Have you set your money goals for 2018?

Having written about my clothes shopping goals for 2018 I thought I’should also get down my money goals too, because the finances dictate the ability to shop.

2017 did not go as expected financially. It started with something of a financial hangover from 2016 when I’d overestimated my ability to save towards our travels that year. Thankfully I’d resisted getting a new sofa on finance before Christmas 2016 because I was made redundant at the end of February and my revised budget wouldn’t have stretched to the payments. The smaller income meant that the little savings I did have were eaten up by solicitor fees for a little tooing and frooing with my daughter’s dad and which left me having to put some essential bills like house insurance on the credit card. The credit card also came out to cover repairs to the car in the autumn and to get it through its MOT in December.

All in all a very ouchy year financially.

But I’ve got everything sorted out for 2018. I’ve moved my credit card debt onto a 0% card with a 38 month grace period and I’ve got my budget spreadsheets, so fingers crossed and willpower willing I’m setting myself up for a tight yet manageable year.

My money goals for 2018 are…

  • Do not incur any additional debt in 2018
  • Save £1000 across the 12 month period towards essential, annual bills such as house and car insurance, MOT and surprise car repairs
  • Pay off and cancel my overdraft of £660 in the 12 month period
  • Maintain minimum payments on the credit card debt every month
  • Pay off a further £540 on the credit card across the 12 month period
  • Increase my income as my business grows

To help me reach these money goals I’ve done a thorough review of my budgets and I’ve started a spending diary for the extras that fall outside the essential household and grocery bills. I’m sure there will be plenty of temptation along the way but I’m determined to keep my eye on my long-term plan and not get (too!) distracted by the pretty things and flights of fancy that can do so much damage to a woman’s bank balance!

I’ll let you know how I get on

Ruth