Hey budgeting people,
Every year, the 31st of December, sometimes earlier, you get inundated with everyone’s resolutions for the new year. Some people stick to them, others not so much.
But goal setting is vital. If you don’t set the goal, and make a workable plan to reach those goals, then you aren’t going to get anywhere.
In this day and age, it is really hard to “fall into” what you want in life. That being said, I also don’t believe in only setting goals once a year.
My July 2019 goal setting session has now begun.
My main goal is to have an Emergency fund of $1,000 to cover any mini emergencies. I plan on slowly building to it, by adding a minimum of $100 per month. I will reach that goal, by December 2019.
While most people complain about having such a small emergency fund, as it’s Dave Ramsey’s baby emergency fund, it is just my starting point. I do intend to grow it further, later.
My ultimate finance goal would be for the end of December is to have paid off my overdraft. This is because it is revolving credit and the temptation is just not worth having it around.
As a stretch goal I would aim to have some cash to start saving for a lump sum of payment of my personal loan.
This will give me so much less stress and so much more freedom, as I will be able to build up the cash to pay it off in full. This will be done in by August 2020.
To be better prepared for the next few months, I would like to have a 6-month budget plan ready. It will aid in being prepared any mishaps that may occur. Also, it will help me to project how much debt I can pay off.
A six- month budget plan will help me prepare and think ahead to what is going on. It will allow me to prepare more effectively for birthdays and Christmas, and trips I want to take as well.
Motivation will be created two- fold as re-writing one-month budget sucked so having to do it for multiple months, because of pizza, will get me super mad. It will allow me to see where my money is going and how much I could be paying down debt. I am hoping it will inspire me to pay off more.
Hopefully I will reconsider spending hard earned cash for something that won’t bring me joy the week after.
In the same vain and similar reasons, I want to create a budget forecast and debt snowball forecast for 2020, to estimate what I can achieve in a year and a month. With the hopes of being better than the forecast predicts.
What goals do you have this half of 2019?
Do you have a six-month budget plan? Or do you budget monthly?
And how do you all feel about Emergency funds?
Is $1,000 enough? Not enough? What is your dream emergency fund figure?