A Financial Resolution for 2008

As part of a contest at Cash Money Life to win an iPod, I have decided to make a personal finance resolution for 2008. Actually, I have two, because one of them may be out of my control.

What are my goals? First, to sell my house without a real estate agent this year.

This is my ideal goal. I’m currently finishing my graduate studies and am on the job market for next fall. Provided I get a “real” job somewhere, I want to sell my house without paying a hefty fee to a realtor.

How will I do this? Starting in January, I plan to read several books on the FSBO process, probably beginning with something like Home Selling for Dummies.

Goal Breakdown (SMART Approach)

• Specific – I have only one house to sell, and I plan to learn the ropes necessary to sell it legally and efficiently. After reading several books and websites, I will list my house on Iggys House.
• Measurable – Either I am able to sell my house independently, or not. Part of that is out of my control. If not, then I certainly will have learned a lot in case I try to sell a house again. No matter the outcome, I will write articles on the overall process.
• Achievable - It’s in my best interest to learn as much as I can before I begin the process. For me, the action will begin with a trip to my public library. I will buy or borrow other books. The goal of selling my own house is achievable, though the final decision does not rest in my hands.
• Realistic – Selling the house on my own will save me thousands of dollars in realtor fees. Even if it fails, it won’t break me financially. Since I have no desire to buy and sell property as a career, I feel this is a realistic goal.
• Timely – I have until mid-August to sell the house on my own.

Goal Two

Whether I am able to sell my own house or not, I am also going to establish a “moving” fund. Many jobs in my field offer a benefit package to help new hires relocate, but some of them do not. Just in case, I plan to save $1,500 of future income as reserve money to help pay for costs involved with moving hundreds/thousands of miles.

I will do this by saving $200 every month from January through August. That will give me a total of $1,600. Hey look, I even have a $100 buffer.

If my job actually provides a “moving” package that covers my costs, I will dump my accumulated contents straight into my Roth IRA.

There are many exciting months ahead!