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The second long term-goal Is that I need to pay if school loans that I and my son have acquired while going to college. An extremely important long-term goal is to pay off my home mortgage before I retire. By retirement we will possibly be in need of a new car to see us through retirement. The next set of goals is my intermediate goals. First, I need to pay off my goal in the next couple of years. Paying off my car is high on my list as it will help to ensure of a few of my long-term goals. Another intermediate goal is to pay off my son’s braces before he graduates. There will be college bills after that.
Short-term goals are goals that I need to complete within the next year. First is paying off the small store circulated credit cards that I have acquired over the years. After that I need to purchase a new laptop to help with my schooling. I will also have to pay for my son’s senior pictures. Most important is at hand now, Christmas presents. I need to pay for the gifts that my family believes they are in need of. My strategic plan begins with the creation of a family budget. I have built a budget that Is already in place. I will also have to adjust the budget accordingly as circumstances could change.
I will be looking for ways to cut costs In my household to be able to add more to my savings. This will be the foundation of my financial plan. If I cannot stay on budget then my plan will fall. My budget has been divided Into bills and savings. I have been advised to always pay myself first then bills. At this point I have to pay the bills and what Is left will go Into savings. My savings strategy at this point Is basically look for all the extra Income that I can to save. I use a regular savings to accumulate enough funds, to put Into a money market fund to begin to earn a larger amount of interest.
As my money grows I will then turn some of the money to invest into more risky investments. Certificates of Deposit (CD) will be where I begin these are at times short time investments that have a little higher interest. As these grow I will add to the ARIA that I already have in place Ana growth. Ten Atlanta valor I nave wall Invest In mar test K Tanat are producing Savings also include looking into ways to cut cost and using the savings to put into a savings account. I have been told that if I cannot see the extra money, I will not miss it.
Savings goals are tough when economic times are Just as tough. While we have all lost some of our savings when the stock market took a big down slide, we must keep saving against all odds. I Just have to look for the safest place to put my money. To speak of safe places to put my savings, that would have to involve my short- term investments. Those are in the form of Certificate of Deposits (Cad’s). Cad’s returned a decent interest rate and usually has a short time investment. At the maturity date I will reinvest the original amount plus the interest into another high yielding CD.
I will do this for a few years then, I will find a higher yielding form of investment, in an attempt to add quickly into my retirement savings. My tax strategy plays a large part of my financial plan. I look for as many deductions as possible. I try to ensure that my taxable income is as low as possible to be in a lower tax bracket. I am always listening and learning trying to find any way to lower my taxable income and to receive a refund. I use turbo tax to file my taxes with the help of my sister in law, which is a manager of the accounting department in manufacturing.
The program is very helpful and I can look up questions that I might have. I hope to use my refund to add to my savings plans. Retirement is a big part of the reason for every plan that I have in place. Retirement is on everyone that works mind. Almost everything that I am saving for at this point is for my retirement. I have a couple of retirement plans already. I Just have not had much extra money to place in them. Now that I have a budget that I did not have before, I can after the first of the year start adding to them. A strong budget and savings can help me enter retirement and not have to struggle.
As I get older and look toward retirement I have realized that I need to make sure y family is taken care of in the event of my death. I have a $150,000 term life insurance policy in place. In doing my assignments I realize that this amount might not be enough to take care of everything. In retirement my plan is to sell my home and buy a piece of property to build a smaller home, for my husband and me. We will not need a big house and can use the equity from the sale to pay for the new place. I want to be debt free, car payment and mortgage free in retirement. Until my retirement I intend to finish school and look for a new Job.
I hope to irking in a bank or possibly in an office doing something in the accounting department. At the present time I have had an interview at our local Work One. I hope to hear something from them soon, so that I can get more experience. Something I need to change is my career to ensure my plan works. The Job I have now wall not get me to my ultimate goal AT retirement. I nerve Is no retirement plan, as I work for myself. I have no health insurance other than what my husband has. The job I have now is getting me nothing to speak of. One alternative goal would be to sell my home within the next couple of years.
This would get me closer to the home that I want to retire in. Another alternate goal might be to get an equity loan and pay off my high interest cards and have one low payment. This would free up money that could be placed into my retirement accounts. Another alternate goal would be to go on to further my education to get a Bachelor degree. This would put me into a higher pay scale and help my savings and retirement plans grow more rapidly. I would refine my plan by going ahead and changing careers. By doing this I will have steady pay, insurance and be able to have a 401 k plan.
Another refinement would be that I would get an equity loan and pay the high interest cards. This would free up money to pay myself first. One other refinement would be to change some of my tax strategy. I could test how I file to see if the way I file could help ensure a get decent refund. Even though I may not have enough time to complete my goals, completing my goals are important because of financial well-being and being able to retire comfortably. I am starting late on preparing for retirement, so I must keep on track with my budget and savings. I would like to retire and not have to worry.