We have some big financial goals this year! Join me as we talk about them and follow along through the year as we see how we do.
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5 Financial Goals to Set for 2019
As we step into a new year, it’s important to reflect on our financial goals and plan for a prosperous future. Setting financial goals not only helps us achieve financial stability, but it also allows us to pursue our dreams and aspirations. Here are five financial goals you should consider setting for 2019.
1. Create an Emergency Fund
Life is unpredictable, and having an emergency fund is crucial to handle unexpected expenses. Aim to set aside at least three to six months’ worth of living expenses in a separate savings account. This will provide you with a safety net in case of job loss, medical emergencies, or other unforeseen circumstances.
2. Pay Off Debt
Debt can be a major roadblock to financial freedom. Make it a priority to pay off your credit card debt, student loans, or any other outstanding loans. List all your debts, organize them by interest rate, and create a debt repayment plan. By focusing on high-interest debts first while making minimum payments on others, you will save money on interest payments over time.
3. Save for Retirement
Retirement might seem like a distant dream, but it’s essential to start saving early. Consider contributing to a retirement account, such as a 401(k) or an Individual retirement account (IRA). Take advantage of any employer matching contributions available to maximize your savings. The earlier you start, the more time your money has to grow through compounding interest.
4. Set a Budget and Track Expenses
Creating a budget is an effective way to manage your finances and reach your financial goals. Start by tracking your income and expenses to get a clear understanding of where your money is going. Identify areas where you can cut unnecessary spending and reallocate those funds towards your goals. Use mobile apps or online tools to help you track your progress and stay on top of your budget.
5. Invest Wisely
Investing can be intimidating, but it’s a critical step towards building wealth. Educate yourself about different investment options and choose the ones that align with your risk tolerance and financial goals. Speak to a financial advisor if necessary, who can guide you on the best investment strategies. Remember, investing is a long-term game, so be patient and let your money grow over time.
While setting these financial goals for 2019 is an important step, it’s equally crucial to regularly review and reassess your progress throughout the year. Life circumstances and priorities can change, requiring adjustments to your financial plans. Stay disciplined, remain focused, and celebrate the milestones along the journey to financial success. With a strong commitment and proactive steps, you can ensure a brighter financial future for yourself in 2019 and beyond.
Our main goal is to get college savings started for our 6 year old.
This reminded me that I needed to log on and increase my husband's retirement contributions! Thank you for that! I had already increased our ROTH but had forgotten about the traditional!
I'm glad you mentioned the IRA. I always max mine out since I'm young so it's good to know that it went up. Wishing you the best in 2019!
I can't wait until my husband and I are at the point where we can have financial goals like this! This year is just going to be able surviving. I don't know if I mentioned this on another of your videos or if it was somewhere else but it ties in with having an emergency fund. For the last 6 years I've been working on trying to figure out a way to get my teeth fixed. I had finally had something setup and on Dec 21 my husband, myself and a friend were on our way to get it done. Well on the way there we were going around a corner and the tires lost traction (ice). We knew that this route had snow and ice so we had borrow the friends Pilot instead of risking it in our own car (we have a standard economy car) it had AWD and new all season tires. Anyway we lost traction and coming the other way was a semi fully loaded with wood chips. My husband was able to avoid hitting the cab of the semi but we wound up hitting the back driver side where the tires are. The pilot is completely totaled. My husband has a compound fracture of the femur and wound up with compartments syndrome (basically excess fluid in that one area) so one surgery and a 3 day hospital stay ended up being 4 total surgeries and a 12 day hospital stay. I don't even want to talk about the hospital bill that's a different beast. Since this happened our income has been dropped by 60%. There's no benefits from our employer that he can use (they don't offer Short Term Disability or anything like that) and his injury isn't serious enough for any state help. Not that I want to resort to that but you know you do what you have to do. We have no savings at all. We're actually behind on some bills. All I can think is that once we make it threw this trial I'm going to be switching jobs or going to school or something so that I can have a job that has better pay and better benefits so that if for some reason this happens again we're prepared. Unfortunately before that I have to figure out how I'm going to pay rent this month. :/
Our goals are to put 20,000 into our house saving fund, spend 100 a month for groceries, cash flow all our fertility medications and go on 2 vacations all while making under 35,000. This is going to be an interesting year!
Great plan! Our bigger goals for this year are new living room furniture, emergency fund and a scooter to cruise around town. ❤
My income is super tiny ( under 30k per year) my goal is to pay an additional $3500 this year on my mortgage. I already pay an additional $150/month. I am also going to try to save enough to purchase 1/2 a cow and half a pig for the freezer.
Our big goal is to pay almost $20,000 in credit card dept
Love your energy ❤️ just posted a New Years video as well, any
Other small youtubers want to support each other? ❤️
We are doing the Dave Ramsey baby steps and are 3 months away from finishing BS2 and want to have BS3 completed by October.
Great job with the $$$ plan! Loved the split screen…. 😀
Big Goal: Finish paying for school. I have this winter semester (2 classes) and summer semester (1 class) and I'm done baby! Priority is paying cash for all of that. Another goal right behind that is to finally open IRA's for me and my husband before July (just to give us an arbitrary deadline). Even if we can't contribute much this year at least we will have cracked the door to more investing for next year. Good luck this year with your goals!
Our goals.
1.To up payments to get them lower in the long run.
2.Cut grocery bill.By meal planning and shopping smarter.
3.no coffee(starbucks,stands) and no random eating trips out.Unless it's a family night.
Great goals, your family is so inspiring. Also when I saw DR trip I thought you were going to see Dave Ramsey! Lol! Our big financial goal this year is to finish paying off our credit cards!