I guess it’s important to set the scene of where I am financially.  Of course, this is a no judgement zone. Let me preface this blog entry by saying that my financial goals and definitions may be different than what you use and that’s okay. It’s called personal finance for a reason. You make it what you want.

Okay. The personal financial goals I have:

1. Create and stick to a budget that best works for me: during the second half of 2019, I played around with my expenses to find out what I could live without and what was necessary to enjoy life.

2. Pay off my unnecessary debt: yes, I have a car loan, student loans, and credit cards. I consider my credit cards unnecessary debt because the lack of a budget led to overspending that is now accruing interest.  To me, my student and car loans are not as important to pay off because they mean something different to me (which I’ll discuss in a later blog).

3. Create an emergency savings account: this is something I truly learned about over the past two years but haven’t really been able to put into practice because again lack of true budgeting.

4. Save for a house: this savings account is to begin a sort of sinking fund (or rainy day account) for things associated with buying a home like inspections, decorating, possible remodeling, etc. I do not plan on saving 20% for a down payment but using a first time home buyer program (which I’ll also discuss in a later blog).

5. Save for retirement: this is something I also truly learned the value of last year; however, I have not been financially able to do so. 

While achieving these goals, I would still like to enjoy my earnings so the next couple of months will be testing out limits and what I can comfortably do in regards to saving, paying off debt, and enjoying life. With my salary drastically being cut from my layoff and going into entrepreneurship full time, it is the perfect time to start building a foundation (starting with the basement) of how I would like my finances to work for me. I say starting with the basement due to the debt and lack of assets I currently have. I am aware that I have big goals, and goals that may take years to achieve, but I believe in celebrating every milestone along the way. This keeps me accountable of doing so. So get your hard hats ready. Construction is in full swing.

I am an associate licensed marriage and family therapist who uses self disclosure and believes that it can be helpful in the therapeutic process; however, although this blog may be helpful, it is not meant to be a substitute for therapy or professional financial advice.