2020 Financial Goals Happy New Year from Moore Income

2019 is coming to a close. Hard to believe how quickly this year flew by!

With the soon coming of 2020, it's that time of year to start setting some financial goals for the New Year.

I have decided this year to share my main financial goals with the community so that I can challenge myself to accomplish them (since more people know about them then just me).

It also gives me more accountability with those of you who would be willing to challenge me throughout the year to see how I have progressed towards accomplishing them.

That being said, I would also like to challenge any other member of this community to make a post outlining your financial goals so together we can challenge and hold each other accountable to make 2020 the best financial year ever!

This year, I am keeping things practical when it comes to my finances.

I plan to create a budget, track every single expense, and get a clear picture of where every penny is coming from and where it is going.

That being said, my first financial goal in 2020 is to get organized and

Create a Budget Moore Income 2020 Financial Goals

1. Create a Budget

This task has forever been a struggle for me. Since my wife and I make income from multiple sources and it generally fluctuates from month to month, this is not an easy task.

However, my goal is to create a budget to be able to keep our spending in check and to give us an idea of how much money we actually need to have coming in so that we can better purpose any money we make above that.

Pay Off All Debt Moore Income 2020 Financial Goals

2. Pay off All Debt

In 2019 we made good progress in our endeavor to pay off all debt, however, during our 50 State trip we did end up putting some of our expenses on credit cards.

While we have the money in investments to be able to pay them off, since they are not charging us interest all this year, we figured it was more financially sensible to work towards paying this off with money we earn next year rather than draining our investments.

We also have two cars to pay off.

While the amount is not astronomical, it is still enough debt that it could take us the entire year to pay off. We could pay it off quicker but I also want to focus on the next two financial goals as well.

Save Money In Emergency Fund Moore Income 2020 Financial Goals

3. Save Up $5,000 In An Emergency Fund

 I am a huge fan of having an emergency fund. My wife and I have never specifically had an emergency fund, however we do generally have cash tucked away in various places.

That being said, in 2020, our goal is to set aside a total of $5,000 throughout the year that can be used at a later date only in the case of emergency.

Hopefully everything will go well next year and we will be able to save for other things the next year.

Investing Moore Income 2020 Financial Goals

4. Invest $5,000

 Right now, our investments and savings are kind of one and the same, but next year the goal is to set aside at least 5 thousand specifically to be invested in stocks, REITs or other investment opportunities.

I personally believe that investing alongside saving money teaches you to live off of less and helps achieve financial freedom much faster.

As the investment amount grows, the investments will be reevaluated and the money reinvested in larger investment opportunities.

Buy Silver Moore Income 2020 Financial Goals

5. Buy At Least $1,000 Of Silver

I personally believe that silver is currently undervalued and that in time the price will go up to match what it should be worth.

Because of that, it is my goal to purchase at least $1,000 worth of silver coins throughout the year.

There are a few online companies that allow you to purchase 10 oz. of silver at spot price on your first purchase and I plan to take advantage of these to get some silver at face value.

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So there you have it, that sums up my financial goals for 2020. As you can see there are not too many but they are also challenging enough that they will take some work to accomplish.

 I am posting them in this community because it is my hope that some of you reading this will challenge me throughout the year to see how I am progressing towards my goals.

I will be posting updates from time to time but please don't hesitate to reach out and message me or reply below to ask how it is going.

Also, if you are inclined to do so, I would like to also challenge you to make a post outlining your financial goals and I will be happen to help hold you accountable as well.

The more of us that do this, the better we can make 2020 financially and we can all work together to help create a better financial future!

Hi, I'm Jon Moore!

My goal is to Impact others and Create A Better Financial Future for all!

Feel free to reach out to me at any time with any questions or just to say hey!

Also, if you are interested, check out my Youtube Channel

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Original Post

Thank you for sharing your goals. I appreciate the encouragement from this group. Honestly, I became overwhelmed with setting health, finance and career goals for 2020, so I decided to take a break and enjoy my birthday, Christmas and New Year. Since joining The Penny Hoarder Community in 2019, I no longer felt alone with the debt that I had accumulated. I still get anxiety thinking that all my income goes toward bills, but I stopped beating myself up about financial mistakes. I am also letting go of the shame I was given when revealing the amount of my debt to past exes. I have counted my blessings for a great job, home, health, contributing toward retirement funds and insurance, having a supportive boyfriend, family and being able to provide for my chihuahua! 

This 2020, I aim to:

Pay down credit card debt. 

Pay off car loan.

Budget for variable expenses.

Make updates to my home, so that it will be ready to sell and make a profit in 2021.

Sell and/or donate items I do not need.

Continue giving to church and favorite charities. 

Save for emergencies and travel.

