Focus Financially: My Current Money Goals

A couple of weeks ago I talked about my five year financial which btw is pretty amazing. Anyways today I want to be focusing on my current money goals the things I hope to achieve within the next year. Most of those goals do tie in with my five year financial plan though I didn’t mention them in that post.

Earn $100 outside of my current job 

My phone bill is currently $50 a month and this may seem silly but it the first monthly expenses I have that set in stone. And I’m not liking it.

I dislike how I always have to make sure my phone category has money. How I should be putting a little bit more than $50 in there monthly.

When I was getting my new phone and looking around at phone plans this crazy thought popped into my head. I thought I should wait until I earn enough money outside of my job to pay for this phone.

And then my old phone broke more so I replaced it.  I got a new phone without earning the money outside of my job first but its something I still want to do.

This reasoning is based on what Jay Z said if you don’t have enough money to buy something until you can pay for things twice. 

Have a full emergency fund

This is important to me as I haven’t had much job stability lately. In the past year, I quit one job, got another job and now my hours are getting cut at that job. Plus I will be let go from my current job sometimes in April.

So yeah I want an emergency fund for when I lose my job. I’m trying to be speedy on this one so it will be fully funded by the time I finish my job. Besides my emergency fund, I am also a month ahead on my bills to give me to give me more breathing room.

Be ready for taxes and insurance

Last year taxes suck I thought I was going to get money back and end having to pay a fairly significant amount.

Insurance also sucked. I paid my insurance as usual, then I switch vehicles and have to pay it again. But once I did that they said I overpaid on it and now I’m getting money back from them.

Oh, and I also forgot about a check last year that I have written months ago before I started using my budget. This all happened within a month, it was a bad month. 

As you can guess after an experience like that I want to be more prepared for this year taxes and insurance. My taxes should be lower this year or at least the amount I have to pay should be.

As for insurance, I want to see if switching companies would make things cheaper. And next year I won’t be forgetting checks cause I would put them through my budget.

Have enough for repairs in my car fund

I bought a new to me car a few months ago now and it cleaned out my entire car fund. Which at first I thought it shouldn’t be a problem.

I had the car checked out when I bought it and it came with free oil changes. I shouldn’t have to maintain it for a while so who cares if that fund is empty.

Well, that whole I not going to worry about it change when someone hit me with their car. I had stopped for a train when the people behind me slowly bumped into me.

I was mad I had only the new car for a few weeks a and somebody hit me. They were going slow enough that it didn’t do any damage to my car. But now I’m worried that my car going to get wrecked which is why I want more money in my car fund

Give all the money I budgeted

This isn’t so much for saving money or being prepared like the other ones are but it important none the less.  I have a separate giving category in my budget and I try to give 10% of my income.

The problem I’m having is I don’t give the money so it sorta piles up when I should be giving it. So I’m planning on researching my favourite organizations making a short list of my favourites. Then automating most of my giving.

Start a savings account for bigger things

Since I have a proper budget now I should stop robbing my emergency saving account anytime I want to buy a bigger thing. So I decided to start a sperate account to save for bigger things.

This would include saving for a new laptop my current one is a bit glitchy at times. A  shredder, also random things like a filing cabinet and folders I need to set up a system. And a fit bit, hiking boots and other random things that cost more than $50.

Get people to pay back what they owe me

I don’t like owing people money. I also don’t like it when other people owe me money. So I want to get everyone to pay me back and stop borrowing money from other people.

I have already implemented the stop borrowing stage in which I brought all my cash to the bank and deposit it. People borrow cash faster then they do money that’s in the bank.

The next stage is to get everyone to pay me back. My nice way of getting my family to pay me back is to send them bills. Hopefully, they will all pay up then because I am tired of people having my money.

Start investing outside of my retirement fund

Right now I am invested with my retirement fund but I would like to have a little bit of money on the side invested as well. With my retirement fund, I feel like I have to do things the proper way with low cost index funds and so on.

Sometimes I want to try investing money in things that are risky or stupid. I don’t always want to make good decisions. But I don’t want it in my retirement fund in case it all goes horrible and I lose all the money.

Have a vacation fund

I love my vacation fund, having one in my budget makes me actually save for vacations. There are lots of places I want to see and this vacation fund will take me there.

This fall I hope to travel to Ottawa and maybe Montreal and I went to Revelstoke this summer which was a lot of fun. Other than that I don’t have any solid plans in the works but I do have lots of places on my bucket list.

You don’t get what you don’t ask for so today I’m asking for you to share My Current Money Goals post by pinning the image below. Thanks!

My Current Money Goals