>2011 Resolutions/Goals – Part 4: Finances


  1. Our 1995 Honda Civic was totaled at the end of last year and with the holidays and everything else, we put off replacing it.  My husband doesn’t want me to be stuck at home without transportation and a car seat in case something, so we are in the market for a new commuter car.  Dave Ramsey suggests in The Total Money Makeover: A Proven Plan for Financial Fitness to pay cash for your car and then continue saving and put the cash you saved and the trade in value towards a new car and keep on until you get the car you want.  A beater car like that, just isn’t for us.  We take care of our vehicles and plan on keeping them until they die so we’re opting for a car with a solid reputation.  Our car choices have been narrowed down to another Honda Civic or a Honda Accord or a Nissan Altima.  All have great Consumer Reports ratings, look nice, and are within our budget.  
  2. Pay off car from #1 as quickly as possible.  We have half of the estimated value saved to put down and are going to finance the rest.  Again, not Dave Ramsey advocated but it’s what looks like will work best for us.  Our credit union is offering 2.49% for 36 months on new and used (we’ll be buying a car that’s 3-4 years old) cars and our goal is to pay it off in less than six months.  We just paid off our FX in November so the having another car payment is not going to be fun but we’re motivated to get rid of it quickly! 
  3. Get all legal documents in place.  I have all of our wills, living trusts, power of attorneys completed thanks to Suze Orman’s Will & Trust Kit: The Ultimate Protection Portfolio but need to get them notarized – the most important part.
  4. Open Cakes a 529.  We have close to $2,000 in her savings account and really need to get it put into a 529 so it’s earning interest.  Only 16 more years to college – crazy! 

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