For this month’s Fiscal Friday post, I’m sharing some of the short and long term financial goals we have set and the thought process behind them. I've written about this before, but in pretty vague terms. This time we've sat down and hammered out the details of what it is we want to achieve and how we're going to make it happen.
Some of them seem frivolous on the surface, but will ultimately create a pretty big impact. Others are larger, more wish-like goals that will take more than a year or two to achieve, but why not go ahead and start planning for them now?
SHORT TERM GOALS (Immediate Implementation, relatively quick impact):
Giving Up Sephora VIB Status: This is one of those “may seem frivolous” things. It’s no secret that I’m a product junkie, and as such, I have usually reached VIB status within the first three months of the year for the past several years. That means I have spent a minimum of $350 in just a few months…and still have the rest of the year to go. When I took a hard look at my VIB status page, my overflowing bathroom cabinets, and my bank account, I almost felt ashamed. It was one of those oh-my-I-really-DO-have-a-problem moments. And so I’m giving it up. I can (and have) found wonderful products for far less than the average $50 per product I was dropping at Sephora.
Eating Out: I have been the world’s worst offender of this for the past several months. I could give you at least 42 solid excuses, but it pretty much all boils down to: It’s just easier in the moment. But out of the moment? My wallet (and waistline) suffers. So this weekend it’s back to meal planning and grocery shopping and eating out as a treat, rather than an everyday event.
SHORT(ISH) TERM GOALS (1-5 years)
Life Insurance / Investment Accounts: Although we’ve been contributing to various investment accounts for years now, we’re at the point in life where it’s time to take a hard look at it. Where is our money going? What sort of return are we getting on it? How much more do we need to contribute to get where we want to be? We’ve also reached the season of life insurance. We both have small policies from various places (employers, parents from when we were born, etc), but it’s time to start looking into Grown-Up Life Insurance to make sure we have all of our ducks in a row.
Remodel: The planning stages of this one is in full-swing with actual work starting in about two weeks. While it may be less than a lot of remodeling budgets I see on TV and in Internet-land, it’s pretty substantial for us little ol’ country folk, so it’s a good size undertaking, but I’m excited to see the benefits it brings with it. More on this to come soon as it all gets underway.
IVF: While I’m not ready to get into specifics yet (or sure if I’ll ever be), this is a large expense we’re preparing for, expecting to see it all play out within the next year.
Student Loans: The bane of my existence. My goal is to have these all paid off in the next several years. As we get other things paid off, and with the money saved from the short-term changes, I’m planning on rolling it into paying down these devils and finally washing my hands of them.
New Business Venture: This is in the planning stages and while it won’t require a substantial start-up, it definitely won’t be cost-free, so I’m starting to save now. Part of this goal will be investing in a new iMac. I’ve been schlepping the same ol’ MacBook for more years than I can remember now, so it’s time for an upgrade.
LONG TERM GOALS (5+ years)
Pay off House: We should have this accomplished in the next 6-7 years if we continue with our current method. (More on that process in a future Fiscal Friday post.) That means by the time we’re 40, we will be mortgage free. That makes the future look a whole lot better.
Invest in Lake Property: One of the things we both agree on is that we’d love to have lake property. I grew up on the lake and can’t remember a time I didn’t spend the majority of summers on the water. This is a goal we’re hoping to see come to life within the next 10 years.
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