It struck me the other day that I am saving up all of this money (as many of you have mentioned time and again in my net worth updates) but that I have no solid GOALS for it. And it’s true, to a certain extent.
I save because I don’t want to spend! And because it’s addicting:) The more I can save now, the more I can put to good use later when something super exciting comes my way. There’s nothing *too* wrong with that, right? (right)
On the other hand, I am a HUGE proponent of setting goals for yourself and really using that light at the end of the tunnel to help you get there (and not drive yourself cRaZy in the process). Sure I don’t always follow my advice, but deep down I know some of it’s actually pretty good :)
And I’ll admit it’s def. not as FUN saving so nonchalantly like I’m currently doing right now. It’s certainly satisfying – and I feel blessed as hell to be able to do it for so long – but where’s the end to all this hard work? How long do I have until I burn out? These are all questions that have been circulating around my mind lately.
And here’s what I know:
- There’s nothing of value I really want right now (physical object-wise). No tvs, furniture, fancy cars (okay, well I STILL want that red benz, but not just yet), electronics, etc. Do I see more traveling in the future? Yes. But that’s not enough to wipe out all my current savings.
- I don’t want to pay down our mortgage yet. I know it’s not financially smart, but I just can’t stand the thought of handing over all this cash just yet. And this is something I really need to work on in the future. I’d rather have $360k in cash and a mortgage, than $0 and debt-free – as crazy or weird as that sounds. [Update: I’m now on a mission to pay off my mortgage in 10 years!]
- I really want to work for myself soon. I can’t tell you how many ideas for new products/websites come to my head every single day! It’s like a 24/7 swirl of creativity lately and the only thing stopping me from pumping these out is the lack of TIME. That’s it, I just need more time – and having a 9-5 severely puts a block on this ;)
- The more I can save double income, the better I’ll feel. (when going full-time) We already have an Emergency Fund for our house and expenses and the rest to last a few months ($10,000), but I’d need a bigger chunk to include losing my healthy salary.
- I probably won’t make a ton going solo. Unless I get lucky and something goes viral :) But that’s the thing – I’ll never KNOW unless I start creating these things! Which means it could take months, or even years, until I recoup somewhat of a decent income.
What does all that spell? My new savings goal! (Have you guessed what it is yet?)
I hereby declare my new Savings Goal to be $50,000 – To be used solely as my “Work For Me” fund!
Starting today, I’m making it official and putting the pen to the paper, baby. $25,000ish down, $25,000ish more to go! It doesn’t mean I’ll quit the day I hit that magic number, but it’ll be enough for me to drop the See Ya notice at any damn point I please ;) It’s a nice use of $50 Gs, don’tcha think?
What are you currently saving up for?
(Photo by ieshraq)
Killer resources and apps:
- Best Budget Templates & Spreadsheets (FREE)— The best free budget templates from around the community! Including the ones I use :)
- Personal Capital* (FREE) — A great app to track your investments and net worth. You can see an in-depth review we did here from a millionaire who checks it daily 😂
- You Need a Budget (YNAB)* (FREE TRIAL, then $14.99/mo or $98.99/year) — One of the BEST budgeting methods in the space, with new users saving $600 on avg their first two months, and more than $6,000 over their first year! Check out my friend Vic’s review of YNAB here that went on to completely change his finances 💪
- Digit (FREE 6 mo. Trial, then $5/mo) — This is one of my favorite apps for automatically saving money, and I even came on board as an advisor I believed in them so much! You can see my full review on Digit here.
- Acorns* ($3-$5/mo) – Similar to Digit, this app helps you automatically INVEST money by rounding up all your transactions to the nearest dollar and then investing it right away for you. My full review of Acorns can be found here.
- Honey (FREE) — By far my favorite coupon service out there! Click the Honey button any time you're about to buy something online, and BOOM - any discounts it finds will be automatically applied at checkout. You can see my write up on them here.
- Credit Karma* (FREE) — An easy way to check and monitor your credit score AND report! See my full review of these guys here.
- My Favorite Blogs + Books < -- Click here to see all my other recommendations!