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2021 Financial Goals?

GlitterNGlow

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Hey everyone, this year is finally over! I know that a lot of people have been affected by the pandemic this year and vowed to make changes to how they budget/save/invest/etc. What are your 2021 plans and how will you achieve them?

  • Create a budget - Wrote a new monthly budget
  • Made a recipe book - Cutting down on eating out
  • Opened a high-yield savings account
  • Paying all bills upfront (or when available)
I've done some of these but when COVID really hit, I just fell off and now I have to start over from scratch. When it comes to goals;
  • Build up my savings
  • Put money away for school
  • Save up for a down payment on a new car + tags
 

Lilmisspriss

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I'm really proud of some of the financial progress I made this year. Met my savings goals, raised my credit score over 100 points, and invested in stocks, now my portfolio is worth a few grand.

For next year, my goals are:

*Have a rolling savings balance of 20K or more
*Get my credit score over 750
*Open a good savings account
*Pay off half of my student loans (I plan to be debt free by 2022)
*Creating a more robust budgeting system and sticking to it - going to be more disciplined here
 

Monika Mann

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pay off all credit cards which should be easy I owe less than 2,000 (could use that stimulus check) and save money for a house and also put up $5,000-10,000 (for my personal savings) and put more into retirement. I'm thinking of telling my husband to get a PT as a covid tracer to get the money for the house. Look like they are paying $25 and up. Maybe I should get one too, I think it just involves calling folks on the phone.
 

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Pay off one or two of my student loans, preferably my highest interest rate one.

Save for a down payment for a home.

Open a HYSA.

I want braces so to be able to afford them without breaking the bank would be great.
 

NahYouGood

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Love these posts! So productive and forward thinking!

Here are mine:
  • Finally contribute the full $19,500 maximum to my 401k
  • Contribute the $5k maximum to my IRA
  • Figure out back door ROTH
  • Reach my home down payment savings goal, then start diverting some of those funds to my brokerage account for better gains
  • Start an additional revenue stream, use those funds toward student loan
  • Continue networking to hopefully luck up on a better paying, more fulfilling job (this will help with the previous goals!)
good luck to you all. stay the course!
 

Stuck_Up Royal

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Purchase a three-story townhome
Have at least 4 accounts with money 1 business 2 saving 1 checking
Finally, have my husband show me the ways of his stocks there is no reason as to why I shouldn't be making 2-8 grand a month like him
Stock my children account with money
Purchase a 2021 Cadillac escalade fully loaded
 

LSDrew

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Saving for down payment on a house!

If you’re a first time home buyer I would look into to getting an FHA 203K loan then shop around for a duplex/multi family home that needs light cosmetic work. Then house hack by renting out the other apartment that way you have someone paying off your mortgage while you live in your house for free!

ETA:









 
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PennyProuds

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I opened a HYSA but completely depleted my emergency fund for a repair while my income was decreased.

My goals:
- rebuild my emergency fund
- pay down my CC debt to 75%
- raise my credit score to balance transfer the bulk
- open a Roth IRA
 

incogneato

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  • I want to get better at investing in stocks/options. I dabble a bit but I really want to do 100k in 1 year.
  • Buy my first home for me and my family, the OGs. I’m hoping to go through a program where they will cover almost all the costs and I’ll do the mortgage. I would love to house hack in some way... maybe rent out a basement.
  • Get promoted to help me reach financial success
  • Find another revenue stream
I’m really proud of you ladies/men setting your goals high. You’re inspiring me to write down my goals and actually pursue them :heart:
 

Arewa99

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Invest in property and transport business.
 
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CatThot

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I love these threads!!!

For me

- Finally open a ROTH IRA
- Raise my credit by at least 15 points
- Earn at least twice as much money as I do now
- Increase my savings
- Be more consistent abd increase sales for both my side hustles
 

Magazine Junkie

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I’ve been thinking about my goals for 2021. My goals will extend beyond 2021, but I do hope to make major progress on them next year.

  • Save $100k (Unless a miracle happens in 2021, I don’t anticipate completing it until end of 2022 or 2023.)
  • Buy a vacation home
I’m looking forward to aggressively working on these two goals. Both won’t be easy but definitely worth it!
 
