Setting Personal Finance Goals

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settingfinancialgoals

When I first started this blog, I talked a little about my personal finance goals.  At the time, it was more of setting personal finance goals, than actually digging down deep into the topic of personal finance.  I wanted to stay surface-y because “I didn’t know enough” or so I thought.  This year, I want to do both–focus on setting personal finance goals and digging down into the thick of personal finances.  I want to join the conversation as it relates to money for my own selfish needs, but also for my readers.  My goal is to be a resource and fix my finances in the process.

So, what happened to my finances?

I gave up.  Really, it’s that simple.  I stopped trying.  Instead of committing to working with the funds I had, I set out to make more and more.  Big mistake.  Why? Because if you can’t handle a little bit, you damn sure can’t handle a lot.  Sucks, but it’s true.  Ever wondered how people can win the lottery and end up broke in two years?  Well, there it is.

Now, let me be honest and say that my issue around money is 98.5% mental.  When I said that I stopped trying, I meant that I stopped trying to better my finances.  I seriously just left ’em be.  I saved a little here and there, but nothing significant.  If I needed to pull a little bit out every once in a while, I did it with little accountability.  My mindset got screwed up and I made bad decisions by not making any decisions.

So, what happens now?

I get back on track.  The focus can’t remain on just making money, if I’m not managing it correctly.  I honestly think that a person can have all the money in the world and still piss it away by not properly managing it.  And this has very little to do with reckless spending by itself.  Like I said, it’s mostly mental.

So, what does all this mean?

It means that I’ve made a commitment to end 2015 financially better than I ended 2014.  I need to see significant progress in a few areas of my life, finances being one of them.  I had some goals that I did not accomplish and it’s all because of inaction, fear, hesitation, and a mindset of lack.  And that’s the truth.  It was all me.

I need to get back on track.

My 2015 Financial Goals

  1. Earn $30,000 in outside money–This is money outside of my 9 to 5.  This is everything including blog income, selling stuff on Ebay/Craigslist and any other way I can come up with that’s legal.
  2. Save $10,000 for the emergency fund
  3. Save $10,000 for a down payment
  4. Invest–This is super open because I don’t know enough yet to make it specific.  As I learn more, I’ll update that goal.

I’m keeping it really simple this year.  Like stupid simple.  I’m usually one to get all overwhelmed by the number of goals I’ve set for myself and then get stuck.  Not this year.

Did you meet your financial goals for 2014?  How or why not?  Have you set any goals for 2015 yet?

 

And Another One

4 Comments

  1. I met a portion of my goals and I can do better. One thing is for sure, talking about your financial goals and keeping them front and center makes all the difference in your success. Keep it up.

    1. I completely agree, Patricia. Transparency is key because it allows for accountability. It’s scary, but if I want to reach it, I’ve got to make some changes. And congratulations on reaching your goals, even if only a portion!

  2. I’m like Patricia, I met my goals, but I know I can do waaaayyy better. And I’m using this year to do that. I’ve picked up extra work and while I don’t think I can make $30,000 aside from my current income due to my job requirements and school, I do want to try. At least saving as much as I can. Seeing how well I did last year is all the motivation I need for this year.

    1. I’m so glad that you’re using your wins from last year as motivation for this year. I need to use my losses in the same way. My goal is quite steep and I thought about reducing it, but even if I get halfway there, it’s better than nothing AND it’s better than last year. I need to start hustling. LOL

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