When it comes to getting your shit together there are more times that you feel defeated, hopeless, and exhausted. But stick with it because all the small progress does pay off. December is the perfect month to plan for 2020. Not just goals and resolutions but financially. Set your 2020 Financial Goals
As I promised last month, I would share my 2020 financial goals with you. Last month I shared with you the numbers of the amount of debt we are still in.
Those numbers honestly terrify me… You would never guess that I had it together once upon a time.
I took some time last month to sit down and brainstorm my 2020 goals, along with my 3, 5, and 10-year goals from everything life, business, and finance. I really want 2020 to be the year, the year I find myself less discouraged and overwhelmed, the year we begin to thrive.
What I have planned in 2020 Financially.
My grandma has her 85th birthday and they are throwing her a party in the Upper Peninsula in July. We would love to go but we would drive and make a whole fun family road trip out of it. Stop in Chicago, Green Bay, and some other fun spots along the way. Now, this trip will depend on our taxes. The trip would be roughly $1,800.00 for gas, food, lodging and some entertainment for the round trip for 1 week. Not bad for 4 people!
Before we can decide on that trip once our taxes get in I am setting aside
- $150 for Janes Birthday
- $150 for Eli’s Birthday,
- $200 for Easter,
- $250 for the 4th of July,
- $250 for Thanksgiving,
- $500 for Christmas.
That total is $1,500 from our taxes set aside right off the bat so all holidays and celebrations are covered and taken care of.
The next thing we will do is make sure our savings and emergency fund is built back up to $5,000. Whatever is left over will go toward the vacation.
Now you should never rely on your taxes because it is never guaranteed you will get any back. That is why I am working on a few side hustles as well. And if they pan out then I will share with you.
Debt 2020 Finacial Goals
I base our budget on the bare minimum we bring in. Which means we will barely make the minimal payments on everything. Yes, things are really tight for 2020.
Now if we do have extra it will go toward
Card #1 $3,300
Once Card #1 is paid off I will take the minimum I pay on it ($110) and apply it to Card #2 $2,900
I based the order off of interest rate as opposed to the amount owed. The higher interest rate.
Those are the only two I am focusing on this year. We have a total of 5 credit cards we need to pay off (that is a bit embarrassing to admit). However, come June we will sit down and re-evaluate everything and update 2020 Financial Goals.
Then in August one of our loans, a debt consolidation loan from 5 years ago, will be paid off ($4,100) which means an extra $380 a month. I will take that money and apply it to Car #1 ($6,100). That will allow me to pay off this car by the end of the year saving us another $310 a month. This means by the end of the year I can lower the insurance on that car by switching from full coverage to liability only.
Looking ahead in 2021 I can apply both the $380 and $310 (total $690) toward car #2 ($9,100) and pay that off by mid-2021. Reducing both vehicle insurances saving even more money.
I am also going to be doing a lot of savings challenges over on Instagram in 2020. These are as much for me as they are for you. Let’s make it fun.
Here is what I am thinking.
- Use what you got challenge
- Generic brand challenge
- Stay below 30 a week challenge
- $2 a day saving challenge
- Thanksgiving under $50
- Christmas for $350
- Money Freeze Month
- Energy Savings Challenge
- And more to be named
I do plan on doing all this and still, put $75 into savings every month and $25 into a college fund.
As for everyday spending:
I am lowering the Gas budget on months we do not travel to $30.00.
We will only get an entertainment budget amount every other month of $50.00. That way we can put some money aside for the county fair.
I am also lowering our grocery bill to $225.00 a month then every 3 months have a $500.00 budget so I can go to Costco and stock up on snacks, meat, and home goods.
I decided until those 2 cards are paid off beauty can wait for mama. So, no eyebrow shaping, no nails done, no haircuts. Those things can wait. Jane only gets her hair cut once a year (she hates it), and Eli only gets his done in the Summer (he likes his hair long), and my husband well he just shaves it so…. Our beauty budget it 0 until June then I will put a $30.00 budget in.
I also budgeted $200.00 for the garden, which is for soil, plants, seeds, Epsom salt, fertilizer, weed killer, and some extra sprinklers, and hoses. Growing your own vegges can save a ton of $$$.
For books in 2020, we will use the library and I will use my kindle first program which all you need is a kindle and a prime membership, and you get 1-2 free books a month.
My husband doesn’t like this but I also cut smokes and booze for the majority of the year….we are cutting everything we do not need in order to reach our 2020 Financial Goals.
Last month I talked about how discouraging it is to find a reliable job when you have kids with delays or special needs.
I received a few messages saying you don’t have to disclose it. Here are my thoughts on that. It is not that we want to disclose it but it is better to inform them that at some point you will have to leave to take your kid to an appointment once a week then to surprise them later and have to answer questions. That is why I started looking for work from home remote jobs.
If I can stay at home and work around my kiddos schedule that would help out tremendously. Cut the daycare bill, cut out the gas bill, and not have to choose between financial stability and giving my kids what they need to thrive. It sounds like a dream… but I am hoping to turn it into a reality.
2020 is going to be fun and challenging all at the same time. I am going to try to get farther out of the hole I am in. I will do my best to achieve my 2020 Financial Goals I am going to try to focus on everything I do have not what I have lost or miss. The future is bright and so is the present because life is what you make of it.
I hope you have a blessed and happy new year and I challenge you to take the time to sit down and map out what you want to happen financially in 2020. Let’s make this the best year yet!