As we get ready to begin a new year, it is time to look at where we have been and to where we want to go. It will take a few weeks to get all the information I need to report on where I've been, though I have a pretty good idea now. However, I want to share these financial goals with you.
1. Continue my Loyal3 Lunch portfolio, adding an average of $20 per week, or $1000 over the year. More would be better, but a lady has to live a little, right?
2. Devise a budget and work with my husband to stick with it. We've never done this in a formal sense and despite the fact that we have limited some of our large expenditures, it seems that money is slipping through our fingers rather than going to meet long-term goals.
3. Unless we end up needing to buy a car this year; do not take any money from savings; live on current income. We were able to do that this year, except for tuition. However, we expect to be paying about the same amount for tuition from now until we retire. When my college girl graduates, her sister will start Catholic high school (unless something unlikely happens). She will graduate from high school (and start college) about the time my husband retires. In short, tuition needs to be a regular feature in my budget, not an extraordinary expense drawn from savings.
4. Add $300/month to our Prosper or Lending Club accounts as savings for another car. We have enough money in the bank for our next car and should we need to use it, we will stop investing in these accounts to replenish our savings.
5. Continue our 401K savings at the current level. Maybe next year we can increase them, but right now, holding steady is about the best we can hope for.
6 Add $100 per month to each of our Roth IRA's. This will be a challenge.
7. Renovate my den. I'm expecting about another $1500 from my dad's estate. I want to pull out some paneling, put up sheet rock, and paint. If there is enough money, I want new flooring.
8. A second honeymoon for me and my husband. My youngest is going on a Girl Scout trip this summer, and since she won't be home, we'd like to leave the big ones and go off on our own for a week.
9. Earn at least $50 per month from freelance writing. I currently have a client and I'm going to try to pick up some more work.
What are your financial goals for the next year?