Let’s stop feeling broke in 2020, mkay?

If you’re off work or just hanging out between Xmas and NYE, then use this weekend to sit down and think things through. Here’s some things I’ve created a plan to save for in the new year.

–Christmas: I’m putting $60 a month aside for holiday spending again this year, which equals $700+ that I will have readily available next holiday season. No loans. No credit cards. No overtime. No skipping bills. No stress. 💅🏾 Can’t swing $60 a month? If you save $20 per month, that’s basically $250 by next year. Setup a new savings account, login to your online banking, set up automatic transfers in under 5 minutes, and get ready to make next Christmas stress free.

–Home repairs: My house needs 15 new windows, a new front door, a new retaining wall, and a few trees cut down. I’m saving 30% of my paychecks for this. Before you clutch your pearls at my percentage, don’t forget that I spent the last 3 years paying off 50k of debt. I’m ahead of some in my journey, and behind others in theirs, but this is my own personal spot. Be proud of your progress. I was just as determined to pay off a $600 credit card as I am to pay cash for these repairs.

–Future Lexus/4Runner fund: Our cars are both paid off, but they’re getting older each year, so I’m still dropping $360 a month into my savings account every single month (automatic transfers, people) as if I still have a car payment. I want a late model Lexus, Jay wants a 4Runner, and we are going to pay cash this time around. If we do this for 3 years, we will save almost 13k alone starting today. Even if we end up financing, that’s a hefty down payment and proof to our budget that we can swing $360 a month with ease. The cash needed to make tomorrow’s purchase starts today, so if you’re in a similar spot, start with me!

–401k: I have been working since I was 14 years old and I do NOT plan to work until I’m 67 only to die at 70. I’m dropping out of the workforce at 55 and retiring to Malaysia, and that requires a lot of money. I’m making sure to always match my employer’s full retirement contributions on my behalf, and increase it anytime we get a raise this year. This year, I plan to aim for at least $19,000 saved. Even if you aren’t saving that much, save something, and start YOUNG. Don’t play catch-up in your 50’s because you’ll work 50x as hard, miss out on decades of compound interest between now and then, and net less money in the end. Absolute facts. Google this one, kids.

–Rental property fund: Part of my retirement strategy is to own a few rental properties. I’m operating two income producing spaces, and I intend to add a third house in 2020. I’m using every extra penny we earn (overtime, bonuses, good months at work) to fund this. It’s the lowest priority of 2020, but it’s still on my list to do before this day next year.

How about you?