Hi, friends! Back to my regularly scheduled programming. If you had a chance to check out my post from yesterday, thanks for doing so. It was an unexpected interlude in my posting schedule, but I wanted to get it off my chest after a not-so-kind post appeared on my Facebook feed (what’s the Facebook version of a sub-tweet? Didn’t know people/adults still did that??).
Anywho, I’m back with Part 2 of my 2018 goals series (Read Part 1 on my personal goals here). Today I’m touching on financial goals, of which I have three.
2018 Financial Goals
- Complete No-Spend January — I did something like this last year, only in February. I am limiting my spending this month to just groceries, gas and essentials for life. No clothes (I have plenty), no knick-knacks, no alcohol, no eating out, etc… My hope is to kick-start 2018 with some savings and work toward the other financial goals I have.
(Full disclosure: It is January 9 as I write this and I have already stumbled. I bought two drinks out of the vending machine at work totaling $3.75; rented a loaner heart-rate monitor at Orangetheory because I forgot mine for $5; and… I bought this domain name for $20. It gets better.)
Which brings me to…
- Save at least $1,000 by December 31, 2018 — This is going to be a hard one, because I already automate my savings… and always dip into my savings anyway. However, my methodology is going to require me to save every single day, so my hope is to keep that effort in my mind to discourage me from taking that money back out.
I’ve read about the 52-Week Challenge before, but I’ve had trepidation because it requires you to increase your savings every week, so you’re saving the most at the end of the year. That’s problematic, because I tend to spend the most money around the end of the year and the holidays. Instead, I’m taking a cue from this article I read on Apartment Therapy that breaks it up into smaller amounts, but actually ends up saving you more. Here’s how it works:
I plan on doing this in addition to the $50 I automate toward savings with every paycheck (ambitious, right!?) and actually not touch it all year. If I succeed, I’ll actually end up saving $2,656 on the year, which will almost triple my original goal.
- Pay off credit card debt — I actually don’t have a lot of credit card debt across two cards — and I have excellent credit — but in my world any debt is too much, and I’m ready to get rid of it once and for all. I’ve been steadily working away at it over the past year and about cut it in half, but had a couple of unexpected expenses (new breaks, physical therapy bills) that hampered my progress. With a little extra money coming in from my pet care side hustle since September, it should be much easier to whittle this down to zero by putting $400/mo ($200 each) toward paying them off. I’m planning to completely eradicate it by July, with one card paid off by May. Then I can work on putting all my energy into my student loans (yippee!). By this time next year, I hope to have enough in savings where those unexpected expenses can be covered by what I have saved up, rather than relying on my credit cards.
So there you have it. They’re fairly simple financial goals, but ones that I know can be hard for many people to accomplish. So instead of thinking in terms of “I’m going to save more money this year,” I put together a plan outlining how much money I’m going to save and how I’m going to do it, with that visualization as the catalyst for actually getting it done.
What about you?? What are your financial goals for this year?
What financial goals have you achieved in the past? Tell me your secrets!