Hey, Guise! As you may already know, I attempt to do a first day of the month goals post for each month. Each month I write a post that entails all of my financial goals that I hoped to at least start working on , if not completely annihilate, altogether. So, in an effort in maintaining a semblance of consistency, here we go again! Let’s keep the party going!
Wake up, wake up, wake up it’s the 1st of the month!
A few things have happened for me, financially. Let me tell you about it…
Here we go:
- I got pregnant!
If you had the chance to read my last post, then you already know that ya girl is in the family way. So, with that being said, its even more imperative for me to get my life, and not just the financial aspect of it, all the way together. Part of that includes speaking with a professional about my estate. I don’t presently have much of an “estate” to speak of but the little bit I do have, I want to ensure that it is protected. I want to have things set up so that my loved ones won’t have any issues accessing anything important and while avoiding any red tape because of government or financial institutions’ interference.
2. I am still STILL working on becoming debt free
Ain’t nothing changed. Well at least on the debt freedom part. Eliminating debt is still #1 on my list and it will still be on my list for awhiillle. One thing has changed, however. Now, I’m more so on a time crunch because I would like to pay off all consumer debt prior to this baby dropping and becoming the greatest birth delivery of all time.
Since we last talked, I had only ONE credit card to pay off. Now, I added a second balance because I started getting clear braces and put the cost on an interest free (for 18 months) health credit card. so, that is an additional $2,500 that I have 18 months to pay off before interest hits. I also plan to have it paid off prior to the baby’s arrival in November.
The good news is I am ALMOST done paying off the original credit card. I would have been done by now but I had to get maintenance on my car. Also, the other good news that I have 13 months of payments left until I have to pay off my health credit card without having to pay any interest. i plan on paying it off waaay before then, so that is a relief.
I still have student loans, which I am not presently paying but plan to once I pay off the remaining consumer debt balances. Also, I still have my mortgage which…yea let’s not even talk about it! But I’m slowly chipping away at that, as well.
3. Create a Well-stocked Emergency Fund
I have really been focusing on killing off my debt so I haven’t been devoting much attention to saving. Also, the money that I managed to sock away, I used to pay off some of my debt. So, I’m really in a risky position right now. I want to put more money away in case of a rainy day and so that i want have to rely on my credit card for emergencies.
- Create Multiple Sources of Income
Even though my money has been pretty tight, I still have been managing to contribute $90 from my bi-weekly check to my Roth IRA. I like to wait until my balance reaches a minimum of $500 before I purchase any stocks. This seems the best way to avoid any unnecessary excess trading fees. i am also looking at cannabis and real estate stocks so we shall see!
- Planning for early retirement
Sloowwwwlllyyyyy but suuuuuurrreeely. I am contributing the minimum amount of my check to receive the Employer sponsored match in my 401k and, as stated above, I am contributing $90 dollars a week to my Roth IRA. I will invest into more stocks once I reach the $500 threshold, again. Preferably sticking with dividend stocks, which are stocks that pay shareholders dividends once or more a year. When I earn more income, I want to invest more. Working on that part.
What are your financial goals and how do you plan to accomplish them? Have there been any updates or you like there were for me? Let me know in the comments!