My 6 financial goals for the new year

Maybe you’ll laugh, maybe you’ll get inspired. In any case, I feel like sharing my financial goals for the coming year, especially in relation to my commitment to low-or-no buy for the next few months. We’ll see how far I can go – like a competition. But in the hopes of drastically improving my finances, I’ve set out the following financial goals:

1. Save up $5k

Sounds simple enough, but as a student, it is quite a sum. I am quite optimistic though, as I am starting my year out with a small bonus from my job – so now I’m committed to get all the way through. Potentially sell as much clothes as I possibly can to speed up the process, and maybe move on to the next goal.

2. Save up for emergency fund of $1.5k

If the above-mentioned project goes well, I’ll head straight for the emergency fund (as the 5k is designated for tuition, essentially). This will give me a nice cushion in case ~something~ happens and I need to book a flight, a hotel, or something similar. Of course, I will continue to pad that a little throughout the year if I get to that point, but I like the idea of being laser-focused on one thing at a time.

(3.) Buy a nice belt and scarf

I am graduating in 2022, which means I’ll start looking for full-time jobs in a couple of months. I won’t save up for these items unless I get a job, but I do think it would be nice with some staples that mark an achievement. I still wear my ring and watch gifted by my family when I graduated high school. Quality is key here, but again – only if I get a job and achieve the two other goals.

4. Pay off around $3k of student loans

I want my UK tuition fee loan to go far, far away. I know these are not exactly US-numbers, so I shouldn’t complain, but I hate being in debt.

5. Save up for travelling

My partner and I would like to travel some more if the situation allows for it next year. In any case, I think it would be quite nice to prepare, if I am able to. I am not sure I’ll reach this goal, but if I do, I will decide on a set amount, probably around $1-1.5k.

6. Reach 10k in investments

Finally, I would be very happy if I could increase the contributions to my brokerage account. I do transfer an amount every month that corresponds to around 10% of my (tiny) income, which is a good habit. However, if I actually manage to get all the way through my list of goals to reach this point in 2022, I am happy to try my best at this completely made-up goal. And pat myself on the back.

So here you have it! These are my goals. I was considering including something like saving for a down payment, but honestly, my main focus areas are currently to pay off debts, avoid new ones, and invest my money. Once my income (hopefully) increases, I am hoping to look into that, since I do want to own a flat at one point. I don’t know when or where right now though, so that will be a problem for future me.

Feel free to share your financial goals – but otherwise, check out how I plan to reach my financial goals this year.

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