While we were very happy with the progress we made on last year’s Financial Goals, we didn’t get all our debt paid off last year. That’s our number one goal for our 2013 Financial Goals, and barring major idiocy by the government, we should do it. We spent all of 2010 dilly-dallying with our savings because we didn’t know if my husband would be furloughed (he’s a government employee). This year, we’re cautious but are planning to go full steam ahead on our goals. We’re living beneath our means and will have a huge leg up once the debt is gone, so we want to get there!
Here are our 2013 Financial Goals:
- Pay off student loan debt by the end of July.
We’re on track to do this, and since my husband graduated from law school 11 years ago, it’s taught us a lot about how we mishandled our debt. It sets us up to do better for our kids as they head to college in a decade.
- Fully fund our emergency fund with 3 months of salary by the end of December.
Once we make the last debt payment in July, we’ll start piling that money and anything extra I can earn into our savings so we have a fully-funded emergency fund.
- Learn about our retirement options by the end of March.
We’ve put this off because we’re following the Dave Ramsey plan of paying off our debt before putting money into retirement accounts, but we’ll be ready to do it once we accomplish goals 1 and 2. We want to feel informed and be able to make decisions.
- Set and utilize budgets for four quarterly expenses: new tires, a new couch, a beach trip, and Christmas (we are traveling this year).
We looked at the year and have these four “big” expenses, so we assigned one to each quarter and will set a budget for each. Our regular meetings (#5) will help allocate the money needed (since we have lines in our budget for house expenses, car repairs, etc.).
- Meet more often to go over monthly expenditures and quarterly/yearly progress.
Towards the last half of 2012, we got lazy about having our regular chats, which caused us to get a little “loose” with our money. Nothing too serious, but we’re committing to meeting twice a month to review expenses and make sure we accomplish our small and large goals this year.
What are your 2013 Financial Goals?
Image from Calsidyrose at Flickr