Question

I know i'm a little behind but what are your 2020 financial goals? rather than have one very large, vague goal, i've set up monthly goals for myself. for example for january my goal was to set up my 401k, february was to hit a certain number in my savings account, etc. curious as to what small, achievable goals everyone else sets for themselves to keep motivated  

Answer 1

I really like this! I ran my credit report in January and had some actions to take to close accounts, opened a 0% for balance transfers and moved only cc there and set up recurring payments, closed old business account, called alarm company to reduce bill, Verizon bill. Now looking to open a higher % savings account. Managing finances, saving money, etc. requires consistent attention. Allowing yourself to do this over a period of time takes the pressure off for sure.  

Comments

You're doing great! Thats my outlook; having some smaller steps makes me more motivated to work towards it on a monthly basis instead of a scary, huge goal that seems like lightyears away.  

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@acculturate6808 right and it really is a series of steps not one make or break thing. Also. TAXES not done. that’s one too. Then if I need to make adjustments to my W4 based on owing or refund. I’ll add that to the list too!  

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Don't worry - i only just filed my taxes this weekend! feeling lucky that i'm getting a return :)

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@acculturate6808 I always dread it!  

Answer 2

My main goal is to decrease our food spending. And so far so good.  

Answer 3

I’m adding another 1% contribution to my 401k every month this year.  

Answer 4

Buy windows for our whole house in cash + 20k of my student loans paid off

Answer 5

To pay debt this year❗ and I working toward that goal.  

Answer 6

I have a few small small goals- cash flow a vacation, pay off at least 15% of our overall total debt, cash flow two newer cars, and reach $3, 000 in my sons 529 fund. In total it will equal more than half of my annual salary. I’m hoping to transition to living off of my husbands salary exclusively and using my entire salary for debt/savings over the next 3-4 years.  

Answer 7

We are behind too. Starting over (yet again lol) as of about 10 days ago. We’ll have 10k saved by mid April and then every penny after is going to debt. We’ll all of our debt (minus vehicles) paid off by the end of the year!  

Comments

Amazing! I'm tracking to be debt free by April as well :)

Answer 8

Love this idea I am going to come up with some monthly goals myself

Comments

I set it up on an excel sheet with the month, my goal, and if it was achieved :) the best part is even if you dont achieve it that specific month, you can do it any other time of the year!  

Answer 9

Save $100 a month for Christmas, funding from coins and small side hustles such as returning bottles and cans for 10c

Answer 10

Pay of CC, that's my main 2020 goal

Answer 11

Last credit card and pay off my car! My goals are: 4g to pay off cc by May, 9g to pay off car by end of year. In addition. save for bathroom remodel, new heater and AC. Next year is kitchen remodel, windows, siding. 3rd year is paying down my mortgage and saving for a new house. 4th year is a new house. I want to also cash flow a few trips to see my family

Answer 12

To pay off at least 8k debit & save a minimum of 5k for a down payment on a brand new car next year  

Answer 13

1) pay off discover card by end of April 2) have $25, 000 saved for new house by May ✔️ (we have $28k! ) 3) save up cash for my trip to Seattle (leave next week and am about $130 short of my goal so I’m going to REALLY cut back spending next week) 4) save $450 for hubby’s trip in April 5) put $400 in savings every week (we’ve hit this every week except the week we had to pay $450 for our sons braces) 6) pay off carecredit by end of 2020

Comments

Great goals! mine are very similar in terms of having specific debts paid off, savings amounts, vaca fund goals. i just applied for a passport and am saving up to cash fund a euro trip <3

Answer 14

I'm saving a minimum of 300 a month - I need to start replacing windows, guttering, external doors and a couple of small sections of the roof. It'll take a couple of years to get it all done.  

Answer 15

I also am setting goals. Each week I focus on a different finance related task. Last week it was insurance. The week before cable/phone/internet. This week I am figuring out what home repairs I will need this year so I can budget for them properly.  

Answer 16

To be credit card debt free by October 2020. Each month, my goal is to try and put $250 extra towards debt payments.  

Answer 17

My main goal is to save $10, 000 this year

Answer 18

March goals: catch up on all my bills, complete my EF to $1k, & maybe if possible pay a small balance CC off!  

Answer 19

One of our last big vacations as a whole family. Our 6 month EF. And have all our debt, minus my students loans paid off.  

Answer 20

I made quaterly goals for the entire year, its so motivating to see them visually!  

Answer 21

This is a great strategy for staying engaged. Thanks for sharing! I’m going to try this

Answer 22

My main goal is to really cut back on my spending and be intentional with my purchases. It’s hard.  

Answer 23

Save up money for our daughter's first birthday ($500 by July) and also be "debt free" (everything minus home and husband's student loans) by July. And then save $20k home by February 2021 to comfortably move into a new home

Answer 24

I do monthly goals!  

Answer 25

I’m going to sit down and do this! What a great idea!