It is now March in 2019, many people are already on track with their financial goals and plans they have for the year. However we are behind, we have only just sat down and discussed what we want to achieve in 2019. Some are finishing off goals we set ourselves long ago, but never got around to complete due to unexpected circumstances.
Life just got in the way of our goals the past few years, Having a baby, carrying out some house upgrades and demolishing an outbuilding that was causing damp in our kitchen ended up putting our savings goals on hold. However we have managed to save some money during this time, it hasn’t been as fast as we would like.
Our goals for 2019 that we believe we can accomplish this year as follows:
£10,000 emergency fund
We have already hit our £10,000 target, but the next few months tend be expensive for us, especially as we have Noahs christening next Sunday. Our car insurance is also due soon and we pay that yearly to save a little money. In total these two things will cost us around £1100 alone. We will see if we can mitigate this damage. We want to get ahead of our target so we can start with our other goals for the year.
Our emergency fund started at £1,000 and just gradually increased, it does make us feel secure. Our emergency fund goal would last us a year if we both lost our jobs which is great. I’d highly recommend you make a goal of saving an emergency fund if you haven’t already.
Consumer debt freedom
We have wiped out the majority of the consumer debts we had but we do have a debt that is still unpaid. Our final debt to pay is a 0% finance agreement for a sofa! Although we love the sofa, i wish we really just bought a second hand one with cash. I don’t think sofas are really worth the price tag.
Im not sure why we have not paid this finance off as we only have a few more months of payments left. I think the excitement of becoming debt free dwindled as our debts lowered and our savings increased. It probably has something to do with our next goal too.
Restart overpaying our mortgage
Our next goal is much larger than our others over the years, we would love to pay off our mortgage! I don’t think there would be much else better than the feeling of actually doing it. We stopped overpaying to speed up our goals but we have every intention of restarting them this year for the foreseeable future. We have £60,000 outstanding on our mortgage so it will take us a while to pay this off, but any over payment is better than none in my book.
We have lowered our bills to the lowest they can be, we can’t help but to save money, but we need a better way to save it, hence overpaying the mortgage. We will save a fortune on interest in the long term and speed up our repayment plan by years.
Lose some weight
I wish this wasn’t needed, but we have put weight on the last few years. Eating unhealthily and way bigger portions than necessary has obviously went straight to the hips! Its a mixture of things but we eat well then eat bad, obviously a little bit too bad.
We haven’t got a plan of action regarding losing weight. It will most probably consist of cutting out the snacks, sweets and definitely the crisps, Oh how i love them crunchy potatoes! We will incorporate some of the slimming world basics also, as we have had major success in the past using slimming world as a guide to eating well.
Last year we decided to take domestic holidays around the UK, instead of holidays abroad. We do enjoy traveling to different parts of the world, but our budget just didn’t allow for it. This year we want to make a change and take a holiday abroad. We will probably choose some place on the cheaper side but we shall have to see!
Now we have Noah, i think it’s important to have some new experiences. I know he won’t remember them as he is too young, but we definitely will. Especially when he won’t cost us any extra on flights and hotel stays!
As of now, these are our goals for 2019, there aren’t many but i think it’s important to keep goals achievable as what’s the point if you can’t complete them. We may add more during the year as time progresses and if we achieve them faster than planned. We would love to here your 2019 financial goals and other things you want to achieve! Let us know in the comments. As always, live more and spend less!