2020: Our Year For Finances

February 13th, 2020

We are making 2020 our year to achieve our financial goals. Every year we make the same goals, but they are never achieved. So this year I am making a weekly plan and we are going to stick to it. I am also going to look for better ways to cut down expenses and save money in more than one way which will leave more cash in my hand.

First off, let me explain how our bank accounts are set up. We have a checking account in which my husband’s paycheck is directly deposited into every week. We also have another checking account which I call the bill checking account. I add up all the bills up for the month and then divide it by how many paychecks we will receive for that period of time. Whatever that amount ends up being is how much I transfer every paycheck to the bill checking. We also have a savings account. OK, now onto our goals for the year.

Our first goal, which I view as the most important, is getting our savings account built up in the event of an emergency. Our set goal is $1,000. This, in my opinion, is a good amount and should cover most emergency expenses (surprise bill, tire blows out, etc.) that could arise. Our plan to achieve this goal is as follows:

Put $500 into the savings account from my tax fund.    Since there are 10 more months remaining for the year and we have $500 remaining we need to save $50 a month in order to achieve our goal. This comes out to about $12.50 a week which is completely doable for us.    The most important part of the plan is to not touch it for anything.

Our next goal, which I feel is equally as important, is to have a months worth of bills saved in case of job loss. Of course, six months would be better, but we need a goal that is achievable. Our bills total about $1,700 a month so that’s the amount we need to save. Here’s our plan:

Took $500 from my tax refund again to start off well.    With $1,200 remaining, divide that by the 10 months left in the year comes out to be $120 a month.    So we need to transfer about $30 a week, which again, is doable for us.  Our third and final goal is to start an investment account and make a profit. This one is a little bit more difficult to plan.

We opened a Scottrade account and deposited $500 into it to start.    We have been researching and trying to find some stocks to invest in. I believe thorough research is key in making a profit.

We’re not setting a dollar amount for this goal because we don’t quite know what to expect so any profit, whether it be $1 or $100, we will be happy.  If we stick to this plan we will achieve our financial goals for 2013.