My Financial Plan

A financial plan is more than just planning how to budget your money. It is about what you want out of life and what you deem to be important. As such, one plan is never better than another and as life evolves and priorities change it is important to revisit your plan. While, I try to revisit my plan and goals once a year it doesn’t always happen. But I don’t feel bad about it. The point is to be aware and review it, not hold yourself to a strict schedule.

I’ve had a financial plan since I started blogging in 2008 and so I’ve learned some things about myself. I’ve found that if I have too many goals I end up failing at them and that there is nothing wrong with just holding steady.

You really never know what life is going to throw at you so trying to plan for everything is impossible. Instead, you just have to be aware of where your money is going, make some decisions and hope for the best.

So without further ado here is my financial plan:

2012 GOALS

Lofty Financial Goals:

Pay down my student loan to $5,000. In order to do this I'm going to have to put any extra money I have towards my student loan. I'm so sick of having to pay off my this loan. The only solution it to pay it off quicker.

Add $3,000 to my emergency fund.DH and I sat down and really looked at how much we would need to survive if one of us were to lose our job. We came up with a number and opened a joint savings account to act as our true emergency fund. DH was able to fund his half completely, however I have $3,000 to add to fund my share. My goal is to have this done by January 1, 2013.

I'll track these goals on my sidebar.

Bring down my spending on clothes and shoes to below 8% of my total spending in 2012. In 2011 I spent13% of my non-fixed budget, higher than any other category, on clothes and shoes. This is unacceptable and something I should easily be able to cut back on.

Steady Financial Goals:

Pay 17% of my income towards my 403b. If possible, increase this number, but at the very least say steady at 17%.

Pay my mortgage and maintenance every month on time. 

Professional Goal:

<Secure a more challenging and better paying job. It became clear in 2011 that there are no opportunities for growth at my current company. With the current economy, there is also very small pay increases. Therefore, my only option is to find a more challenging position that will pay more. In this economy I don't imagine this will be easy, but I will continue to search and apply for positions until something comes through.

Personal Goals:

Spend more quality time with my amazing husband. Just because he is my husband and I love to spend time with him!

Run on a regular basis. Get back into running, something I love to do, and keep it up on a regular basis.

Start and continue to practice yoga. I love yoga, but out of laziness I haven't gotten back into practicing it. I find it balances my running and overall balances out my life.