Normally, this post would’ve have been done in the first couple of days of the year but I hope you will forgive me as I have been a bit busy (and out of the country). So I thought I would set out some financial goals for 2017. However, before we get to that let’s review what my financial goals were for 2016. In a post last January, I stated the following goals:
- Pay off 10% of my debt—FAIL! I didn’t accomplish this goal
- Get my mortgage to under $150k–SUCCESS…I got it just under 150k by the end of the year.
- Save 25% of my total income–FAIL! I didn’t get to 25% I only got to about 20%
- Travel in 2016–SUCCESS. I think 2016 wasn’t a bad year for travel. We went to Prague, Minnesota to see our families, and took several day trips around New England.
- Pay off my second loan/mortgage–SUCCESS!
- Figure out what to focus on!–FAIL–I am still trying to do everything at once.
2017 Financial Goals
Now that 2017 is here I want to continue the progress we have been making. So here are my goals for 2017.
- Continue with the 10% goal of paying off debt. I think this is important to hit every year. It means we need to pay off about $29k this year and in the coming years.
- Save at least 25% of our income. This is something I want to really try to hit. Part of the reason we don’t is because we are paying off student loan, car, and mortgage debt. Those debts account for 60% of our budget. If we could eliminate 1 or 2 or two of those items we would have much more breathing room.
- Pay for all medical expenses without using credit cards. I currently have some money set aside for upcoming medical expenses. However, I want to beef that up even more and not have to put it on our credit cards. I know eventually we will pay them off, but I want to avoid CC debt as much as possible.
- Get Mrs. ROB started on more retirement savings. Because of Mrs. ROB’s employment situation she doesn’t have access to a traditional retirement plan. 99% of our retirement savings are MY savings. That isn’t right. I would like to start Mrs. ROB on her own Roth or regular IRA.
- Cutting our budget by about 5%. I know that doesn’t sound like a lot, but we have to start somewhere. Our spending in one month is above where I want to be. I want us to start saving more money. Cutting down on certain expenses like eating out or reducing a debt payment or something would be advantageous.
The other big goal is our goal to start a family. That is not really a financial goal and I can’t really comment about it until we hear some news. Hopefully by the middle of 2017 I will have more information for all of you.
Let’s hope I can accomplish these goals.