Our 2020 Financial Goals

New Year

I made the mistake of not setting measurable goals for 2019 which makes it hard to look back and see our progress. I’ve learned my lesson and now we’re going into 2020 with clear goals and trackers so we’re able to review our progress month by month.

We have 4 financial goals that we want to complete by the end of 2020.

1. Finish saving up for barber school – $10k

We’re about 30% done with this goal and hope to be fully funded by the end of April. My husband is planning on quitting his job by then to go to barber school full time. The only way we can do that is by having his tuition fees saved up to avoid any kind of student debt.

2. Start monthly contributions to children’s savings account

We want to start saving up for our daughters college fund but haven’t had the time to research our best options. I still want to go ahead and get started so we will be deciding on an amount to start transferring to her savings account. Once we figure out what type of fund will work best in our situation, we can transfer what we’ve saved up so far.

3. Open up and fund a Roth IRA – $3k

I’m a little embarrassed to admit that I still haven’t opened up any type of retirement account. When I was paying off debt back in 2017, I was so anxious to finish baby step 2 so I could open up a Roth IRA. Well two years passed and I still hadn’t made a plan to check off this goal. So I’m making it a priority this year!

4. Have a total of $30k in savings

We currently have $15k in our emergency savings account which I would like to double by the end of the year. $15k would stay as our emergency fund and the rest is for our future savings goal (which we haven’t figured out yet.)

At the end of last year I bought an ink & volt planner (which I’m currently loving) and have added some savings trackers in the notes sections. I’ve already started filling them in and can tell that they will be a good source of motivation!

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