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BarbieDream

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i wanna pay off my student loans in 2021. i am not sure about this whole "student loan forgiveness" i saw other fonts mention it. are you guys going to be waiting on forgiveness or paying off your loans on your own?

i want to save a 5 figure savings after paying off my loans as an emergency fund in an HYSA.

i want to then start saving for my first home ( this may come after 2021 though, prob 2022)

in 2021 i also wanna start my ROTH IRA and max it
 

Conceited

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  • Contribute max into my Roth IRA for 2021 and the equivalent of my earned income for 2020 (which is less than 4,000 or something like that) before the deadline.
  • After fully funding my savings meant to pay my rent up until July, I want to redirect that amount to my car loan so I contribute twice the minimum every month.
  • Open a brokerage account to do more investing. Will probably only do this after fully funding my Roth IRA. Though, this is likely to change since I may commission this spring (please waive the damn 1/c cruise, congress!) and thus end up with a TSP.
  • Increase my savings.
  • Making a budget and sticking to it. I was pretty good while at school, but I totally fell off when I got home in November.
 

LazyDaisy

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I love talking about personal finance. Here's mine:
  • Save a year's worth of expenses in my emergency fund.
  • Start a savings account for travel, purchasing a townhome/condo, and purchasing a car.
  • Start investing in my 401k and open up a Roth IRA.
  • Start a side hustle that brings in at least $1000/mo. without requiring more than 15 hours a week.
  • Win a scholarship to cover my last 3 semesters of grad school.
 

Individual

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Build up my savings further more. Making a budget to cut down on cost of eating out and making an affordable vegan list. The end of 2021 I want to have another $10K saved up :cowboy
 
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kissamonk

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1 Continue paying down student loans (i'm on track to having them paid off by beginning of 2022)

2 Research more stocks/etfs to invest in

3 Max out Roth IRA

4 Would like to invest in a rental property or flip a property depending on what the market looks like
 

Tanya Turner

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I turn 30 in 2021 and some people will think is kind of stupid but i had this goal that I wanted to get to reach 100k salary before 30. Thankfully I started a new job where I am making 100k, so I reached that 2021 goal before the start of the year.

My goals for 2021 are:
- Pay off the last of my medical debt
- Invest outside of my retirement
- 100K net worth by 30
- Save for a car

I had a couple of surgeries this year and i ended spending close to $50k ,I have been very disciplined with my savings so I have payed most of it already with savings. I have a couple of thousands left to pay off, but the goal is to pay it before February by sticking to my budget.

I have a pre-tax tsp that I have been contributing since I got my first job, but I have always wanted to invest in mutual funds and etf outside of retirement accounts but I was kind of afraid of doing it so I kept saving. So I opened a vanguard account and my goal is to put about $800 a month starting January. I will still continue to put my normal 9% to my retirement account.

Since I already made the 100k salary goal, my next goal is to try and reach 100k net worth by 30. As you can see I have been busy paying off medical debt and in 2018 I was paying grad school out of pocket. So now I want to work on reaching 100k in my networth, I treat savings and my retirement contributions like a bill so I just need to maintain my discipline.

I have been thinking about buying a car for a while but i live close to a metro station so It has not been a priority for me, but at one point I will want to move and sometimes not having a car can limit what I can do. So I opened a savings account for that car and set a budget line item of about $300 a month for that s. Is not a lot but is just enough for me to get use to making a car payments , I don't know when I will buy so i don't have a goal for the account.
 

incogneato

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Leave an abusive relationship in January
Have my own apartment
Learn to invest in stocks
Have two sources income
Have $5000 in savings or more
Go back to school for a trade or degree once I think of which one
 

Ntsap

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Save $15,000 for future study abroad program
Pay off my credit card again :(
Pay off at least 2 medical bills
Start couponing
 

simplyFABULOUS

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1. Use YNAB consistently the entire year. I tend to fall off after a couple of months.
2. Save $10K towards my rental property goals
3.Invest 4k in a personally managed investment account. I want to really step up my options and day trading game.
4. Start an online business of some sort. I have been tuning into a lot of CH business chats and getting some great ideas and tips.
 

