My money goals for 2019
It’s time to update my money goals for 2019
It wasn’t that long ago that I looked at my 2018 money goals as I left it a bit late last year. So I’m not sure too much has changed, but it’s never a bad idea to keep reviewing your goals to help you stay on track.
If you need some help in working out what your money goals for 2019 should be, try reading Setting Financial Goals – make the dream happen!
You can think about short, mid and long term goals. So paying off debts is a short term goal for many and thinking about retirement a long term goal – depending on your age of course!
Thoughts around my money goals for 2019
As I mentioned last year, the past two years were high spend years because I did two rounds of IVF. No-one really plans to do IVF and I didn’t have time to put it off and save up as I was 42 years old.
So the upshot of that is that after using up my emergency fund, I took on some quite chunky credit card debt.
As a result, my short and mid term goals are really all about recovering from that: paying off credit cards and building up an emergency fund.
Since my 2018 goals I have paid off around £10,000 of debt, so am in a much more comfortable position. But there is still some to go.
One of my life goals is to be financially able to choose when and where I work. Commuting is draining and takes me away from my family. I have short, mid and long term targets to hit to reach my goal, so I know what I’m aiming for at every stage!
Of course my long term goal is retirement. It’s a long way off, but I recently met with my pension advisor who keeps an eye on my funds and that was reassuring. I should hit my £100k target soon. It’s nowhere near where I need to be, but it’s heading in the right direction.
I am also starting a job with a company who contributes to your pension. It is a no brainer to put in as much money as you can if you are in one of these, so I intend to make the most of it during the 5 months I am there.
My money goals for 2019
Short term goals
1. Stick to my budget and keep paying off the cards. Next one is due to be paid off by July.
2. Build up a joint emergency fund – set aside £50 each a month each.
3. Keep up pension contributions – contribute more while I am in an employer contributing programme.
4. Gain enough website traffic to join a decent online ads programme to start generating revenue. Target date summer 2019. Original goal was March but I took my foot off the pedal over winter.
Mid Term Goals
1. Once I’m on an ad programme, start to generate some income from the ads on the blog by increasing traffic. Aim is to get to £500 a month this year.
2. When July credit card paid off move onto the other one (yep there’s more). Keep up payments of £1000 per month until it’s gone.
3. Save 4 weeks salary for taking August off.
Long Term Goals
1. Build up my side hustles so I am free to work when and where I want. Websites/ online freelancing. Target 5 years time.
2. Have 500,000 in my pension pot by the time I am 60. Check I am on target to do this every year and up my contributions if not.
So there you have it! Not much change from 2018 but am keeping on keeping on…
I am very excited about getting to the point where debts are paid and more money can be put towards building either my business or retirement dreams!
“Debt steals from your future” as someone said… ain’t that the truth!
What are your money goals? And how are you doing with them? Drop me a line or comment below.