1. Work on reducing the HELOC balance. The amount is considerable ($84,107.73) but I am dedicated to whittling it down by $20,000 in 2020. Okay, I realize that $20,000 is a HUGE goal, and I hesitated at this amount. I had to convince myself not to lower it because I did not want to set my self up for failure. But, the only failure is not trying. Any amount put towards lowering the balance will be a success. So there you go!
- As of May 1, 2020, the HELOC balance is $79,157.65
2. Increase Emergency Savings from $1000.00 to $3000.00. Right now our emergency fund carries about $1200.00, but by the end of the year, we would like to increase that to $3000.00 for a little more peace of mind.
- As of May 1, 2020 we have $1000.00 in our brick and mortar savings account, $1965.00 in our Capital One 360 Emergency Account named "Safety in Numbers" and $1457.00 in our Stimulus 2020 account also located at Capital One 360 for a total of $4422.00. I originally started with multiple sinking funds at Capital One with small amounts going into each designated account biweekly. Then the Covoid 19 virus showed up and I decided to build up our emergency savings to at least 3 months of bare-bones living expenses. We calculated that amount to be at least $6000.00
3. Getting healthy. Time to focus on getting rid of some extra weight and change our eating habits. This is a goal that we have every year, and every year we fail. My stumbling block is I am an emotional eater and consume food when I am happy or when I am sad.
- This is a work in progress. I have been walking almost daily, but the emotional eating is still happening.
4. Building online income. I sell on eBay and (will be expanding to Etsy) and it is consistently inconsistent. But I will continue to work at adding listings, tweaking what is already listed, and promote on Pinterest and Twitter. The earnings will go towards paying down the HELOC.
- I am still listing and selling on eBay ( Have a look at my eBay store) and have decided to not expand to Etsy. It is enough work for me to manage eBay. Jan and Feb were good months, March and April are not that great, but you still gotta keep plugging along!
- Future goal. First is to build up the emergency savings.
- Still a goal!
- Disney trips are on hold for who knows how long. The parks are closed due to the pandemic and we will just have to wait and see how it all shakes out. We will find a way to have fun that does not include theme parks. The home quarantine has brought to light all the things you can do at home to have fun, board games, painting rocks, and there is always the pool.
- On hold.
- I am fine with my current financial planner. As far as my ROTH, well I don't know. I may pull it out to pay down the HELOC. We will see.
9. Read 10 books. I miss reading books. With everything online, I spend too much time reading and catching up online. I could not tell you when the last time I actually held a book in my hands and read for enjoyment. It has been a while, that's for sure.
- I have read one book so far. Sigh.
- Kinda forgot about this and need to get to work on it.
So there it is a list of goals for 2020. For me, it will be motivation to stay the course for self-improvement and paying down debt. I have put up yearly goals in years past, sometimes they motivate me and sometimes they are so overwhelming that I will self sabotage my own success.
Self, let's stay on the side of success and not self-sabotage this year.
I am happy with what we have accomplished financially, we still have a ways to go. How are you doing on your 2020 goals?