(I still need to figure out exact numbers for the above goals!)

Thank you.  

2020 is the year for me to get a hold of my finances. My debit is out of control, yet somehow, I am maintaining it; treading water.

I have a lot of credit card debt and that is my number one goal for this year. I intent on making a budget binder and keeping track of my spending. 

I have just under $18k in credit cards and loans; 19(!!!) credit cards (store cards included) and 2 loans. I will be using the debit snowball to knock them out, although it will be a long battle.

Next year, I'm hoping to get out of apartments and into something I can call mine.

Here's to 2020!

(sorry, first post...probably shared too much).

I'm really inspired by this thread! I have a feeling 2020 is going to be a great year for all of us. My big financial goal this year is to get my investing strategy in place. I also want to develop a couple more income streams. Look forward to staying accountable with you all! 

PiNaY posted:

Thank you for sharing your goals. I appreciate the encouragement from this group. Honestly, I became overwhelmed with setting health, finance and career goals for 2020, so I decided to take a break and enjoy my birthday, Christmas and New Year. Since joining The Penny Hoarder Community in 2019, I no longer felt alone with the debt that I had accumulated. I still get anxiety thinking that all my income goes toward bills, but I stopped beating myself up about financial mistakes. I am also letting go of the shame I was given when revealing the amount of my debt to past exes. I have counted my blessings for a great job, home, health, contributing toward retirement funds and insurance, having a supportive boyfriend, family and being able to provide for my chihuahua! 

This 2020, I aim to:

Pay down credit card debt. 

Pay off car loan.

Budget for variable expenses.

Make updates to my home, so that it will be ready to sell and make a profit in 2021.

Sell and/or donate items I do not need.

Continue giving to church and favorite charities. 

Save for emergencies and travel.

(I still need to figure out exact numbers for the above goals!)

Thank you.  

@PiNaY Thanks for sharing your 2020 goals with us.

You are right that you are not alone, there are many people here who are so helpful and encouraging when it comes to financial issues.

Let us know when you get those numbers nailed down, and of course if we can be of any encouragement or motivation to help you reach your goals, don't hesitate to reach out!

JeremyM posted:

2020 is the year for me to get a hold of my finances. My debit is out of control, yet somehow, I am maintaining it; treading water.

I have a lot of credit card debt and that is my number one goal for this year. I intent on making a budget binder and keeping track of my spending. 

I have just under $18k in credit cards and loans; 19(!!!) credit cards (store cards included) and 2 loans. I will be using the debit snowball to knock them out, although it will be a long battle.

Next year, I'm hoping to get out of apartments and into something I can call mine.

Here's to 2020!

(sorry, first post...probably shared too much).

@JeremyM it's not to much to share. Thank you for taking the time to share your goals!

The snowball method seems like a good strategy for paying down debt and as long as you stay focused and keep the end goal in mind, 2020 can be a great year for you!

The battle will be challenging, but just remember you have a whole community here to support you and encourage you on the way to reaching your goals!

Keep us posted on your progress and let us know if we can be of any help.

Love this Moore Income! I have two goals for 2020, the first year both partner and I are retired:

1. live comfortably off our retirement incomes by cutting back the "fluff" (junk foods, gym membership that as of yesterday is now free thru my insurance, dropping 1 of 2 warehouse clubs........and other "fluff" with my past few years of tracking my spending pointing the way)

2. get rid of stuff, and maybe making a little mad money at the same time.

 

@Maryann I wish you the very best in creating your investment strategy and creating additional income. Let me know if there is any way I can be of help!

@Theodora Glad to have a part in spreading positivity and encouraging people to reach their financial goals. Looking forward to a very prosperous 2020 and many more years to come!

@mintjulep Great goals! Thanks for sharing!

Living within ones means is the best way to eliminate financial stresses that too often are an everyday reality for a lot of people.

All that extra "fluff" might not seem like much in the moment, but when you look back over a year of fluff, it can add up to a significant amount!

Getting rid of stuff is something I am always trying to do. After living out of our car while my wife and I traveled the United States these past few months, we realized how little we actually need to survive and how many times our "needs" are not quite as necessary as we think.

Good point, but...

If you've been living out of your car and traveling, are you staying in hotels and eating in restaurants? If not, how are you eating and washing clothes. Yours seems like an unusual living situation and I would be interested to hear how you save while traveling. 

Happy New Year!

 

 

Moore Income posted:
MsKimberly posted:

I am still making goals, but the one I refuse to allow myself to be a failure at is staying within my food budget.  

@MsKimberly Ahh yes... that can be challenging, especially with food prices constantly changing.

It will take some work but I am confident you can do it!

Thank you.  I went to the grocery store tonight...and the prices of really healthy food is unbelievable.  

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