Downsizing Those New Year’s Resolutions

Bloggers say the economy has forced them to readjust.

By SHARE

With the year almost halfway over, I asked the personal finance bloggers who shared their New Year's resolution goals back in December for an update. The year hasn't been so kind to those of us trying to save money. With the economy shaky and interest rates low, it's been hard to meet some of the more ambitious goals. Here's what the bloggers had to say:

• Pinyo at Moolanomy.com, who wanted to save for his newborn son's college education as well as make progress toward a goal of amassing an additional $1 million:

"First, my goal to save $1 million by 2017 doesn't look as healthy as I want it to be due to weakness in the stock market. However, I am not making any changes at the moment. I am waiting to see how the rest of 2008 goes before I make any changes. At the end of 2008, I'll make adjustments accordingly. It seems that 10 percent growth over the next nine years may be too optimistic, and I'll have to adjust that down to about 7 percent per year.

"Second, my plan is to save $250,000 by 2024 to fund my son's college education: Based on my plan, I am doing well. However, based on the revised projected 7 percent growth rate of the stock market, I may have to rework the numbers.

"Third is my goal to earn $5,000 from blogging this year. I am very happy to report that I am well ahead of schedule and hope that I can double that figure by the end of the year."

Silicon Valley Blogger at the Digerati Life, who wanted to leave corporate life:

"I've already quit my job and am working full time on freelancing projects and my blog as a "pro blogger." I quit in February.

"Also, I finally purchased Quicken for home and business as a way to track our finances. I haven't set it up yet, but I did buy it! I need to work on a few other financial goals, but so far, I'm taking it a step at a time, and some progress has definitely been made!"

Tricia at Blogging Away Debt, who wanted to pay off debt:

"We have paid off $7,996 so far this year! We are way ahead of schedule to pay off $10,000 in 2008."

Boomie at the Wastrel Show, who wanted to save up enough money to visit family in Italy:

"With the high cost of gasoline and fuel, I used the money I had earmarked for Italy and traded in my Ford Freestyle for a fuel-efficient (over 40 miles per gallon) Ford Focus. I lost 50 percent of the value of the two-year-old Freestyle and had to come up with $4,700 to buy the new car. I don't use credit so I paid cash.

"I moved back my trip to Italy to Christmas, but to be quite honest, because of the euro-to-dollar exchange rate and high airline tickets, that isn't looking too good either. I may pull the money out of my savings and just go, but the frugal me highly doubts it. The new car has been helping me save $100 per week instead of spending $100 per week more on gas, but even that is fading.

"I haven't bought a thing since Christmas '07, and I haven't bought clothes since last fall. All I am concerned about now is food and gas and keeping afloat. That's my new reality."

How are you doing on your financial goals? Have you also had to rejigger some?