The Big Picture

A few weeks ago when I met with my financial coach, Scott Hoerth, he asked me to think about life after Project Money.

I’ve gotten very focused on debt reduction and I think it is motivating and exciting to think about life out of debt. The hundreds of dollars that I am putting towards my credit card each month will soon be available to me. And to ensure that I don’t go back to impulsively spending my money on the latest furniture trends, clothes, etc. I thought I’d spend some time writing about the big picture – my long term financial goals.

Right now I am currently contributing about 2% of my income to my employers 401k. I am going to need to increase this drastically if I’d like to retire at some point in my life. Goal Number #1 after paying off my debt is to increase the amount of money I put into my retirement savings.

Ever since I lost my job last year, I stopped tithing and donating to non-profit organizations. I’d like to get back into the habit of using 10% of my income to support local churches or causes that help to make our community and world a better place. Goal Number #2 after paying off my debt is to re-establish my tithe.

Another big priority for me is to establish a couple different savings accounts. For example, I would like to buy a house in the country and I know I will need a down payment for this. Also, at the rate Keilah is growing up, college will be here before I know it and I would like to be able to support her financially in this endeavor. Plus, I have a deep desire to travel and upgrade my vehicle. Goal Number #3 after paying off my debt is to start saving for the things I want most in life.

Proactively planning and saving for expenses and purchases is proving to be a much better way to manage my money. I am excited to see that the light is at the end of the tunnel – paying off my debt is possible and is actually happening quickly. I am also interested to hear about what types of money management situations our readers have experienced. What is your success story? 

Comments

[Kari]

I loved your blog...isn't it nice to actually get to think about your future and not just about how to pay for todays bills. Keep up the great work!

[T. Smith]

Saving for retirement is a worthy goal but one should always keep in mind that those funds are not liquid. Most financial advisors suggest building an emergency fund with at least 3-6 months of income to cover emergency car repairs, medical costs, bereavement travel, etc.