Our Financial Goals for 2016
We began paying off our debt just a few short months ago, but we have already come so far. As you may know, our big goal is to pay off our almost $200,000 in debt as soon as we possibly can. That being said, we haven’t taken much time to sort through our financial goals in writing. Not just the big scary goal, but the little goals that will get us there.
I was scanning a fellow bloggers site and found their list of financial goals for the year. The blog is titled: Debt, Who?? And is filled with inspiring stories of their attempts to pay back their debt (of around $140,000). You can find their 2015 Financial Goals by clicking HERE and read about how they did in 2015 by clicking HERE.
I really appreciated their format, their ideas, and their overall concept. So, I’ve decided to create my own list of 2016 financial goals. Yes, I do realize that it’s a little late (we’re already well into 2016), but regardless, here are the goals we hope to accomplish for this year!
Our Financial Goals for 2016
You guys have read about why we need to pay off our debt quickly before 2017 rolls around the corner, you’ve also read about how we racked up a ton of debt, but we haven’t told you many specifics about what our goals are for 2016. In this post, I’m going to break it down for you all in a similar format to that of Debt, Who?? (linked above).
Big, Scary, Overall Financial Goals
We all have them. The daunting goals that hang over our heads – always close enough to see, never close enough to touch. For many of us, this is what debt freedom is… a ‘pipe dream’ if you will.
I have had many friends ask me about my debt repayment. When I say that I’m putting off getting a house, having children, etc. they all think I’m insane. I’ve heard it time and time again, “You’re never going to get out of debt.” “No one ever ACTUALLY gets out of debt.” “You’re going to miss out on your life trying to get out of debt.”
Of course, these are the same people who are in debt up to their eyeballs and complain about not being able to afford the luxuries of other couples who make the same income… or even afford to fix their cars when they break down.
I get it. I do.
When you’re in the throws of debt, it’s easy to get discouraged and truly believe that debt freedom is impossible. Here’s the thing though: it isn’t. Debt freedom is possible, but it takes hard work, determination, and letting go of some expectations for your lifestyle. Dave Ramsey puts it best: “If you will live like no one else now, you can live like no one else later.”
So, if you want to know why I want to be out of debt it’s simple: I want to live like no one else. That’s my big, scary, overall financial goal: to become debt free and never rack up the debt again, ever.
Big, Scary, Overall Financial Goal: To become completely debt free.
Okay, here’s the other part that I hate to think about. I’ve been paying off my debt like a madman, but I have never set a date for when I hope to become debt free. Sure, I wish it could be tomorrow, but we all know that’s unrealistic.
What does it look like then? I am going to set another big, scary goal of paying off all of our debt by 2019 – that’s three years. Now, I know that our debt is GIANT and that that goal is a little out of our league, but what can it hurt to try? Barring that all of our job and living situations don’t go downhill really fast, and that we stay healthy and happy for the next three years, I hope to have our debt SMASHED by 2019.
- Big, Scary, Overall Financial Goals #1: To become completely debt free.
- Big, Scary, Overall Financial Goals #2: To do it by 2019.
2016 Financial Goals
Now, that goal won’t happen without some other, smaller goals to get us there. That’s where this section comes into play. Here are our financial goals for 2016.
- Overall Financial Goal for 2016: Pay off over $50,000 in debt.
Financial “Debt” Goals for 2016:
- Complete a No Spend Challenge
- Continue Paying Minimum Payments on car, smaller school loan, & wife’s federal loan (Total: $7,763.52)
- Pay off our credit card debt (Total: $6,112.04)
- Pay off the Big9 (new nickname for our high interest loan) (Total: $24,282.64 – not including interest – assume $2,200 interest)
- Pay off the small student loans (Total: $5,428.86 – not including interest – assume $350 interest)
- Pay off our car loan (Total: $3,389.97 – after minimum payments for the year – not including interest – assume $311 interest)
Sub-Total Goal: $49,838.03
- Start putting extra toward my Federal loan (Total: $161.97)
Total Goal: $50,000
Financial “Mini” Goals for 2016:
- Do not buy any boxed pasta or store-bought bread
- Stick with our budget of $300 per month for food, gas, hygiene / cleaning, puppy supplies, fun money, etc.
- De-clutter our home and sell items on FB
- Work up to an extra $500 per month on the blog
- Grow and can some of our own food
- Find side hustles to earn more extra money (such as catering, dog-sitting, on-call crisis line (wife), etc.)
- Put all extra money possible toward debt repayment
- Stop stocking so much food in our home (only buy what we need)
Our Financial Goals for 2016
There you have it – our financial goals for 2016! The big and scary ones and the small, but mighty ones. All are equally important in helping us to reach our goals. And if we accomplish these goals? Well, we will enter 2017 with only Federal student debt (which will total less than $140,000)! Woohoo!
What are your financial goals for 2016?
Share them in the comments below!
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