Happy end of 2015–I hope you've made good progress on your 2015 Financial Goals. I shared our family's 2015 Financial Goals back in January and have shared our progress each quarter to encourage you to write out your own goals (and to hold us accountable–it really works). Here's the Final Update for our 2015 Financial Goals:
1) Live off a two-paycheck budget each month. ONGOING
We had a couple of bad months this year, where I ended up going over budget in groceries, and since we never tackled Goal #2, I handled it in a way unusual to me (see #2). This is something to think about going into next year, but in the big scheme of things–we did ignore the two “extra” paychecks to use them for savings (Goals #3-5).
2) Work to reduce our monthly expenses. BIG FAIL
I've given this a lot of thought and am not sure why I avoided it all year. Maybe because of living so tight during the time we did the debt payoff, but I ended up going a different direction all year–earning more instead of cutting back. Whenever we had a bad week or month with expenses, I just found a way to get the money (usually selling stuff on the neighborhood FB list).
3) Deposit the maximum into my IRA for 2015. DONE
So glad this is finally on track after several years of playing catch-up and having to put out a lot of money come tax-time.
4) Add $5,000 more to our emergency fund. DONE
The extra income I earned this summer made this happen. Thank goodness, because it should have happened sooner in the year.
5) Set aside $3,000 for an orthodontics fund. DONE
We ended up only spending $1100 of what we set aside, since only one of the three kids has started their orthodontic treatment so far. We know there's more to come next year, so we'll keep setting aside money each month for the rest of the procedures.
6) Earn $12,000 (net) with my two side businesses (blogging and babysitting). DOUBLED
By pushing myself over the summer (I freelanced over the summer when I normally take the months off) and taking on extra babysitting, I made over $24,000 this year. I still owe my self-employment taxes, so I'll lose a good part of that, but I'm happy with how it's allowed us to get ahead financially.
We haven't sat down to write out our Financial Goals for 2016 yet, but we've been talking about it for the past few weeks. I'll post them as soon as we get some time away from the kids (easier said than done!).
How did you do with your 2015 Financial Goals?
Original image from Ryan McGuire at Magdeleine