Today we’re going to see how you can prepare your finances so you can buy a house without going broke! Things are about to get hectic around here. We just heard from our neighbor that the developer is going to start building the townhouses across the street from us starting next week. Buying a House […]
Today we’re going over to figure out the best money goals for you and how to tackle them together!
Tackling Your Big Money Goals
It’s December, can you believe it?
What are your plans for this month?
Last weekend we went up to visit family and friends in Virginia. We had a wonderful time, but we’re a bit drained seeing so many people at once. This weekend we’re relaxing.
Now that we took care of the last bit of stuff for health insurance and investments that my husband’s employer needed for next year, we should have time to chat a bit more on what we want to do overall.
Typically we both have ideas on what we like to knock out and usually, we end up with 2 or 3 big goals for the year. Last year we focused on the basement renovation (1st phase done!), family trips (2 bigger and several weekend trips), and paying more towards the mortgage (upped our monthly mortgage payments).
Proud of what we did and we’d like to build on that momentum. And based on the emails and messages I got it looks like you’re thinking the same thing. So today we’re going over how to reach your money goals together.
In this episode we’ll get into:
- Why people fail with their goals
- Choosing the right goal for you
- Setting up a system that makes it easy for you to knock out your goal
You’re ready? Let’s go!
Resources to Knocking Out Your Money Goals Together
Want to learn more? Here are some resources to check out:
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Automatic Saving: Qapital
- Free 401(k) Analysis: blooom
- Jumpstart Your Marriage and Your Money
- The Smart Way to Build Your Emergency Fund
- 3 Keys to Knocking Out Your Big Money Goals Together
- Why Most People Fail with Their Goals
- 10 Personal Finance Goals To Help Your Family Build Wealth This Year
- How Setting Financial Goals Will Get You To Financial Freedom with Michael Kay
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Personal Capital released their State of Spending report, highlighting how the average American uses their money. We review the highlights and how you can slash your bills.
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Watching Our Spending
We’re halfway through March already. Now that the dust has settled with the move, we’re figuring our our new monthly budget.
The good news is electric and water bills were within our estimates. The bad news is we were hit with almost $2,000 of expenses at the beginning of month.
We dipped into savings to cover them. The bright side is we took care of two big items on our fixer-upper list (just wish the timing was a little better).
Personal Capital’s State of American Spending
I admit it can be fun to peek and see how others are spending so we’re going to look at glance at how the average American is spending their cash. We’ll also look at ways we can slash them without living like a pauper.
Two huge expenses they highlight in the report – cars and food – caught my eye.
According to Personal Capital, the average America spends about $725/month to own maintain, insure, and gas one car.
There’s two ways you can tackle this and get that number down.
First up is the car payment itself. Having a car loan, or for some couples two can eat up a huge chunk of your money.
We paid off our car loan early and now pay with cash when we need a replacement.
Contrary to what some people worry about, we’ve gotten some reliable cars through Craigslist and I sold one of ours through it.
With the web there are so many ways you can research and find the right model for your particular needs.
In some cities, you may be able to dump the car altogether. Carpooling, taxis, and transportation have been around for while and work, but now there are different takes on it.
Companies like Uber, Lyft, and Zipcar can give you the mobility that you want, but not having the maintenance and overhead of car ownership.
Thoughts on Saving Money
I’d love to hear from you. What are your two biggest expenses? Do you have any tips on how to save while still having room in the budget for fun?