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I have never been someone who sets New Year’s resolutions, hence why I’m only just posting this now in late January. Normally I just set my financial goals for the year in a section of my budget spreadsheet, where I can see it as a constant reminder whenever I update our monthly income and spending.
Making money goals for the year really helps us with identifying anything we want to achieve so that we really focus on our money and budget. Financial independence is a strong motivator for us, and we both have a strong interest in the FIRE movement, however we also really enjoy travelling with the kids. Our money goals for 2020 are a mix of moving towards financial freedom while also enjoying life with our family.
Pay Down Debt
We currently have two debts – a mortgage for an investment property, and a personal loan from when we purchased our caravan last year. My goal is to refinance both loans this year to save on interest. We’ve started the process for refinancing the mortgage (saving nearly 1% on our current interest rate!) and once that is settled, I’ll tackle the personal loan.
Each year I try to purchase a $1,000 parcel of shares in my name (as I am the lowest income earner in our household), which I fund through my side hustles. The kids also purchase a $500 parcel of shares each year, paid for from their bank account savings.
Increase The Emergency Fund
Due to the rising cost of living, and extra expenses of having three growing kids all in full-time schooling, it’s time to increase our Emergency Fund. I’ve printed out my chart to colour in as we slowly build it up over the year.
Earn $5,000+ from side hustle income
Following on from 2018 and 2019, I’m aiming to earn at least $5,000 this year from my side hustles, which I use for household and incidental spending, investing in shares, and spending money when we travel.
Save for Travel
Saving for travel is already part of our automatic monthly savings plans, however with a few big trips in the future that we are starting to roughly plan out, it’s time to ramp up the savings. You can find how we save and afford to travel here.
Save For Home and Caravan Renos
While our house is older but in great condition, and the caravan near new, there are a few things we’d love to do to revamp the house and to create the perfect set-up in the caravan for our family trips. I’ve created a ‘wish-list’ with researched costings, so we have a set goal to save towards.
Create Minimalist Capsule Wardrobes
Not so much a money goal, but I would love to create minimalist capsule wardrobes for myself and my husband. Not only a time-saver in the mornings, but it will cut down on any impulse clothing purchases for the adults in our household.
What are your 2020 money goals?