It Girl

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$25k in my emergency savings.

$6k budgeted for travel

Spend significantly less money on food

Use credit cards way less
 

Brother Mouzone

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1. Use YNAB consistently
2. Payoff Mortgage
3. Consolidate Retirement Investment Accounts and get to 70% of my goal number
 

It Girl

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Love these posts! So productive and forward thinking!

Here are mine:
  • Finally contribute the full $19,500 maximum to my 401k
  • Contribute the $5k maximum to my IRA
  • Figure out back door ROTH
  • Reach my home down payment savings goal, then start diverting some of those funds to my brokerage account for better gains
  • Start an additional revenue stream, use those funds toward student loan
  • Continue networking to hopefully luck up on a better paying, more fulfilling job (this will help with the previous goals!)
good luck to you all. stay the course!

This is my 2022 goal. For 2021 I am focusing on building savings and finally getting my 6 months of living expenses saved in an emergency fund.
 

MorenaP

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Love these threads.

I was completely debt free and moving closing into my first place. But covid really screwed a lot of family over so I’m now back in debt. My goal.

- Pay off my Credit card
- Build back my 12 Months of Emergency funds
- Successfully close on my townhouse (delayed until 2021)
- Start my LLC and get my license
- Continue with my certificate program (finish in 2022) which when I complete I'll get a promotion.
 
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xxBrandixx

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-Max out my ROTH contributions
-Add another 10k into my savings account
-Invest another 25k in my brokerage accounts
-Add 10k to my 401k
-Add 2k to my HSA
-Find a remote position accompanied with at least a 20k increase in income. COVID has taught me how much of a waste going into the office is (n)
 

Electroclash.

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Set up a budget system I can stick to

Increase my emergency fund to cover 6 months of expenses

Continue saving for a townhouse/condo

Pay off my CC

Turn my passion project into an income stream
 

Mokagirl

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My plans are the following one:
- having a budget to buy a ancient house 1h driving from Paris we will refurbished entirely;
- pay off a loan we have;
- stop random binge buying and use that money to buy luxury bags, coats, shoes
- have some money left on MY account (not the joint account we share with my husband)
- find another house where to live because the one where we are living is too expensive. IMO we could spare 300-400 euros per month.

I have a decent salary but I am a poor money manager. The only thing I am proud is I bought an apartment the year I turned 30 years old and my husband had also his own apartment in another city when we met. Both appartement are being rented.
 
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Cinema90

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Set up a budget system I can stick to

Increase my emergency fund to cover 6 months of expenses

Continue saving for a townhouse/condo

Pay off my CC

Turn my passion project into an income stream
How much you think you would need for six months of emergency fund.
 

Nikki_04

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  • Max out my 403b and Roth IRA.
  • Move into my new Townhome that is being built.
  • Save towards the downpayment on my forever home.
  • Maintain my emergency fund.
  • Maintain credit score above 800.
  • Continue to invest in ETFs, Index Funds, and individual stocks.
  • Do a no spend (as in not shopping for non-essentials) challenge from Jan-May.
  • Follow/monitor my budget more closely.
 

Jen Duran

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Payoff credit card debt
Payoff car note
Refinance mortgage
Finish renovating home, so I can trade in my truck for an electric hybrid or EV

Extras in case 2021 is extra good to me
Invest in side hustle
Max HSA and halfway max Roth 401k.
Possibly move back to LA IF it makes sense.
 

sankofaa__

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My goals: save xx,xxx so I can:

-Have enough to move into & furnish the apartment of my dreams.
-Enroll in the best student loan repayment plan so I can have my debts forgiven by the time I graduate from residency
-Have enough for life's little extras: regular mani/pedi, massage, Ubers, etc
-Start saving for future plastic surgery procedures.
-Contribute the max to my IRA
-Figure out the best 401k/403b plan (after I get a job)
-Figure out another side hustle/business so I don't have to be a slave to medicine forever.
 

joywells

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I’m starting over after 17yrs.

Pay off my little debt.
Trade in my car.
Move into a new space.
Perfect my side hustle.
& have enough to do the little extras without touching savings.
 

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