I know, I know. It’s not too long ago that I posted up what my personal finance goals were – but after a lot of soul searching in the last few weeks, I realised that I needed to be more specific and what better time is there to have new personal finance goals than the new financial year?
- To begin building a investment portfolio. Ideally, I want to be able to put in at least $10,000 into this portfolio by the end of the 17-18 FY. I don’t know if it is achievable just yet as I don’t know what my saving rate is! (So many of my trackers have only kicked in last month). I’m really so new to this game.) So this figure will be reviewed again as we go along.
- To continue investing in Acorns and Ratesetter. I am committed to my 12 month experiment on these platform.
- Cut spending, increase savings. This is a no brainer. More savings will assist me with the investing goals. I will update this as we go along tho my feelings are that I will start building a % based goal as the figures reveal themselves so stay tune!
- I also want to have an emergency fund. Currently my emergency fund could cover for a fortnight, a month at most. The good thing is that I finally joined the rest of the real world and moved my mortgage to a product that provides me with offset accounts so that I am able to realistically save and still decrease the interest on my mortgage without being faced with the dilemma of mortgage vs savings.
- There is also the tiny matter of the bathroom renovations that are scheduled for January. We need to save for that too as our ensuite is really just falling apart. All fixings need replacing, the waterproofing needs to be redone and I absolutely hate the layout of the current ensuite. So we made the decision to gut the whole ensuite and redo it. Which will cost a pretty penny and then some. Ouch.
- I will be maintaining a reading list on the site of the books I am currently reading to continuously educate myself. There are a million and one books on the topic of personal finance and also adulting that it seems quite overwhelming knowing where to start. If you have any suggestions, please feel free to suggest it to me via the comments.
I have a funny feeling that I am being really ambitious here. But I tend to aim high and dream big, tho am definitely aware that I need to set achievable goals in order to be able to celebrate the small wins and have the momentum to push for the larger goals. Which is why I will have small monthly goals (that are based off the above annual goals). I will track, analyse and report on them in order to keep myself accountable. I’m quite excited really. Finance is like a game, and this is one game I aim to win!