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Wednesday, January 5

My Frugal Miser - 2011 Goals

I have huge plans for 2011.

I am thrilled to be opening a restaurant in January. I think we have a solid chance of being successful, which means my income will be more predictable. It means a lot of things will be more predictable since I'll be working a routine schedule every day. While I didn't do so bad in 2010, there is so much more potential in 2011. Here's what I will accomplish in 2011.

My 2011 Goals
  1. Lose weight. At least 12 pounds, but ideally 24. I realize my 2010 goal was too much and I was discouraged. I need to lose a lot of weight, but surely I can do one pound a month.
  2. Increase my net worth by $50,000.
  3. Reduce utilities expense by 10%. In 2010 I spent $2,703 on electricity, natural gas, water/sewer, Internet and phone. My goal is to reduce this to $2,433 in 2011, or spend on average $200 per month.
  4. Cut credit card/car loan debt to $8,000. It was $44,979.53 at the end of 2010.
  5. Pay off car loan by 4/30/11.
  6. Manage each line item of the restaurant's financials to within 1% of budget. There's too much for me to list here, but basically I have set a budget for labor, food cost and other variables. Obviously it doesn't make sense to set a revenue goal this year, but I can keep my controllable costs within line. So, if my budget for total labor is 30% of revenues, my goal is that it doesn't go over 31%.
2011 is poised to be my best yet.

1 comment:

  1. Hello,
    Catching up here today.
    First, I´d like to say that I noticed the layout change and I like it. It´s still very simple and "clean" but much better.
    I followed your progress throughout 2010 and I think you did great with your major goals so 2011 won´t be much worse for sure.´re opening a restaurant, great!
    Maybe it can help you in your losing weight goal, if you don´t get lost trying every dish :)
    I haven´t done a 2011 goals list and been procrastinating more than I should...I´m back to mini goals or I probably won´t get much done :)
    Wish you all the best for your new food venture. I also have a food blog, am a foodie and need to lose weight...all related :)