Earlier this year I set a bunch of goals to move me toward financial security over 2016. In this post I’ll update my progress and adjust my action plan as required. They’re still very much a work in progress, but the progress is reasonable.
wealthfromthirty’s Financial Goals for 2016
Eliminate credit card debt of $2700 (AMEX)
I met this goal, but failed to remain debt free – It’s frustrating, but I’m learning that I need more than an emergency fund. I’m building an account with surplus cash for necessary purchases that come up at short notice, or for which I don’t want to draw on my emergency fund. Currently it sits at $450, and I’m adding to it when I can.
- Stop using credit cards
Another goal I haven’t reached yet. The surplus cash fund should help with this one, as will acquiring a steady income, hopefully over the next few months.
- Reduce eating out expense to < $250 per month
I’m part way there. I’ve reduced my average eating out expense by $100 per month, but I’m still about $100/month short of this goal.
Increase emergency fund toward $10,000
Current emergency fund is $11,500. Sweet.
- Contribute $2400 to investments
Not quite. I contributed $1400 this year before withdrawing my investments. Preparing for starting my own business I felt it was important to put the cash aside.
- Complete NYU Valuation Course Lectures
Not even close. I really want to sit these lectures, but between completing a Masters thesis, working on my PhD and teaching at the University I didn’t have time. No worries though, they’re on YouTube and I’ve downloaded them, which will allow me to watch them when I get more time.
Continue reading high quality value investing blogs
This one I managed to do. My favourite blog at present is Base Hit Investing, by John Huber. It’s just brilliant.
Save $2600 for travel to Japan 🙂
So, not Japan, but Europe. Done and done. I was really fortunate to be able to travel despite it being a stretch financially. Part of me feels I should have been out of debt prior to going, but the trip was for a fixed date and remains one of the best things I’ve ever done – I wouldn’t take it back.
I managed to achieve 4/9 goals, and am still working on 5. Since I still have a credit card debt, you might say I only acheived 3 and have 6 to work on. That’s fine. The most important thing going forward is to refocus and work toward the following goals: i) stop using credit ii) reduce eating out expenses iii) reduce credit card debt and iv) create a reserve cash fund for use in place of a credit card. I’m not too concerned if I don’t get round to viewing the online lectures or reading Damodaran on Valuation, but I’d like to read them in the next 12 months if I can.
I’m doing well with two of my three personal goals, exercising 4hrs or more a week and submitted my Masters thesis in July. (I haven’t progressed with my Japanese lessons).
How are your 2016 goals going?