Budget, Family Finances, Self Suffiency

Personal Finance Goals for the Future

July 3, 2015
personal finance goals for the future

The past week has not been great for the Muse house. My grandfather passed away last week, which is still really affecting me. Also, our fridge broke down, and we have been fighting with the warranty company to fix it for almost a month now. Now, both of my kids are sick with fevers, congestion, and nasty sounding coughs. Bad things come in threes right? Wrong. Whoever came up with that adage is a schmuck. The sump pump in our basement quit working and excessive water from some bad summer storms flooded everywhere.

With one stressful situation after another, I have been neglecting both this blog and other things that are most important to me…like exercise. I haven’t gone for a run in over a week now. I guess that is a natural side effect of when things go awry, but I am trying to refocus on my goals and become more organized. I have been meaning to write a financial goals post for a few weeks now, but I have been lacking the motivation/energy necessary to get it done. I really felt the need for a pick me up, so I started hashing out ideas to motivate me for the future. The following list represents my biggest personal finance goals for the future.

10 Personal Finance Goals for the Future

  1. Immediately reduce household expenses by $200 a month
  2. Start Roth IRA and 529 accounts for both kids
  3. Earn a steady $500 a month through online writing by December 2015.
  4. Put 10% of all income towards retirement savings
  5. Start saving 10% of all income for a down payment on property
  6. Pay off personal loan debt by April 2016
  7. Eliminate all credit card debt by December 2016
  8. Purchase a property and build a berm home by August 2017
  9. Save $5000 to take a 10 year wedding anniversary vacation to Scotland with my husband (2019)
  10. Have enough money invested to retire by 2027

Looking toward the future

Some of these goals are easier to accomplish than others, but what fun is life without a little bit of a challenge? My biggest dreams for the future involve travel and living in a self-sustaining home. I want to be free of consumer debt, and I want to be able to pursue whatever it is that brings my family joy. My goals will most likely change a bit over time, but this is my motivating list for now. Creating this list of personal finance goals for the future has given me renewed direction, purpose, and focus. Life is too short to dwell on the negatives. You need to just pick yourself up, dust yourself off, and look towards the future with hope and a plan.

What are your personal finance goals for the future? Do you have specific dates planned for your goals?

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10 Comments

  • Reply Kirsten July 3, 2015 at 6:57 am

    I’m sorry about your grandfather, Kristi :-(

    I like your goals, though. I think you will have no problems earning $500 a month by December. And sure some goals are stretches, but that’s what you need to keep you motivated and inventive!
    Kirsten recently posted…Freelancer of the Year {This Could Be You}My Profile

    • Reply moderatemuseblog July 3, 2015 at 11:24 am

      I appreciate that, Kirsten, thank you. Grief is a funny thing, how it ebbs and flows. Sometimes I think it’s fine, then suddenly it feels as though their is a vice grip on my heart.

      I agree! Sometimes you need to set lofty goals to keep yourself motivated.

  • Reply DC @ Young Adult Money July 3, 2015 at 1:31 pm

    I’m so sorry to hear about your grandfather. I hate fighting over warranties and other things with companies, but it seems the norm these days. I just assume things won’t go well when talking to companies about fulfilling their warranty duties.

    Your financial goals all seem really great. It’s hard for me to fathom retiring in 12 years. In fact I scrolled back up after typing that to make sure I read it right: 2027. I like your idea of saving 10% of your income to put towards a property. We are saving all my Employee Stock Purchase Plan stocks and keeping them in a “do not touch” account for the next 8 years. Once we hit that point we will use all that money to put a down payment on our house and then start renting out our current home. It’s a big financial goal but with patience and commitment I think we can make it a reality.
    DC @ Young Adult Money recently posted…Lessons Learned from 3 Years of BloggingMy Profile

  • Reply Christina @ Embracing Simple July 6, 2015 at 10:03 pm

    Oh no, I’m so sorry to hear about your grandfather and the other unfortunate events :(. Sick kids is so stressful too, not sure if that or the sump pump is worse!

    Good luck with your financial goals, I think it’s especially awesome that you are already planning for your 10 year anniversary. I’ve been thinking about our 5 year (in 2 years) and how I’d really love to take a trip of some sort to celebrate, but I think we’ll have to wait until 10. Maybe just make it extra awesome then :)
    Christina @ Embracing Simple recently posted…June 2015 Blog Income ReportMy Profile

  • Reply Kayla @ Shoeaholicnomore July 8, 2015 at 11:44 am

    Hey Kristi! Sorry to hear about all these bad things at once. Keep your chin up though. You’ll get through it. :) I love seeing your immediate, medium, and longer term goals all together like that.
    Kayla @ Shoeaholicnomore recently posted…Online Income: $2,130 in June 2015My Profile

    • Reply moderatemuseblog July 10, 2015 at 6:53 am

      Thank you, Kayla! It was a rough week for sure. I’m so blessed to be surrounded by family and friends who support me. It makes all the difference!

  • Reply Mich July 24, 2015 at 4:42 am

    Sorry to hear the story about your grandfather. About your finance goals, for sure you can achieve most of it. Reducing the household expense is quite a great challenge though but you can do it, I know you can.
    Mich recently posted…5 Useful Tips That Can Help You Qualify For A Rental HouseMy Profile

  • Reply Why Money Envy Can Be A Good Thing - Frugal Rules September 28, 2015 at 6:01 am

    […] in an online brokerage account, or paying down debt. Do what you have to do right now to reach your bigger goals and don’t let short-term jealousy affect your long-term […]

  • Reply FinCon Changed My Life - Moderate MuseModerate Muse October 2, 2015 at 5:11 am

    […] of meeting other bloggers and new clients at FinCon, I have surpassed my original goal of earning a steady $500 in freelance writing income. By the end of October, I will come close to […]

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