NO MORE SPENDING
21. 01. 2015

2015 FINANCIAL GOALS

I’ve only set three financial goals for 2015. One of them is technically a two-year goal, as you can see, but it’s still something we’re very much working towards in 2015, and so I’ve included it.

1. The sum of invested assets at 25% of goal by December 2016. Achieving this goal requires a minimum net income savings rate of 50% for the next two years.

2. Spend no more than £2,520 on grocery & household in 2015. Me versus the grocery budget…again!

3. Track every penny spent in 2015. I’m fairly good at tracking our spending, but I’m not sure that I’ve ever kept a full record for a whole year.

That’s it! Nice and simple. Now we just have to achieve them :)

What financial goals do you have for 2015?

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Laura

In 2014 my husband & I downsized our home to speed up our quest for Financial Freedom. We swapped our large three bed house, for a small two bed apartment to clear our mortgage and give us enough budget freedom to travel and still save for the future. Our dream, after achieving Financial Freedom, is to spend part of every year living abroad.

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15 Responses to “2015 Financial Goals”

  1. M says:

    Laura, thanks for sharing your goals with us. I think it’s good to have just a few, important goals that one can really strive towards hitting, rather than lots and lots of goals. Of course, breaking down the large goals into smaller chunks can really help us make progress, and feel the progress we’re making a bit easier.

    We have four goals for 2015:

    To earn at least £125 in dividend income

    To save more per month and put into dividend shares (target to beat £165 p.m. i.e. ca. £2000 p.a.)

    To save £250+ per month for travel and holiday expenses

    To save money for Christmas by July (£375)

    Thanks for sharing, once again. It’s an encouragement.

    • Laura says:

      Thanks for sharing your goals M. I like your dividend income goal. We’ve upped our contributions to our tracker funds significantly this month and si we’ll be monitoring the returns (and charges!) quite vigorously.

      Good luck!

  2. Tony says:

    Nicely focused financial goals – £210 a month on groceries (and household) – that’s ambitious. I did have my supermarket shopping down to £200 a month for a few years (back around 2004 onwards), but I was living alone. During Oct/Nov last year we spent £731.71 at the supermarket – £365.86 a month. I think this year we will have reduced that considerably, as we are now doing the majority of grocery shopping at Lidl’s, and household product shopping at B&Q (we have the largest B&Q in the country down the road and they have great deals on cleaning products etc.) – it’s going to be interesting to see how the numbers pan out.

    My (single) financial goal for this year – create a side income stream – even if it’s 50p a month that will do as a start. (We’ve already been told we won’t be getting pay rises).

    • Laura says:

      Hi Tony. Shopping at Lidl should help to reduce your grocery spending. We have one but it’s so tiny and the produce is not that great for some reason.I hadn’t thought of B&Q for household items,

      Good luck with your side income goal – it’s such a hard thing to achieve (and sustain), but I’m sure you’ll be able to do it. Let me know how you get on.

  3. A 50% savings rate for two years is a huge goal! But I know your end result is important to you.

  4. Michelle says:

    Good luck in 2015! :)

  5. A 50% savings rate is a watershed benchmark. I feel like if you can achieve that, there’s very little that can throw you off track financially. Best of luck. I know you can do it.

  6. Michelle says:

    These goals are very attainable for you! I am trying to really get a lot more organized about tracking spending. That’s where the magic happens.

  7. weenie says:

    Hi Laura
    Simple yet challenging goals!

    I’m with you on the 50% savings rate, although I’ve just set mine for 2015, chances are that I’ll set it again for 2016!

    I have a grocery goal too, which I think I should be ok with, now that I know what I’m doing!

    Goal number 3 sounds like the one that could be the biggest challenge – not something I would attempt, haha!

    Best of luck with all the goals!

  8. Fiona says:

    ‘Less is more’ often with goals…when I’m really trying to focus-like-a-laser I just go for 2-3 things at a time as well. I’m definitely trying to focus on tracking this year. I don’t have a system that works yet (but we’re making progress.)

  9. Good luck with it all! Our financial goals are to save £500 for two replacement windows, £500 for an emergency fund and we also need to replace around £900 in an ISA but that might have to wait until next year! We have a food budget of £220 for the four of us which I’m going to be re-assessing in February, probably through the blog. Though if it isn’t enough I’m not sure where we’re going to squeeze the extra from!

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