Each year, we make resolutions with the best intentions of keep them. We're going to lose weight, quit smoking and make other important changes in our lives. At the beginning of the year, I shared My Frugal Resolutions. I thought I would revisit them at the end of each month, just to keep track of my progress so far. So, this is my January Update.

Resolution #1 - Rebuild My Emergency Fund - My goal was to stash away $1,000 in my emergency fund. I was at $0 (I had an emergency), but now I'm back up to $500.

Resolution #2 - Eliminate $10,000 in debt - Again, I had to rebuild my emergency fund, first, but I still managed to eliminate about $500 in debt in January. Only $9,500 to go! After I have my emergency fund stashed away, I can really start attacking the debt.

Resolution #3 - Save For a New Home - I have to take care of Resolution #1 first, then I can start working on this one. Total saved: $0

Resolution #4 - Contribute to my IRA - I have decided I'm actually going to start contributing to Fidelity's Freedom Fund for my retirement. I'll also do an IRA, but the Freedom Fund is going to be my first option for retirement savings. I have about $5,000 in a Fidelity account right now, and I plan to transfer this over to the Freedom Fund. The Freedom Fund adjusts its investments according to the year you plan to retire.

Resolution #5 - Continue to Live Below my Means - This was awfully hard in January, since I had to move and pay double for my utilities. I still have a $200 electric bill to take care of, but otherwise I think I've lived up to this resolution in January. It was living below my means that enabled me to pay off some debt and stash some cash in my emergency fund. Medical bills continue to be a challenge, however.

Stay tuned for the next update at the end of February!

2 comments

  1. Becky @ FamilyandFinances // February 5, 2008 at 5:33 PM  

    Congrats on your successes! It looks like you're doing a good job :)

  2. SavvyFrugality // February 5, 2008 at 7:23 PM  

    Thanks, Becky. I feel like I should be further along at this point, but it's only been a month, so I guess it's not bad so far!

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