We made quite a few goals at the start of 2011 but we failed to track any of these so we ended up with no savings & debt at the end of 2011. These look like very specific goals but we’ll also be flexible if need be.
1. Pay off credit card – by end of February 2012.
This is very much on track as long as we don’t use the card anymore until then or no emergency expenses come up.
2. Pay off personal bank loan – by end of April 2012.
This is currently on $7450. The minimum amounts being paid to this fortnightly is $250 but hubby is putting in extra payments every pay. The interest monthly is still around $100 but is slowly decreasing at every payment. Once the credit card is paid off, this will be the only impediment to focusing on our savings goals.
3. Save $10,000 in our Emergency Fund.
4. Save $3,500 for our Fiji Fund by June.
We’re planning a one-week trip to an island that we’ve been to previously in Fiji maybe around July. This will potentiall cover EVERYTHING in that trip (airfares, accommodation, transfers, insurance, food, activities, etc).
5. Save $10,000 for our Paris/London Fund by October.
We got married in October last year but due to funds we didn’t actually get to embark on our planned Europe honeymoon. This coming October will hopefully be it! I will happily forego every new clothing just to be in Paris for our 1st anniversary (and my birthday which is 3 days before)! Plus we’ve never been to Europe before (we just really really know that we want to live there) so just think of this as a reconaissance trip.
6. Save $10,000 for our Home Deposit Fund by end of 2012.
This goes hand in hand with the Emergency Fund. We don’t know yet when we’ll be looking at buying our first property (property prices in Sydney are one of the highest in the world & frankly we’re still debating the renting v buying scenario). But we do know that buying a property is one of the main steps for our plan to move to Europe.
7. Start 2013 debt-free & have more than $10,000 in savings.
8. Track all income & spending this year.
Hubby & I will earn a minimum $104,000 (after tax) this year combined which is not a small amount of change. We probably earned around $85,000 last year & the beginning half of the year we didn’t even pay rent so where did all that money go? Yeah, we don’t have any idea either.
9. Keep this blog going for a whole year or more.
This is the 3rd reincarnation of this blog & none of the other have lasted more than 4 months. Busy life got in the way but our financial goals are our main priority for this year & this blog is a very good way of looking back & see how we’re doing.
I’ve been busy perusing other PF blogs for their 2012 goals for inspiration:
- Move to Portugal – January 2012 Mini Goals – the big inspiration for this blog. I read this blog regularly & particularly like the monthly mortgage reports.
- Stacking Pennies – 2012 Goals
- When Life Gives You Lemons – 2012 Goals
- Give Me Back My Five Bucks – 2012 Goals – I’ve been reading Krystal’s blog for about 3-4 years now from when she started paying off her debt. Now she’s moving to Germany albeit temporarily but very very exciting!
I have more personal, health, work & educational goals coming up too…