appreciate. You can share what you already have.

Affirmation: “I give knowing that I will receive.” or “I am sharing my prosperity with others because I know that it is more blessed to give than to receive.”

Frugalicious:

I added this category because often times when we set goals for ourselves, it’s usually to do something we need to be doing. Well, being the Frugalicious Diva, I say we NEED to be living our life to the fullest. It’s not just about work, it’s us enjoying ourselves too. With that said, choose something fun or interesting that you can accomplish in 3 months.

            Goal: Take a Belly Dancing class

Action Step: Look in your city’s art/music district or newspaper and look for an affordable class to learn something new and exciting.

Affirmation: “I am awakening my mind to the prospect of prosperity in every area of my life.”

See, it’s easy to set your goals!! Now, it’s time to implement them; one step at a time. Say your affirmations, believe them and watch how your life changes positively. You can reach any goal you set out to achieve. Wishing you the best!!

Frugalicious Diva

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