My 2024 Financial Goals (in my 30s!!)

I'm going to expose my biggest financial goals for 2024 plus I'll share an easy toimplement exercise so that you can come up with your own money goals so that you can spend and save with [Music] ease hey guys welcome back to the debt free Millennials Channel I'm your host Justine here we talk about all ways to Achieve Financial confidence Crush debt that leads to more fun of viewer payments if you're new here and you want to live that debt-free lifestyle plus learn about some cool money tips along the way then go ahead and click that red subscribe button now when it comes to financial goals there's a lot of different facets that comes to your money I like to break it down into different Financial categories so that I know that I'm not missing anything those categories include budgeting debt saving income and investing now when you have all five of these Financial categories it's really easy to then go in and plug in your different financial goals now you may not have goals for each of these sections but it's important to review each one so that you can identify any priorities or constraints now with all of that said I definitely want to share my own financial goals with you just so that I can hold myself accountable you can hold me accountable to what's going on for this year as I'm planning out my financial goals now let's go ahead and start with budgeting I think this is the biggest one I'm a Avid budgeter if you're following beers and budgeting every single month then you know Kyle and I like to sit down with a beer and go over our income and expenses when it comes to budget goals this year I really want to rethink and reduce my Amazon purchases if you're like what why I'm having some emotional reaction to the way that I've seen Jeff Bezos presented in the news and how current Amazon workers and employees are being treated or mistreated and I'm just not here for it while I really love the idea of a One-Stop shop online to get literally anything and everything that I need I love that about Amazon I'm also wanting to prioritize and rethink who I'm buying from what companies I'm buying from and how could I buy from them directly outside of Amazon to make sure that they get the most amount of profit in their hands and not in a multi-billionaires hands if that makes sense next I want to shift my budget for new costs we have an increase in rent increase in daycare costs and we're having to reduce our down payment or our vacation savings I want to make sure that I have an idea of what those new expenses are for us as they're increasing and how that's going to impact our savings across the board now I'm going to get into more details about that in our beers and budgeting episodes so be on the lookout for that and I'm going to be explaining why these expenses are temporary later on in the video the next section is debt well you may know that my husband and I don't have any debt this actually was an important section for me to take a look out because I saw a priority here of researching three different mortgage lenders as we're looking to purchase our new home now I know I've talked about purchasing a new home for a long time here on the channel and every single time I'm like it's going to be close it's going to be soon now I feel like it really is going to be soon and so I want to research three different mortgage lenders I want to make sure I understand what kind of rate I'm getting and what my monthly payment is going to look like depending on the loan amount the next major section is saving this one has so many different facets to it so I want to save for moving expenses so at minimum $10,000 but realistically $15,000 and I'll share why it needs to be so much plus closing costs I want to make sure that I'm saving at least 3% of the purchase price of our home in this case I'm guesstimating around $16,000 plus I want to do a home furnishings or a Home fund money budget of about $20,000 you're like holy cow Justin $20,000 for Home Furnishings what are you buying we've got a lot of goals okay Kyle wants an inhome gym he wants golf simulator I don't know about that but we also live in a 1500t apartment and the house that we're looking to buy is probably going to be more than double that space and so we want to make sure that we've got Furnishings to accommodate new space for us plus it's really nice I really want to save up for the high quality items that I know are going to last a long time and something that I really love instead of buying a whole bunch of random cheap stuff again this goes back to intentional spending I talk about this a lot on the channel of spending on things that you absolutely love and cutting out the rest now I do have some investing outside investing sources that I can pull from to help me come up with this is about what $3 $31,000 between moving closing and Home Furnishing cost so I do have some sources to pull from outside investing sources such as betterment and Robin Hood so I've been doing some investing with them throughout the last few years so even though I will pay capital gains tax on that amount of money it's a really great source of savings right now because we've been saving for this home purchase for a long time in addition to all of the home stuff I want to save an additional six months of pay for any irregular months that I experience in my business last year for my business was a roller coaster some months would be epic Revenue months followed by a really disastrous month where I was taking home negative profit it was such a roller coaster last year I was building and learning and investing a ton of my business and in order to smooth out those highs and lows I really want to make sure that I have 6 months of savings backed up so that I can cover any of those irregular months let's move on to the income section this is the big one first we're we're wanting to move out of California and the reason why I put this in the in section is because