As of writing this, it’s currently March 2024. So I thought I’d try and come up with some financial goals and make them public.
I think making your goals public is a good way of being accountable to yourself. If your friends and family know what your financial goals are, you feel more determined to achieve them, as if you fail, you risk looking like a bit of an idiot!
So enough foreplay, here are my financial goals for 2024!
1 – First and foremost, I will find a job. The income generated from this job will be a great starting point towards achieving my other financial goals. The most important part of building finances is having an income. Without a job these other financial goals will be impossible to achieve, especially while claiming benefits!
2 – I will pay off all of my credit card debt. At this point, it’s only at about £250, but I’d like to bring this down to a zero balance and not have to use my credit cards ever again!
3 – I will save £2,000 towards a deposit to rent my own place. I’m currently staying at my dad and step-mums place due to some personal stuff, which maybe I’ll go into in another post. I will save whatever money is left in my current account the day before my next pay-day.
4 – I will automatically save 10% of my wages from this job into a separate savings account, via standing order. This account will specifically be used as a ‘rainy day fund’ and I aim to save £1,000 in this account.
5 – I will automatically save into a separate savings account via my banks ‘Save the Change’ function. This is where my bank rounds up everything I spend up to the nearest pound, and that round-up is what’s saved with ‘Save the Change’. I don’t have a specific amount in mind for this account, this will just be an ongoing process. This account will be used for whenever I want to treat myself.
6 – I will automatically save into my Moneybox Lifetime ISA via its round-up feature. This works in the same way as my banks Save the Change feature. This will be a good way towards saving to buy a house as a first time buyer, as the government will put 25% of my total contributions into the ISA, I’m not going to turn down free money!
7 – If I’m able to save up to the amounts in goals 3 and 4, then the automatic 10% from my wages that I would have been saving with in goal 4 will go into an investment account of some sort. This will most likely my Trading212 account, where I’ll more than likely invest into a stocks and shares ISA.
So there are my 7 financial goals for 2024! Obviously if I don’t manage to find a job, then these financial goals will be impossible to achieve. I will sporadically post updates on how much progress I am making towards achieving these goals, and the steps I am taking to achieve them!
I’m feeling very motivated this year. I’m in a mentally good state, and life is good right now. All I need to do is sort my financial life out now!