2012
- Save > 50% of our net income
- Fully fund a NY/Washington 2013 Travel Fund (£4,000)
- Reduce our mortgage debt below
£83,000£80,000 (by December 31st) - Achieve our 2012 financial goals
- Increase Net Worth to at least £125k/$200k (by December 31st)
2013
- Save > 50% of our net income
- Fully fund a NY 2014 Travel Fund (£4,000)
- Reduce our mortgage debt below £60,000 (by December 31st)
2014
- Save > 60% of our net income
- Fully fund a West Coast USA 2015 Travel Fund (£5,000)
- Reduce our mortgage debt below £35,000 (by December 31st)
2015
- Be earning > £500 pm in alternative/passive income
- Reduce our mortgage debt below £15,000 by December 31st
- Our mortgage balance – savings = zero by December 31st (stretch goal – mortgage free)
- Increase Net Worth to at least £185k/$300k by December 2015
2016
- Move abroad
- Rent out house in the UK
Do you plan this far ahead? Do you, like me, perhaps plan even further ahead? Let me know I'd love to hear about it.
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I love it. It's a lot of saving and some travel. I really hope to be in your position someday soon.
ReplyDeleteYou will be Niki - I wasted a lot of years being in debt and now I'm playing catch up.
DeleteOur situation is different to a lot of other peoples due to our age difference and who knows how it will pan out in the future re retirement etc, and living abroad, but we keep moving forward and making plans.
wow, so smart to plan ahead like that. and what could be more romantic than financial solvency? ;)
ReplyDeleteExactly my thinking Dmarie :)
DeleteExcellent post Laura. Inspired me to do the same http://wp.me/p2bguH-1s
ReplyDeleteRichard
Thanks Richard - Love your plan!
DeleteYour plan is so nicely laid out; it looks achievable even though it is very ambitious!
ReplyDeleteI also have a 5-year plan. Savings are offsetting child's university costs for next 3.5 years. After that, need a replacement car, and amp up retirement savings. Modest travel plans, too, including NYC in 2013...not nearly as far for me as you!
Thank you - I like to aim high! :)
DeleteYes, you're a lot nearer than I am - I wouldn't be able to resist going all the time!
Oh, Laura, Looks like you and I are following such similar dreams.
ReplyDeleteI would like to spend part of the year living aboard too at some point.
Just need to work on Mr Sft !
I wish you all the luck in the world!
Sft x
yes we have very similar plans and roughly the same money aims! Keep working on him - living abroad would be wonderful :)
DeleteAnd thank you xx
DeleteWhat a great plan! We don't plan that far. We hope, my Hubby can find a better job soon, and it will be easier to plan. I'm very careful with even planning one year right now :)But you have really goals there.
ReplyDeleteGood luck to your husband Lena, I hope that he finds a better job soon :)
DeleteSome great goals there - Saving 50% of is a great target! What different ideas do you have in side income plans?
ReplyDeleteHi Savvy Scot - not a lot at the moment! So far blogging is working out quite well for me, but it's certainly not passive income.
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