we're moving to a lower cost of living area which is really going to help us feel like we're getting an automatic bump in pay because our expenses are going to be lower we're actively looking for a home payment that is less than our current rent of $4,200 a month we are also going to be paying hopefully Less in daycare expenses where we're currently paying $1 199.95 a month for full-time daycare when we move to a lower cost living area I'm really hoping that expense goes down these are our two biggest most expensive line items inside of our budget and I'm really hoping that reduces as a result of moving outside of this state the next thing and this is like complete opposite from we're going from moving out of California to also I want to sell on Poshmark you're like what that's so Random I have a lot of stuff in my closet that I'm like I could sell that on Poshmark I could make some money at that I just haven't really set up or implemented it so I've been looking at different blog posts and articles to get an idea of how to use Poshmark correctly and I'd love to share my findings with you if you've sold anything on Poshmark let me know your experience down in the comments and if you're interested in learning about how to do that if you want to track along with my experience let me know and I'd love to make a future video on it next I want to create automated systems for my business to generate passive income I'm currently working on the back end doing some tech setup for a little bit of this and so I'm really hoping that by the this time next month it's live and I can start testing it throughout the year this is a way that I can scale my business without me having to actively put in more hours this is something that my business coach has really started to train me on is that working more hours to get more money is like the old school way of thinking about things with my business in order to scale I need to implement some systems and some processes in order to increase the revenue without requiring any more time on my end all right the last section of my financial goals is the investing piece and right now I'm really focused on holding any outside investing during a move year when we move I really think there's going to be a lot of expenses and costs that come up and rather than doing some outside investing and then scrambling to figure out how I'm going to pay for a hotel or a moving truck I want to make sure that I have as much cash freed up so I can put it towards the move that said Kyle is still contributing to his 401k through his employer and maxing out his contributions so I know we're going to be okay this year year plus I really want to move money outside of betterment and my Vanguard Brokerage account the Vanguard Brokerage account is holding a lot of cash for us right now because we are using it for our down payment a lot of that money is tied up in bond index funds so I'm looking to move that money outside of the brokerage account back into our savings account so that we can go ahead and make that exchange for the house and lastly I want to track my net worth regularly using projection lab projection lab is a financial planning simulator tool that can track your net worth over time and help you understand understand when you can reach Financial Independence it is such a cool tool it's one that I use with all of my one-on-one coaching clients it's so awesome I will leave my affiliate link below for you to check out and it's free for you to test ride so test ride it see if you like it if you love it sign up and use it it's an amazing tool to help you on your financial Journey now if you've come this far with me in this video I want to share some ways that you can set up your own financial goals now going back to those major sections of your financial goals including budgeting debt saving income and invest what you're going to do is open up a an online doc or a sheet of paper and then you're going to label out all of write down all of those different sections and then inside you're going to do a brain dump for each major category of what you would like to achieve be specific here and have in dates as much as possible for example instead of saying I want to be debt free how about you put I want to pay off $3600 in my American Express card I'd like to save $10,000 for an emergency fund by December you need to keep it specific so that we can see whether or not these goals are going to be realistic next ask yourself which areas do you feel most discontent majority of people who have debt are going to focus and zero in on the debt and say that's the the area where I feel a lot of discontent but maybe for you you're checking your retirement account balances and seeing that you don't have much to show for it and you're in your mid-30s and you're like ah I need to do something about this then perhaps investing is the one that you want to prioritize whatever it is go through that brain dump for each of those major sections and circle the one that gives you the most discontent that's the area of focus that you are going to really be prioritizing for this year and keep in mind a lot of these goals end up carrying over year after year so you may still have a debt goal for next year but maybe it's you're prioritizing paying off a different debt if you're confused about your financial goals or what you need to work on or your priorities are just straight overwhelming then I invite you to check out my private coaching program this is my signature coaching program where you and I work oneon-one together to come up with solutions that help you have more fun more confidence and more peace of mind I will leave a link to my coaching program below for you to check out if you like this video be sure to give it a big Thumbs Up And subscribe to the channel really does help out my channel so I can reach more Millennials who are committed to living a positive Financial lifestyle and I'll catch you in the next one [Music] yeah