It’s already February, but since this blog is supposed to be about my finance journal, it wouldn’t make sense if there’s no goal for 2013. Until about a month ago, I never had a realistic and measurable financial goal. I always thought I didn’t make enough money to have such ambition.
On the contrary, no matter how much money you make, you need a goal for yourself. Without a goal, you’re like a ship without a destination just sailing on the ocean aimlessly. This will waste your time and fuel and you might end up sinking. You need a clear goal of where you want to be. Budget comes in when you need to navigate to get to your destination. Sometimes you take a detour, but with a budget acting as a map, you can find your way back. Only if you’re serious about keeping up with it. I’ll get to my budget in a later post though.
I’m a newbie at this financial savvyness, hence, I am not financially savvy. So don’t make fun of my simple minded and very modest goal for 2013. Goal has to be realistic for it to work. I don’t want to make an ambitious, but ridiculously unrealistic goal just to fail. I might end up giving up on my financial well being if I fail miserably. Like Dave Ramsey says, sometimes it’s not just about numbers, but about motivation. Of course, I’m paraphrasing but I think that’s the gist of one of his points.
So here it goes.
$2000 for emergency fund
$5000 towards down payment on a house (this is just our 2013 goal, so we are planning to save more for down payment)
Pay off 3 small student loans with fedloan, which is arond $2000 right now. And this is on top of our regular payments to 4 student loans with sallie mae and that’s around $17,000.
There are other changes that I’m making to achieve all these, but I think that goes with my budget post. So I won’t explain those here yet.
There are only 3 simple goals, but to make this a reality, I have to change my habits, daily routine, and general attitude towards personal finances. Every purchase will have to be thought through more and I’ll have to change my social life as well to accommodate this in my budget. I’m actually excited though. To have a plan that has a greater purpose in my life than shopping and at the end will give me more security and peace of mind is a great feeling. I just need to continue to motivate myself and follow through.
Let’s all cheer on~