2019: Looking Ahead
Hey, everyone. I want to start out the new year by sincerely thanking those of you that actually read this blog. I have many neat posts coming up including posts on how to get your spouse on board with ditching debt, an interview I conducted with a millionaire, what to do during a turbulent phase of life, new mom life hacks and easy ways to save money (just to name a few!).
This post will highlight the goals we have set for 2019. And let me be clear here: we still have so, so, so many moving parts to this income equation. Potential job change, purchasing a house, adding income, etc. These goals I'm setting are going to challenge us to stay the course for sure!
Goal 1: Read 20 books this year.
I'm adjusting last year's failed goal. Instead of aiming to read two books per month, I'm aiming to read 20 for the entire calendar year. So by June 30, I should have read at least ten. This number is less than two per month, but more than what I achieved this last year (17). It will be a challenge, but I need to push myself to do this!
Goal 2: Aim to contribute 15% of our income into a retirement account.
Oh boy. This one may be pushing it with all the other financial goals we've set before us. Remember how I said that all goals you set need to be realistic? This one we may struggle with, but our future worth the struggle? We live on a very tight budget as is, but this goal will make us look at every single penny that comes into our bank account. That's not a bad thing at all. This will be a huge push of saving over $500 each month for the future. We may have aim for 10% this first year and adjust accordingly. However, saving for retirement and paying down our mortgage are top priority.
Goal 3: Max out the JuJuBe's college education contributions.
Because we've opened an ESA in JuJu's name, the maximum annual contribution is $2,000. Again, this is still a lofty goal, but if we are intentional with our income, I think we can do it! This requires an additional $167 per month going to her ESA.
Goal 4: Actively pursue an additional income stream.
In order to make goals 2 and 3 happen, this will be a priority. I'm currently working on finding a location to hold ACT Test Prep sessions. Once I have a location that I can rely on, hopefully I can get enough students to help us save some money.
Goal 5: Pay off an additional $1,000 in principal on our mortgage.
This goal alone is not crazy ambitious, but if you add it to goals 2 and 3, it really ups the ante on us as a couple to save for our future, our daughter's future, and try to get rid of our mortgage debt. Debt, in our house, is truly a filthy four letter word. This requires an extra $84 per month going to our mortgage.
Goal 6: Cook two brand new recipes each month.
Okay...this is a boring domestic housewife/mom goal. I got a really nifty Instant Pot for Christmas and I would love to find some inexpensive and delicious recipes for it. Plus, variety never hurt anything!
Again, thank you for stopping by and reading Parenting on Pennies. Another goal I have is to consistently post on this blog articles that can help others. My main goal with PoP was to help people. What about you? What are you hoping to achieve this new year?
This post will highlight the goals we have set for 2019. And let me be clear here: we still have so, so, so many moving parts to this income equation. Potential job change, purchasing a house, adding income, etc. These goals I'm setting are going to challenge us to stay the course for sure!
Goal 1: Read 20 books this year.
I'm adjusting last year's failed goal. Instead of aiming to read two books per month, I'm aiming to read 20 for the entire calendar year. So by June 30, I should have read at least ten. This number is less than two per month, but more than what I achieved this last year (17). It will be a challenge, but I need to push myself to do this!
Goal 2: Aim to contribute 15% of our income into a retirement account.
Oh boy. This one may be pushing it with all the other financial goals we've set before us. Remember how I said that all goals you set need to be realistic? This one we may struggle with, but our future worth the struggle? We live on a very tight budget as is, but this goal will make us look at every single penny that comes into our bank account. That's not a bad thing at all. This will be a huge push of saving over $500 each month for the future. We may have aim for 10% this first year and adjust accordingly. However, saving for retirement and paying down our mortgage are top priority.
Goal 3: Max out the JuJuBe's college education contributions.
Because we've opened an ESA in JuJu's name, the maximum annual contribution is $2,000. Again, this is still a lofty goal, but if we are intentional with our income, I think we can do it! This requires an additional $167 per month going to her ESA.
Goal 4: Actively pursue an additional income stream.
In order to make goals 2 and 3 happen, this will be a priority. I'm currently working on finding a location to hold ACT Test Prep sessions. Once I have a location that I can rely on, hopefully I can get enough students to help us save some money.
Goal 5: Pay off an additional $1,000 in principal on our mortgage.
This goal alone is not crazy ambitious, but if you add it to goals 2 and 3, it really ups the ante on us as a couple to save for our future, our daughter's future, and try to get rid of our mortgage debt. Debt, in our house, is truly a filthy four letter word. This requires an extra $84 per month going to our mortgage.
Goal 6: Cook two brand new recipes each month.
Okay...this is a boring domestic housewife/mom goal. I got a really nifty Instant Pot for Christmas and I would love to find some inexpensive and delicious recipes for it. Plus, variety never hurt anything!
Again, thank you for stopping by and reading Parenting on Pennies. Another goal I have is to consistently post on this blog articles that can help others. My main goal with PoP was to help people. What about you? What are you hoping to achieve this new year?
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