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?
Great goals!! Best of luck with them! My big financial goal will be to start aggressively paying down my mortgage.
ReplyDeleteWe made our last mortgage payment about 20 years after we bought our first house (we are in our second house). It has been a relief not to be paying a mortgage and college tuition at the same time.
DeleteThose are good goals. We need to worry more about college tuition since the hubby will be in his late 60s when our kid starts college. Only 12 years to save!
ReplyDeleteWe just did number 2 as a couple because we feel the same way. We budget, but purposefully keep some of our categories broad. We're going to be doing some more specific tracking in the coming months to fix some of that leakage.
ReplyDeleteWe just did number 2 as a couple because we feel the same way. We budget, but purposefully keep some of our categories broad. We're going to be doing some more specific tracking in the coming months to fix some of that leakage.
ReplyDeleteGood luck with your goals! This is a great list. Your den sounds pretty cool - is it your place to chill out? I'm still reviewing last year's goals but I need to set some new ones for 2016.
ReplyDeleteThose are some really great goals to have! My wife and I made our last mortgage payment last year after 30 years and it just feels so so good to finally own the house. Just allows me to sleep so much better at night. Hope your year is a prosperous one and you achieve all your goals. Thank you again.
ReplyDeleteJoshua Duncan @ Focus Insurance Atlanta
Those are some great goals to have. Very few people actually set goals, but as soon as you write them down you give them a name and a face so that you can achieve them better. When life gets you down you can easily get your goals out and re-ignite the fire. Thank you for sharing this with us, thanks.
ReplyDeleteJeremiah @ Viva Auto Outlet