yearly financial goals

Our financial goal for 2016 was to continue paying aggressively on the student loan debt we have. We didn’t have a budget meeting to decide this, we just both knew this is what we were working towards.

Due to a job change our income did fluctuate some. We decided my move to a new job was worth it. It paid less but allowed more flexibility and time with the kids.

I am happy to report that even with this job change and pay cut we were able to pay $16,119 towards our student loan. Additionally, we saved $4,700 to pay for new siding on our garage that it desperately needed and we saved $3,040 towards our vacations for summer 2017.  That means for 2016 we were able to save $23,859.

In 2016 we were also able to cash flow over $1,000 on car repairs for our cars which included new tires and brakes. The total amount we spent on car repairs and maintenance for 2016 was $1,200, which we think is great for our two “paid for” cars that are 8 and 11 years old respectively.

That averages out to $100 a month on expenses.  For those people that say that new cars are a better deal, I’m betting their car payment isn’t less than $100 a month not to mention the oil changes they still have to pay for throughout the year. And this is why we’re driving our cars into the ground!

We also cash flowed $1,200 on a new mattress that our backs desperately needed in order to get quality sleep again.

Did you know that after 7 years your bed is likely not providing the support and comfort you need for a good night’s sleep?

Ours was 11 years old. (Side note if you’re in the market for a new bed we strongly recommend bedinabox.com. It was great quality at a good price and was shipped to our door in a box the size of me).

There were other expenses throughout the year, but those were the big ones of note.

First we compiled our expense breakdown from 2016.

Then Brian and I sat down to discuss our financial goals both large and small for 2017.

2017 Financial Goals

  1. Pay $20,000 towards student loan debt
  2. Average $650 spending or less on food every month
  3. Average spending on home supplies and improvement at $75 or less a month

 

I will continue to post about our debt snowball progress monthly. In January 2018 we will recap how we did on these 2017 goals. What are your financial goals for the year big or small?

4 comments on “2017 Financial Goals”

  1. Two big financial goals here:

    1) Completely cash flow my portion of wedding costs (sinking fund already set up in EveryDollar last summer) without putting anything on cc’s.

    2) Have all credit cards paid off by the wedding, leaving only student loan left in debt snowball.

    • Huge goals, but awesome! I know you can do it and it will make the wedding that much better to know you aren’t paying it off afterwards. Looking forward to celebrating with you.

  2. Megan ,

    It is erie how #4’s are similar and its not just that we are bossy. John and I also bought a BedIntheBox several weeks ago. Our old one was only 7 years old and completely sagging. We used sleeplikethedead.com reviews to pick our new one and it is fabulous. Also note that our old mattress was very poorly rated on that site:). Thanks to you introducing us to Dave Ramsey, we will be debt free this year. Only a little of the wedding to pay and then the home equity loan!

    • So true about #4’s. We did a lot of research before we bought our new bed too. So glad you found Dave’s plan and that it’s working for you. I think we have started a movement in the family!

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