Well guys, I thought it was about time I faced facts and had a look at how I am actually doing with my financial goals for the year. We’re more than half way through and some of my time sensitive goals are past their sell by date.
Back at the beginning of the year, I published what I wanted to be my financial goals for the year. You can check out the full post here.
I like to have specific goals in mind each year as I find it very difficult to save money with no motivation, nothing to work towards. Since then, I’ve had a bit of a revision of these goals during my first quarterly review, so what I have listed below are the all new and improved version!
“Save £800 by June to cover my half of car insurance on both cars (when we eventually buy a new one)
Save £1500 to supplement my new car fund by July”
I’ve managed to pay off my car insurance all in one chunk again this year, which is awesome. I love the feeling of just not having to think about it for another year! I really would recommend this to anyone, it might take you one year of struggling to get the fund to pay upfront but I find it so much easier to save through the year when your regular outgoings are lower.
I feel very little sense of achievement from saving this pot and I was very sad to spend it all again, but I do need to remind myself that saving for next years car insurance isn’t really saving!
New car shopping was planned for July, however, I’ve had to put this on the backburner and it’s looking more like September before I really get myself sorted. Lack of time to actually go test driving has been my biggest hurdle and I don’t know what makes me think that’s going to be any better come September, but we can dream, can’t we?!
I’ve now got around £1000 more than I originally hoped to have in my car-pot, so while I won’t necessarily be pushing to spend all of this, it does give me a bit of leeway and will mean I can 100% pay up my insurance on this car too for the year.
Status: Car Insurance £800/£800
New Car Fund £2500/£1500
“Contribute £1200 to my emergency fund by the end of the year”
This one started off as a £1000 savings plan, however, myself & OH have a joint one year fixed saver which we are each putting £100 per month into. We opened this in December so will make our last payment into it in November and should then be able to withdraw £1200 each (plus interest) and move it over to our various emergency funds.
In the past, OH has not been great with saving. He’s not awful, he just struggled to keep to a plan. Now that he has no choice in this £100 coming from his bank account in to savings each month (I set up all of the transfers etc) he barely even notices it’s happening.
I’m now on his case to make sure he has another account ready to keep that same transfer going each month once our fixed term with this account is up.
Next year I plan to really focus on saving into my emergency fund, as I’ve mentioned previously, the new car kind of is my emergency this year, but by the end of next year I would like to have a pot of around £4k built up again.
“Overpay an additional £1000 towards my mortgage by the end of the year”
I think this one has more or less been scrapped. Over the past few months I’ve been doing a lot of research and with my mortgage interest rate being so low, I think I might be better off to invest this “spare cash” for a few years before just throwing it all at my mortgage.
I’m still overpaying by £110 per month regularly so at the end of the year, I might try and pay £680 which will make my total overpayment for the year exactly £2000. It’s not something I’m actively saving for right now though so it will only be done if the money’s there.
I’d love to be able to pay loads off my mortgage, I have a (pretty cool!) spreadsheet to track my mortgage, and one of my favourite things to do it to play on that and imagine I could pay thousands each month. It is a relatively small mortgage, so if I was on a bit of a higher salary I could probably smash through it quite quickly!
“Unofficial Goal: Open a Stocks & Shares ISA”
I’ve been talking about this for a while and always put it off as I never really felt I fully understood it. It was something I hoped to do in the next year or two, but I took the leap still feeling like I didn’t’ fully understand it. I’ve got the most basic of basic setups but am only putting £50 per month in there for now with a £200 initial deposit.
I’m not even sure that I am with the best provider, I went with an easy to open, easy to manage, easy to arrange version, but once I’ve built that up a bit I will start shopping around and look for something better. It seems like most of the good providers require you to be investing quite a lot of money or at least putting in a big chunk to begin with.
On the whole, things are looking good so far. Over the past 2 months I’ve had a lot of outgoings and haven’t been able to save as much as I would like. It’s gotten me a bit down but when I look at how far I have actually managed to come this year, it’s not all bad!
I’m definitely not doing as much as I could be to trim down my spending, but I am definitely much more aware of it since tracking all of my money. For next year, I am planning to work myself in a budget based on my outgoings for this year, but will be a bit stricter with myself.
Next year is also super busy for me with a lot of weddings and big events to attend. 3 years ago, I thought I had hit the age where all of my friends are getting married. I have realised the error of my ways now, as next year is definitely the year all of my friends are getting married! So far, I have 4 weddings and 2 hen parties lined up. Send help!
Another very close friend has just gotten engaged too and I’ve had to have a quiet jokey (but not really) word with them as it really just won’t work for me next year. They’ve gotta hold of until 2020, I’m running out of annual leave!
Have you had a look over your financial goals this year? I’d love to hear how everyone is getting on with their money this year, if you’ve also blogged about it, please do drop me a link in the comments. We’re all in this together!