Goals for 2021

 

Last year I had a few goals and, despite the year we had, I unexpectedly managed to get quite a few of them done.  However, the one thing I did realize was that having a number of goals on the go at the same time meant that I wasn't able to really concentrate on the important ones.  Due to this year, I've decided to just go with one goal, and that is to become financially fit.  The reason I've chosen this and not something like healthy eating is because having financial stability would put me in a much better position to follow some other very long term goals I have.

I've dabbled in this over the years.  However, I never really concentrated on it properly or been able to keep it moving forward, always going back into credit card debt (a little bit, nothing major) and I always end up eating into my emergency fund for things that aren't really emergencies.  So I've decided that this year is going to be the start of a full-on run into financial stability, no matter what income I have coming in.

So, this is where I am at the moment.  I have some debt on my credit card from having to buy the car - about £750, and there is the student loan I still have, but which I am probably going to ignore a little as most British financial advisors tell you not to worry about it too much.  I do want to get it down though, once I'm a little more financially stable.  I have managed to build my emergency fund back up to £1000 again, but I don't have any sinking funds going.  I have a little money in my pension, but not nearly enough to give me a comfortable retirement.

The long term goal is to still have my emergency fund, 6 months savings to cover rent and amenities if needed, no debt (including getting rid of my student loan - though that's very far away I think), have sinking funds for Christmas presents, birthday presents, and car repairs (between £500 to £1000), and me putting a good size amount into my pension on a monthly basis.  There's also the very long term goal of saving up for a deposit to buy a home.  I figure this will probably take five years to complete, but I think a big bulk could be done in the first couple of years.

My plan for 2021 is:

1. To keep my emergency fund
2. Be rid of my credit card debt
3. Have 4 months of the 6 months savings in place
4. Have around £2000 towards my student loan 
5. Be ready for Christmas 2021 with my, not surprisingly, Christmas sinking funds
6. As well as having my car repairs fund at least halfway (I feel we're going to need it for this car).  
7. Put £200 a month into my pension

That's a lot of money that I have to find, about £9400, out of what might not be a particularly high earning pot, depending on whether or not I get the apprenticeship.  I won't be doing it alone of course, but it is still going to be a bit of a push.

On a lighter note, I do have one small additional goal.  To learn to skateboard.  I'll leave it at that for now.