While I do get to a bit of an “over it” stage with finances, insurance and superannuation in my crankier moments, I still am glad I’m working on these things and putting thought into them. It only ends up better for me, and seeing as personal finance is all about me, I’m happy with me!
My Financial Goals In 2018
I have 3 main financial goals for 2018. One is big (the credit card) and two are tweaks in how I budget to help me have a better cash flow.
Pay Off My Credit Card
I’ve detailed the process here, but basically I know we’ll need a new car sometime this year. I’d like to not have any credit card debt (or as little as possible) before I purchase a new car. This is primarily because I don’t have a car loan now, but will have to get a car loan to buy a new car. Also, the amount I need to pay per month in order to pay off my credit card in 12 months is about the same as a car payment per month, so it would be really perfect if it works out that I don’t have a credit card debt when I buy a car.
Budget A Little Bit Better
I’m pretty good at budgeting for most of my bills. Anything that is a direct debit comes out of one specific account. I’ve divided up the bills and fund that account each pay period. I bpay some bills in advance, in smaller amounts. You can read more about how I budget here. But I’ve never been good at saving for irregular or infrequent things, such as car services, Vala’s 6 monthly vet visits, and a few other things. None of these are HUGE expenses in the grand scheme of things, but are usually more than I can scrape together in one pay period when it’s needed. All I’m doing to tackle this is what I do with every other bill, annualise the cost and work out how much I need to put aside from each pay.
Save Money For Insurance Excesses
Thankfully, only my car and contents insurances have excesses. However, between them, it’s not an insignificant amount of money to have saved. At least from my salary and single income point of view. I’ve decided to fund these over two years, putting away an amount each pay period that will allow me to have the full amount of each excess in two years time. After that, I will actually continue; this is because whenever Ben is able to learn to drive, he’ll have an additional excess as an inexperienced driver. I guess that’s a goal for 2018 and 2019 (and maybe a bit beyond), when I think about it. Still, it’s a goal I’m starting this year, so it counts for this post!
Do you have any financial goals this year?
15 Replies to “My Financial Goals In 2018”
I have only written my business goals this year. Too many of them to concentrate on other things. But in saying that, financial stuff is a serious part of my goals.
I can’t even face business goals yet. I’m too muddled in that area to work them all out.
Thanks for sharing this… we are in a bit of a mess financially, taking on a debt agreement 3 years ago as the only way to keep ownership of our house, but for various reasons being very behind on payments… fortunately hubby just received the nod that he’s over the probation period in his job, and his roster is looking pretty full, so we can start getting it all sorted out again, and save for the quiet Christmas period.
Oh getting over that probation period is a load off, isn’t it?!
I admit we never set financial goals but love that you are tackle your credit card debt this way since you are essentially living as if you are paying off the car loan (if you can’t manage it when it is for the credit card debt how would you manage it for the car right?). This was how we approached me going on maternity leave all those years ago- we started living on hubby’s wage and banking mine and that cushion for 8 months then paid for baby purchases and months where we would have struggled on one income.
Unless my car dies tomorrow and I have to buy a new one earlier than planned, it won’t actually be an adjustment to my budget to get a car loan, just a shift in what it’s paying for. I hope it works out that way haha.
We haven’t set any financial goals but we probably need to now that I’m only working sporadically. The credit card bill is always a good place to start. I hope you get to smash your goals this year!
I hope so too!
Argh, those dang credit cards. Mine has a ‘healthy’ balance and my intention is to always pay it off fast – it never happens. Good luck with your plans.
Mine was gained via my under employed years. I hope I can kick it away this year.
We annoyingly have a hefty capital gains tax bill about to fall due. Thanks to constantly being on the move and having our house in NSW rented. It sold last year and so we didn’t need to get a credit card or personal loan (on top of a small mortgage) we’ve used some of the funds to finance our new place. While I’m glad to have the place in NSW sold and finally be settled here in Perth, I’m not liking the CGT bill. Not one bit. I’m also dreading our next water bill, after an undetected leak was finally detected. Last bill water usage came in at just over a $1k. It’s usually about $50. I can see a few no spend months on my horizon.
That sounds like some crappy bills on the way 🙁 I never know if it feels better to know they’re coming or be surprised. Sometimes I want a little ignorance/bill time haha.
My only financial goal, if you can call it that, is to make it to July 1 without having purchased any clothes for myself. So far it’s going well. But I now need to reign in my spending on fabric! So much fabric, so little time. Best of luck with the credit card debt, you can do it! #teamIBOT
That’s a great goal. I’d love to be able to make clothes but my sewing skills don’t go beyond straight lines and squares haha.
That’s a good idea about saving up the excesses and having them put aside, I think I need to do that too