Saturday, January 14, 2017

2017 Financial Goals

Last year, my goal was to start heavily working on paying off my husband's student loans.  We had been under the impression from loan offices that we wouldn't be able to afford much of a house based on our debt-to-income ratio, so we were shooting for purchasing a home in five years after busting our rears to minimize his debt.

Then Terra Luna flooded and we were absolutely fed up with moving.  So I scraped together every penny I could, worked as many gigs as I could, and we bought what is now known as Rhoeas Hearth.

Admittedly, the house is a bit smaller than what I had hoped for when we'd purchase because our debt-to-income ratio did limit us significantly.  That and, while I'm on the mortgage, we refused to factor in my income for various reasons.  That cut our income in about a third to almost a half.  That's okay though - our mortgage is incredibly comfortable.  Plus, you know, we bought a house five years earlier than we anticipated!  So there's that.

I'm super proud of us.

Most of my financial goals have centered around eventually being able to buy a house: Minimizing our debt so that we could get a better loan, building a savings to buy a house, etc etc.  A lot of those are no longer really relevant.  While it would be nice to get the student loans paid off sooner, there's no pressure to do so.  No longer do we have to scrape the bottom of our bank accounts to throw extra money at it.  Other than lowering the amount of interest we'll pay (and, depending on the loan, not even that), it serves no real purpose.  All of his loans will be paid off in 10-15 years, which is when we plan on buying a new home.  Right now, my bigger focus is getting us back to comfortable again.

Here's the chart:

Three blank spaces.  And the pentacle chart:

The Pentacle Chart does not offer a "financial" section, but many of the goals, such as budgeting and retirement options, fall directly into the financial area.  That being said, here are my 2017 financial goals!

Maintain Budget

"While I had a budget for 2014, the thing about moving is that your bills suddenly change," I wrote two years ago, and even quoted it last year as well.  I hate that I'm keeping that line in this post because it means we moved again and, yet again, things have changed.  Fortunately, this should be the last time we move for a long, long while.  Ten years, minimum.  The goal this year is to discover the median of our bills and settle in to a firm monthly budget that gets us the savings we need.  Speaking of which...

Rebuild Savings

My husband and I are very thrifty.  I'm rampantly known as the "thrift store queen" in my group of friends and have a tendency to find the best things at the best deals.  Remember the three white accent chairs I got for my front room last year at a mere $15 a piece?  Gorgeous seats and they work perfectly!

So the reality is that rebuilding our savings is just going to take time more than effort.  However, there are small changes we can make and things we can do to add to it:

Research Retirement Options

I wanted to do this last year, but I actually got off track before I even moved.  It seems hard to plan for retirement when so many other things have my attention but, gosh, do I know I need to do it.  There's no 401k for me as a freelancer, so I need to start my investments now before it's too late!

The first thing I need to do is talk to my bank to see what options are out there for me.  Then, as soon as I have it, I need to throw some money into some funds.  I can spend the rest of the year idly researching my options and, once I know where we're at in December, I can start actually investing in my retirement.  I still want to keep this fairly open and low pressure even though I'm deeply aware of how important it is that I start now, but I think keeping it low pressure will actually ensure I do it.

So let's put it all together:

Financial Goals - 0% Complete for the month.
Maintain a Budget [x/30 (or 31 or 29) days]. – 0% complete
Target Areas for Improvement [Specific monthly goal]. – 0% complete.
Research Retirement Options. – 0% complete.

Coming up:
2017 Health Goals

To my audience:
What are your financial goals for 2017?

1 comment:

  1. Truly very useful information on financial goals. Couple of months ago, got financial information from my friend who is a reputed registered investment advisor Las Vegas. He truly helped me in finding good investment plans.