No buy year & saving $20,000
We are more than half way through the year so let’s check in on our goals. Click here to see my 2019 goals, mid year check in and end of year review.
A disclaimer before you read this post. I am in an extremely privileged position. My money related goals have not been impacted by the coronavirus. I am aware of how fortunate I am to still have my full time job with benefits. I understand that many people’s lives have been turned upside down in catastrophic ways. If reading about other’s money situations is difficult for you right now, skip to goals 6 and 7. Of course, skip this entire post if needed. Your mental health is more important.
1. Save $20,000 in house fund
2. Earn an extra $12,000 this year
3. Save $7,000 across retirement accounts
4. Invest in the stock market
5. No Buy on clothes
6. Learn to sing better
7. Find trusted group of writer friends
1. Save $20,000 in house fund
I am on track with this goal. I want to have $25,000 for a downpayment on a house. I already had some money saved towards this goal at the end of last year. Because I am in a high cost of living area, this will be nowhere near a 20% down payment. I’ve been researching first time homebuyer programs and local area programs to help with the homebuying process.
2. Earn an extra $12,000 this year
This goal is pretty self explanatory. I want to earn more money each year. So far I’ve earned an extra $11,000 on top of my regular salary. Prior to the pandemic, I was still freelancing at other theaters in addition to my full time job. I received an unexpected raise at work that really helped with this goal.
3. Save $7,000 across retirement accounts
I am on track for this goal. This is split up over three different retirement accounts. Last year I contributed $5,500. This number is only my contributions, not any company matches.
4. Invest in the stock market
I opened an account through Wealthfront this month. I deposited $500. I’ll update you on this process in another post.
5. No Buy on clothes
Last year I did a low buy year. It was helpful for aggressively paying off debt but not sustainable for me to maintain. This year I wanted to be mindful about my money and have simpler rules. So far I have not purchased any new clothes with the exception of a new pair of work boots. Health and safety are my one expection to this rule.
6. Learn to sing better
I enjoy singing but am very inconsistent. I don’t understand why sometimes I can hit the note and sometimes can’t. I took an acting class a few summers ago that had a vocal coaching section that I ended up loving. I reached out to the teacher of that class and started taking singing lessons over skype. During lockdown, this was a huge help. It made me feel creative and gave me something to look forward to.
7. Find trusted group of writer friends
This is the newest goal added in April. Also very much a work in progress. I enjoy writing. I want writing to be a larger portion of my career. And I keep circling the drain about MFA’s in writing. Pre pandemic, I was looking at low residencies. As the world has turned utterly upside down, I started to question me pursing an MFA right now. There is just so much uncertainty. Creating a writer’s group is within my control, pandemic or not. I want a group of trusted writer friends that I could exchange work with and really trusted their feedback.
This was originally posted on my blog at arianaburrell.home.blog
