5 Financial Goals For the Next 10 Years

Or, where I want to be when I dig out of this hole. We do all right, financially, but we’re awful savers, and we’re really good spenders. Admittedly I am pretty much the problem, but I like cute stuff! What can I say? So, with our current income levels, I’m giving us 10 years to really deal with debt. I want only our mortgage to be a bill, and I want that within 10 years of being paid off. These are the 10 things I want done before 10 years are up. Five goals is a simple one goal every two years on average. Easy peasy, right?

1. Student Loans paid off.

We have an astronomical amount of student loan debt. We both have advanced degrees, I have multiple, and husband went to a private (ie: $$$$) undergrad. There are a lot of digits in our student loan balances, and I want them gone. Now, as long as the Public Service Loan Forgiveness Program doesn’t go anywhere, my loans are gone in ten years. *poof* Hey, teaching may not pay well, but there are some benefits. H has approximately 19 years left on his loans, but with some other financial finagling (and extra money) we should be able to cut that in half, if not by 2/3.

2. Credit Cards Paid Off and Not Used. 

This one is pretty typical. The average american has something like 8,000 dollars in credit card debt. We don’t have quite that much, but we have enough that it’s more of a bill than I’d like. I want these paid off, not in use, and only around to build our credit. I’ll set up an auto payment charged to the card, and an auto payment paying the card the next day.

3. Large Emergency Fund.

Spring BreakDown 2017 taught me a few things, but most of all it taught me that we don’t have a large enough emergency fund. My first goal is going to be getting at least 2000 dollars in our emergency account, and then I will move to other things. After we pay off the credit cards, I want this thing at 10K, and once we’re out of all sorts of debt, it will be even larger. But Mr. Ramsey’s piddly little 1K e-fund is clearly no match for the life I was letting happen to me.

4. Triple the Kids’ College Funds.

We diligently put money away for our kids’ college education. The money goes in automatically, it’s in a bank we have no other accounts in, and it doesn’t get touched. I want to triple the amount we’re putting away each week, and do this much sooner than 10 years, because in 10 years my youngest will be 5 years away from college. (OMG. Excuse me. I’m going to need a moment to process that.)

5. Be comfortable.

Technically, this is a bad goal. It’s incredibly subjective, and not measurable, the #1 requirement of goals. Ask anyone. But I think it is important. We need to keep this in mind as we move forward in our life. When we buy our new house, will we be comfortable with a larger mortgage? When we buy a new car, do we really need a shiny new one, or will used be ok if it keeps us more comfortable?

What are your goals financially? Where do you see your (metaphorical) wallet in 10 years? Share with me! Maybe I need your goals too!

Three things I realized on my spring break that changed how I approach life.

My spring break was last week. We didn’t go anywhere, even though our wedding anniversary was in the middle of the week. But we are looking to buy/build a new house in the next year, and we’re trying to save the funds. Also, vacations usually involve a lot of fatty, sugary foods, and we’re trying to eat healthy.

So we stayed home. Also, our son still had school being on a different calendar than I am. I made a long list of projects I was going to do. I even made it pretty. I checked off two things. And they looked great. Then the plumber came over and I learned my first lesson. Out of three. What can I say, it was a big week.

1. Savings go quickly. AKA Water heaters are expensive. (As are tuition payments, tax payments, student loan payments, macbook repair because a kid spilled liquid, and kid’s summer activities…)

While trying to pay off debt we have been subscribing to Dave Ramsey’s  $1000 emergency fund plan. Well, it’s a good thing because our new water heater is going to run us $950. That puts $50 towards my tuition bill too.

Bottom line? We didn’t have enough money on hand and paying off these things, while necessary, cuts into our new-house-deposit savings pretty deeply. Sad face.

I also went to the doctor recently. Realization number 2.

2. I’m really unhealthy. Like, really.

I’ve always been larger than average. Since I was about seven years old, I remember always feeling “fat”, and being made fun of for it. Now, at seven, was I fat? No. Not really. But by high school, I’d definitely made my way down the path to overweight, and college? Boom. Obese. After having kids, well, I don’t even want to talk about it. But going to the doctor and having her put a number on it, 101, it was heartbreaking. I need to lose 101 pounds. A three digit number. Ugh. I have students who weigh less than the amount I need to lose.

All of these things hitting me brought me to a realization:

3. I wasn’t living my life, my life was happening to me. 

Like many middle-aged women at home during the day, I turned to pinterest. I came across an article by Michelle at Making Sense of Cents about making income on the side, or “side hustles”. Something about her story just hit me. She is so young, and so… in control. Life wasn’t happening TO her, she was living her life. Kicking it’s tush and taking its name.

I blogged fairly consistently from about 2004 to 2015. I was always random, and never had a set plan for what I was going to blog about. But now, I do. I have a plan. I’m going to document my life, or rather, the taking back of it. Life is done happening to me, I’m going to happen to life. Look out life.

So stick around. Subscribe (over there —-> on the right) and grow with me.

Coming Soon!

Sometimes life happens to you, and sometimes you happen to life. Take control back. Happen to Life.

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And maybe take a nap? Naps are good. Yoshi likes naps.