Alpha Consumer

Dreaming Big, Saving Small

By Kimberly Palmer

Posted: March 13, 2008

In my interview with yoga teacher, author, and entrepreneur Kimberly Wilson, I left out one topic we discussed: long-term financial goals. Wilson explained that one of her dreams is to own a cabin in West Virginia. It would be nothing particularly big or fancy, just a place where she could escape the intensity of Washington, D.C., for some peace and quiet on the weekends.

She offered her advice to others with big dreams: Cut out the things that may not be as important, such as a gym membership, if you want to save for something bigger, like a trip to Italy.

My personal financial goal is to become a homeowner. This dream feels quite far away given current housing prices (there has been no dramatic downturn in the Washington area), but I am trying to put aside money each month that can one day go toward a down payment.

Readers, what are your financial goals? Are you saving money to help meet them?

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ronjohnson of IL @ Apr 12, 2009 00:39:41 AM

Financial goals

My financial goal is stability. I would also like to travel every fall and spring with my family.Seeing the world. So I have investments and MMA, Saving, and Stocks.

Sometimes as women we really don't think about our own financial goals. we are trying to think about our Children or family in general, which is good, but you need to have your own dreams as well. This way you know what you are working towards.

Shaquilia of TX @ Sep 27, 2008 13:55:03 PM

Saving

I enjoyed your article. It reminds me of Suze Orman's book Women and Money. Her book has helped me understand the importance of making sure I have all of my financial matters in order. It takes time, practice, and commitment. I am saving money from my business as an author/writer, artist, yoga teacher, and Reiki practitioner to increase my skills and self-published books in 2009. Right now I am saving a portion of my business income for professional development. I am really happy that I was able to save $300 for my Reiki level 2 certification. I am also saving for golf lessons, yoga for golfers teaching certification classes, and the self-publishing novel package fee for 2009. I also use the support of a financial advisor who I have been working with since 2002. My personal savings goal is to build my emergency fund up to 12 months of savings. Right now I am at 3 months and some change. I have to say that saving, spending, and reducing debt takes time, but it is worth it. It makes you really look at how you live.

Ananda Leeke of DC @ Mar 15, 2008 21:15:59 PM

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Alpha Consumer

Alpha Consumer

Kimberly Palmer, senior editor for U.S. News & World Report, writes about how to save money, avoid scams, manage debt, and be a savvy shopper. Send your personal finance questions to her for expert money advice.


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