Your 2021 Financial Goals

So, the new year is here! What are your financial goals for 2021?

Mine are…

Don’t touch my round up pot all year. I’ve got it hidden and hopefully I can avoid dipping into it through the year

From my #MegaPulse (h/t @davidwalton) try and get it over the next line permanently, not just when I get paid.

Get at least one full month of bills extra into my bills pot.

I’m tempted by one of the 1p challenges but I don’t want it clogging up my feed and then it won’t be rounded. Urgh!

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This was the best thing I did last year - I highly recommend it :star2: I also used salary sort to chuck in the odd chunk of money (£10-£50) when I’d had a good month prior which allowed me to not see the pot balance either.

Eventually I forgot about it totally and at the end of the year I had a little over £600. I was really surprised and it paid off my PS5 with money to spare.

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Big one for me is paying off my balance transfer credit card I used to get rid of my overdraft post-uni. Should be done by April and that will be my largest monthly non-rent payment gone :ok_hand:

Next is to build up an emergency fund I think.

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I usually round up by salary into that pot, so I might try and just chuck a bit extra in there too.

I’ve started putting more of my salary into investments and got personal insurance late last year. I’m quite rubbish with saving if I can see I have money left in my spending account, so I funnel it away quickly and that works better for me. The budgeting tools are more like spending trackers for me.

This year my goal is to build up an emergency fund and save more money to pay off my flat downpayment possibly in 5-8 years? The bulk of it will come out of my CPF (social security savings) but it will still be a huge amount to pay off.

Goal Number 1 - is to hopefully buy a house this year. Things are in motion so hoping to tick that off fairly promptly.

Outside of that, I’m aiming to:

  • Have a proper budget, and stick with it all year. (Last year I went back to YNAB, and then forgot about it about 3 months later).
  • I need to define some form of actual savings goal - not sure what that is yet - but will either be a hard £ figure, a revised EFund figure, or some S+S ISA goal - or a combo of the three - but likely aiming for a 10% of Salary to this goal.
  • Ditch the Amazon Shopping habit - I could do with some fake Amazon website that when I press “buy now” it moves a random amount of money into a Hidden Pot. (Sort of a “Shop less, and shop local” goal here).
  • And finally, some monetisation plan for my 3D printing hobby. As a mimimum, I’d like to sell some stuff to cover the cost of the printer.
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Late last year I achieved my goal of paying off all my ill advised long standing credit card debt from my younger and stupider days

This year’s goal is to not have to do that again

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Well the good news is, you are hopefully both older and wiser now.

I had the same goal last year too (pay off debt) - and I can safely say I’m certainly older than last year, but perhaps not wiser.

We’re fortunate to be around step 5/6 in the personal finance flowchart. So our 2021 financial goals include;

Honestly, not sure.

I’d love to consolidate my hours at work to have a Friday off fully (instead of half day currently), without reducing hours, but that’s not a financial goal.

A pay rise (or new job paying more) is probably the main goal.

I’d also like to aim to double my investments this year, either through my purchasing more or them growing.

Finally, I’d like to cut my spending down more (very hard to do), and minimise my expenses as much as possible.

I already cut my phone bill by about 30%. :grinning:

Mine is to simply find somewhere worthwhile to park my maturing fixed rate ISA, given that rates are p poor across the board :man_shrugging:

Will also be investing in a S&S ISA for the first time (smaller amount)

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Try to keep earning (which requires me to keep working, current contract runs to end of April).

Spend more on travel than last year (I hope).

Pay off mortgage (I hope).

Main goal is to grow emergency fund from £5000 to £7500 on track for the target £10000 by end of next year. That should cover 10-12 months’ expenses

The rest goes into short term savings. I’d like to invest too, but won’t go there until emergency savings are up to £10k

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How do you make the graph? Is it the IFTTT + Docs integration?

You need Plus/Premium and then sheets.

You don’t need Plus, if you are prepared to download a csv file manually from time to time.

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True. The setup is the same and I can give you the formulas, you’ll just need to dump the data in yourself when you want to update it.