Mel’s 2013 Financial Resolutions

The list of 2012 goals wasn’t very long, but I’m glad that they were achieved. (You can check my recap here.) So now what are my financial goals for 2013 or rather my financial resolutions? Everybody should set some goals for themselves, writing it down is especially satisfying when you can brag about accomplishing them. πŸ™‚

1. Max out my 401k. I know, how can a personal finance blogger not be maxing out her 401k?! That’s PF taboo right there. But truth is I’ve never maxed it out. Ever since I started working I’ve only been contributing about 50 percent (about $6k) annually. My thought process was that as long as I can get the max out of my employer’s contribution, I’m set, which I have been able to achieve. But as a responsible PF blogger, let’s make sure I don’t let this continue.

2. Redo my 401k portfolio. Along with my contribution, I’ve hardly ever look at my allocations. This year I want to take a closer look and make sure my portfolio meets my needs. I’ve kept a very conservative portfolio with most of my investments in stable value and money market funds. It was so conservative, when the mortgage crisis bloomed, I was yielding a negative 2-3% compared to others who’ve lost over 50% of their retirement savings.

3. Update this blog. Expect more changes to come on this little FatPiggy. We’re working to make this place a little more grand and less mind numbing black and white text. If you’re just trolling, leave us a comment and show some support. πŸ™‚

4. Budget myself. I’ve actually been keeping track of my spendings for the last 2 years, but I’ve never enforced the budget limits in each category. I’ve rather enjoy keeping track of how much I’m actually spending (to the penny), you never realize how much you’re spending and not spending. For example, I used to assume buying lunch vs. bringing lunch would mean a few hundred of savings every month, but in reality, I spend just a little more than $100 monthly. Now that I have 2 years of trend record, I want to start saving towards my mid-term goals.

What are your financial resolutions for 2013? Make it reasonable and you can brag about your success next year!

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