It is the start of the year. Happy New Year everyone! The best time to lay out plans for the whole 2017. I have been resolved to improve my financial life and the best way to achieve this is to start saving and investing NOW. In this article, I am going to bare my financial plans 2017.
Financial Plans 2017
It is said that if you want to achieve something, you have to write it down. In doing so, you will have a bigger chance of turning that goal into reality. It also needs to be specific, measurable and time-bound. Most management books would call it – SMART.
The year 2016 has just ended. I did not write a detailed plan for that year although I am really the kind who makes to-do lists and plan even before. Usually, I just make bullet-ed plans in my journal notebook.
These are my financial plans for 2017
- Emergency fund. Although me and my husband have already an emergency fund, I still feel that the existing amount that we have is not yet enough and I want it increased.
- Educational Fund. Continue adding our educational fund. We have already started saving small amount to it and it feels good to see this fund growing.
- Stock Investing. I want to start investing to the stock market this year. I have been researching about stock market investing for the longest time. However, I have not been taking action so I wasted so much time. I want to realize my goal of stock investing this year. It is a must!
- Debt . As I mentioned in one of my posts, my only big liability as of the moment is my mortgage debt. Having debt is something I don’t like. My mortgage carries a big interest amount so I want to crush it off. Although my mortgage term is 25 years, I want to pay it full the soonest possible time so that I can funnel all my monetary resources to investing in financial assets that generates income. I am planning to set aside an extra amount to extra pay my monthly mortgage in order to gradually eliminate my capital loan. My target is to fully eliminate this debt in 3 years.
Those are my 4 big goals for 2017. I would have wanted more goals but I think I should just focus on those 4 because I’ll be spreading myself too thin if I would add some more.