Couple Money

2013 Financial Goals

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My husband and I also talked this past week about some financial goals that we have to accomplish.

For our first goal, we have a pretty thought out plan and for the second one I'm looking at how I want to accomplish it. The third one, though, is a bit up in the air.

Unlike other years, these goals are somewhat tied together:

By working on the second and the third goals, we hope to have a bigger impact on our first.

Goal #1: Knock Down the Student Loan

We will start off with our first goal – paying down  the student loan.  Last year we sent in $3,244 for an average of $270/month going towards the student loan. 

Starting in January, we will have a minimum of $330/month being directed towards the student loan, which means we'd have the paid off in 5 years and 8 months, saving us around $5,400 in interest.

I decided to get an idea of how much it would take each month to pay off the student loan at a faster pace.

For any of these faster time tables to happen we would need a build a bigger debt snowball. There are basically two ways to do this – decrease our expenses and increase our income. Our next two goals for the year will focus on the latter, so let me share some of our plans to address the former.

Looking at our monthly expenses, there are some bills that I believe that we can lower.

We'll continue to look at ways to cut our expenses so we can put that towards our debt.

Goal #2: Increasing My Income

Quite simply, I'd like to increase my income by 20% this upcoming year. The idea is to use this money for our first goal and get the student loan eliminated if possible. 

My plan right now to accomplish this goal a couple of things. The first is to sell a site or two that I currently own. I have one site in particular that I'd like to sell. I update it occasionally and it generates a bit of income, but I'd love to focus my attention on my personal finance site.

The deadline for selling my site is by the end of May. I think that will give me enough time to tweak the site ot make it attractive to potential buyers and leave enough of the year for me to work on my other sites.

Start a Third Income Source

The main focus is to just get it started. We've stopped and started a few times back and now we want to get this accomplished.

Again, the idea with this goal is to take whatever income and funnel it in with the student loan.

Thoughts on Financial Goals

We'd some of our goals for next year; I'd love to hear of some of your financial goals. What is the biggest goal you'd like to achieve?

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