2017 Goals

It took me a little while to come up with some goals after I realized how far behind we were due to the major changes we had with our car insurance this month which I will cover more on the January Statement of Net Worth post. I was left feeling defeated and depressed.

be·hind

bəˈhīnd

1. The inability to cover all of the next month’s payments on the last payday of the current month

According to my calculations we should be caught up at the end of March. Once we are caught up it should be smooth sailing from there on out and I thought I would share some of my financial goals of 2017.

Financial

• Bills caught up (approximately 4/2017)
  • Send extra payment of $175 to Navient
    • Focus on smallest student loans first
  • Increase automatic deposits in to Christmas Club and Vacation Club accounts from $5/week to $20/week
• Personal Loan sent to 0% for 18 months balance transfer 4/1/2017
  • This will increase our monthly bills $50 for the next 17 months
  • Will cost approximately $101 (3% balance transfer fee)
  • Saves $336.60 in interest
  • Cuts loan maturation date from approximately 8/2019 to 9/2018
• CP Credit Card paid in full 8/2017
  • Currently send $100/week
  • After paid off, will set up automatic transfer of $100/week in to savings for down payment on a new home
• HHR 0% balance transfer paid in full 10/2017
  • Currently send $275/mo.
  • After paid off, will set up automatic transfer of $250/month in to savings for future car purchase (projected 3/2018 when Equinox lease is up)

After 8/2017 we will have extra money to send to bills or to send to a retirement account. I’m really unsure what to do at that point. I think I should get in touch with a financial planner to ask which I should focus on. After 8/2017 I could:

• Send extra money to the home to bring balance down to $56,160 and get rid of PMI payment of $54.54/mo.
• Send extra money to Navient which has interest rates up to 6.55%
• Send extra money to retirement account which would earn 8-10% interest over the next 29+ years
• Could work on complete debt freedom

Perhaps I should add seeing a financial planner as a goal in 2017? What do you guys think?

Home Goals

• Install new interior doors upstairs 4/2017
  • Safety issue as well as an increase in the financial value (eventually, if we were to get it appraised) and our intrinsic value of our home

 

• Purchase a High efficiency furnace and central AC 6/2017 with Home Depot special 0% 24 month financing option.
  • Our central AC was installed in 1988, and our furnace is probably older than that. This will not only increase the value of the home, and our intrinsic value of our home but it should also drastically reduce our gas and electric bill which is currently $187/mo.
  • Will increase monthly bills about $150/month for the next 24 months assuming a price of $4,000 for the pair.

 

What are your goals for 2017? Feel free to link me to your blog I love reading and commenting on your ideas.

 

Talk again once the net worth update is ready.

 

XOXO

Dolores