How did you do, loyal readers? It’s the last day of the year– you still have time to add a little more to your savings account or make that dreaded credit card payment and almost four more months to contribute to retirement! Did you make a list of your financial goals? And if so, how many of them did you accomplish?
My main ones were to reach a certain number in our savings account and to max out my Roth IRA; both of which I’m proud to say have occurred as of today (New Year’s Eve). Even though I have until April 15th to contribute to my 2014 retirement account, I really wanted to start out the new year only having to focus on the 2015 contributions. This required hefty weekly transfers for the last month and a half to make up for starting this year’s goal in April, but it was worth it! We also gave more than last year to various organizations we believe in–as well as our church, bible study and monthly support (a three year commitment at that) to a couple we know who are Christian missionaries in Chad. I hope to be able to give even more next year!
Our savings is steadily growing toward our home buying goal–it’s like I can see the light ahead of us and it’s within reach. That is a great feeling to finally feel, given the large expense associated with home buying California. Beyond saving for that goal, timing is very important too–I am more than aware that pretty much every decade there is some sort of recession or housing bubble/crisis–and you want to make sure to be buying on the right side of those events so as not to be paying more than your home will be worth in a few short years. This, of course, is unpredictable, but one’s patience will be rewarded.
Now it’s on to financial goals for 2015. Do you have any yet? I have upped our savings goal by a half the 2014 amount and now plan on setting up a weekly automatic transfer to my Roth IRA which will be much less painful than the larger chunks of money I have been stowing away since the Spring. I also want to be better about meeting our grocery budget–which I purposely keep rather low (maybe this needs to be reevaluated) and seem to struggle to accomplish every month. I will likely not be working much, if at all in 2015, so dropping to one income takes some planning and lowered expectations. To be fair, I didn’t work a ton this year–maybe something like six jobs in total that contributed about 15% to our gross income– and most of that simply boosted our savings or retirement as opposed to being the means off which we lived. So in the day to day sense, it won’t be much of a change. I look forward to the adjustment and challenges–as well as figuring in the cost of an additional family member, who should remain a reasonably affordable expense in his first year of life, anyway.
If you haven’t accomplished all you hoped to by this time, what could you do differently for next year? Please share your strategies below to motivate your fellow readers! Happy New Year and congratulations if you did meet your goals!