Wednesday, April 29, 2020

Revisiting 2020 Goals

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! 
5.  Christmas 2020  Set a Christmas spending budget which I currently estimate to be at $1000.  This includes spouse, grown kids, grandkids, Christmas tips for my hairdresser, pool guy, mail person, and our pastors.  Maybe If I set an amount NOW, it won't be such a shock in December.
  • Future goal.  First is to build up the emergency savings. 
I will finish ALL holiday shopping by Thanksgiving!! No more of this last-minute stuff. My mom ALWAYS finished her shopping by Thanksgiving and I use to do the same.  I really need to do it again, to enjoy the holidays without the stress of  Christmas shopping.
  • Still a goal!
6.  Have more fun!  Life is short and I know that saving money, budgeting, and being frugal is important.  But....   having fun and enjoying life is just as important!   Living in Central Florida provides many opportunities to visit theme parks and be a kid again.  An annual Disney Pass is one of my sinking funds/categories. I love to go and visit the theme parks with my grandkids or even by myself.  They make me happy.
  • 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.  
7.  Plan a Trip  To Wisconsin.  It is family reunion time!  I am hoping my anxiety won't get in the way of travel this year.  We will have to put away a couple of thousand for this trip for travel and lodging.  I really want to go, but the anxiety of planning gets to me.  I know once I get there it will be fine.  But, I have to get there first.
  • On hold.
8.  Roth IRA..... hello....  you remember me, don't you?  My retirement planning has become more important than ever.  I will research ways to better invest with my ROTH and shop and interview financial planners. We have one now, but I need to make sure he is the best person for me and my retirement goals.

  • 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.
10.  Compile a folder/notebook for our estate planning.   I need to put all of our "financial things and paperwork" in one place for safekeeping.  A notebook with all current accounts and final wishes and arrangements will make things easier for the family members who have to take care of it.
  • Kinda forgot about this and need to get to work on it. 
There is nothing suggesting that the end is near, but I need to get all this in one place for peace of mind for us and our family.

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?   


  1. I have a really basic, perhaps ignorant question. What is a HELOC? I like how forward thinking and positive your goals still are despite the health crisis right now.

    1. Denise (Sluggy) spelled it out. HELOC Home Equity Line of Credit, or second mortgage. I tend to wax and wane with goals, but I mostly can stay positive. There are some days that are a struggle.

  2. HELOC=Home Equity Line of Credit. it's a second mortgage basically.
    #10 is a great one that Hubs and I need to do also. If this pandemic has you antsy maybe doing that will help you feel more in control?

  3. Hey you are doing great. You remind me of me.

  4. You are doing great with your goals!

    My Christmas shopping have gone on the back burner due to the pandemic.


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