I can’t believe that in just a few days it will be the end of 2016. This year flew by, but I love the start of a new year. It’s the beginning of new opportunities, new adventures and new goals. I’ve already written down what I want to accomplish next year and I’m excited for what’s ahead.
Before I discuss next year’s goals, let’s first reflect on 2016. My biggest financial goal this year was to become debt free. I decided in September 2013 to take my debt seriously and get rid of it once and for all. Three years later I was able to make it a reality. In November I made my final student loan payment and received my official debt payoff letter not too long ago. I can’t lie – when I made that final loan payment I was waiting for the angels from up above to come down and start singing. That didn’t happen, but I still felt a weight lifted off my shoulders. For the first time in my adult life, I didn’t owe anyone any money. What a great feeling.
Despite this highlight I did struggle to get here. It hasn’t been all uphill to get to this point. There were sacrifices made and budget fails. I’ll be the first to admit that I struggle to stick to my monthly budgets. My biggest problem area is the miscellaneous spending. Somehow a lot seems to fit into this miscellaneous spending area. I allot myself a certain amount, but without fail I go over budget. I need to take a closer look at what I’m spending my money on. I think I should re-visit the envelope system for this category so that when the money’s gone it’s GONE. This is going into effect January 2017.
In 2017 I will be focusing on Baby Step 3A (build a 3-6 months emergency fund). Once that is completed I will work on Baby Step 3B (saving for a down payment). I will be receiving a bonus at the end of this year so I should be able to complete 3A soon. Yay!
To help accelerate the down payment savings I will stick to the budget, trim the budget where I can and anything I sell will go towards the fund. To keep myself motivated I will listen to podcasts, read other finance blogs and take a peak at what’s on Zillow 😉
I’m excited to get started on these goals. I have faith that I will accomplish them just like I did Baby Steps 1 and 2!
I wish you all a healthy & happy New Year!