This is a repost of Kasey’s 2015 New Years savings goals – it’s completely relevant to this year as well and I just wanted to repost for anyone who hadn’t seen it!
Anyone feeling the after the holidays financial hangover? I recently read that over 70% of ALL American’s live paycheck to paycheck. If this is true, then the holidays would definitely stretch most peoples finances. This year, we really took a simplistic view of the holidays and kept gift giving to a minimum. We mainly bought gifts for the kids. I would have loved to have spoiled my husband, but knew that it was more important for us to stick to minimum spending like we had agreed upon.
Now, that it’s the new year and the holidays are behind us did you make any new years resolutions or goals concerning your finances? We have determined that this is the year we will get our finances under control. Several years ago, my family experienced 3 corporate layoffs over a 5 year time period. As a result, we have just been in survival mode the past couple of years. Now, that it feels like the fog has finally cleared and life has settled down we are ready to get back on track. Before the layoffs, we were very intentional about our savings. In fact, had it not been for the years we spent saving, getting out of debt and creating an emergency fund the layoffs would have been absolutely detrimental. I don’t like the current state of our finances right now. It felt so much better when we had an emergency savings in place. So, this year is all about getting our feet back under us. It’s time to get out of the debt we accumulated in the midst of job losses. Thankfully, we were able to keep it to a minimum but it will feel so much better when we are debt free again except our mortgage. And, we are going to start saving again.
Here are our financial goals this year:
- Get out of debt completely (except our mortgage) – write down all of our debt in order from highest to lowest and begin tackling the lowest debt first. Schedule a yard sale first quarter of 2014 and use proceeds towards debt.
- Create a savings plan to establish an emergency fund- Put 10% of money that we received as Christmas gifts in our savings account. Put 5% of each paycheck in our savings account.
Since the overall theme for our life this year is to simplify, I’ve kept our financial goals simple. Having two goals will help us stay focused on exactly where we allocate our money. I’ve also included action steps or a plan, otherwise I’ve only created a wish list.
How did we come up with our goals? We thought about what was currently in our life that we wanted to eliminate. Debt stresses me out. Not having an emergency savings account stresses me out. What about you? If you could change anything about your finances (within reason) what would it be? Now, what steps would help move you forward?
A fun way to help lead you in the right direction to better money habits in 2015 is this money personality quiz. With your quiz results you will have the opportunity to explore content that is relevant to your results. Use this information as inspiration and motivation as you plan your resolutions. My results are in the image above. It actually made me feel more confident about reaching our goals. Yes! I can stay the course and I am a disciplined problem solver.
At SunTrust Bank their purpose is lighting the way to financial well being. They help you get organized, make a plan, and stay on track so you can get and stay in control of your finances. When you are confident about your money, you can save for your goals and splurge knowingly on what matters most to you.
What is your money personality? Find out here
To find advice, tips, tools and motivation to start your new year click here
This is a sponsored conversation written by me on behalf of SunTrust. The opinions and text are all mine.