Today we are sharing our 2020 financial goals! We like to set goals each year so that we can make a plan from those goals, and achieve them! It’s so important to base your plans and budget off of your goals to keep you motivated.
If you’re not working towards a goal, it’s really easy to get off track. Plus, it’s fun to DREAM and watch those dreams come true, am I right?
- 6 Ways to Set Your Goals (January 2019)
- Our 2019 Budget Wins and Fails
- How to Stop the Urge to Spend
- Living Debt Free in a High Cost of Living Area
How to Set Your 2020 Financial Goals
The first step to figuring out our goals for 2020 is to create a giant list as a couple of all the things we would like to accomplish in the new year. We don’t hold anything back. It’s important for us to give ourselves time and space to really dream about what our future looks like.
Once se have the list created, we go through and prioritize everything. We look at our “responsible” goals and our “fun” goals and we put them in order of priority.
A lot of our “fun” goals revolve around spending quality time together as a family. So, one of our biggest priority fun goals is a couples trip for our anniversary. Another that’s important is our annual family beach camping trip! Those are the memories our kids will keep for the rest of their lives, and so will we.
Create the plan
Without a plan, you can continue to dream endlessly but have no clear path to make those dreams a reality. That’s where this stage comes in. We look over our budget and estimate how much each of our goals will cost us.
For example we want to invest in retirement and we plan to save 10% of our monthly income into our retirement. We also want to buy a new laptop for Tommy, so we look at how much that will cost and divide it into the months it will take to buy. If the laptop is $2400 and we want to buy it next December, we allocate $200/month to that laptop.
TIP: Look at your calendar from last year to see where you spent additional money or to see how much you annual vacation cost you for example, so you can more easily work it into your budget.
Adjust the plan as you go
As you start to accomplish your goals, they each will have a dollar amount allotted to them. You can roll those dollars into another goal to help you achieve that one even quicker than you first anticipated.
Our Families 2020 Financial Goals
- Disneyland trip with all family
- Christmas out of town next year
- RV trip
- Beach Camping
- Mexico couples trip for our anniversary!
- New Van
- New Computer for Tommy
- Better retirement planning – 10% of our income into retirement
- Increase emergency fund – go from 1 month savings to 3 months
What are your 2020 Financial Goals?
Let me know in the comments below. Let’s chat!
Talk to you soon! Xoxo