Every year brings new goals. In 2018, Kristia posed the following challenge: to not increase your expenses when you receive an increase. With this in mind, here are my goals and challenges for 2019.
The most important thing I learned in 2018 is the importance of an emergency fund that is easy to access. So my main goal is to bump up my emergency fund and save 3 – 6 months’ worth of living expenses.
This is how I’m planning to achieve this:
I’m going to cut on my expenses. This means fewer takeaways and drinking outings, and buying the right amount of food I need (because too much food usually ends up in the bin). I’m also going to better manage how I deal with the money I send home. And I don’t want to find myself paying interest on my credit card, so I hope not to use it.
To save, I will put 80% of the money I can invest in my 32-day account and 20% in my TFSA and my son’s TFSA.
I’m also planning on generating extra income, like selling stuff and freelancing. In addition to this, I want to improve my trading, software development and data analysis skills. Since I moved closer to work, I have more time to focus on these things to ensure multiple income streams in the near future.
The most important goal I want to achieve every month is to use at most 60% of my after-tax salary.
Finally, I’m planning to read and finish at least one or two financial books.
Of course there are other goals, but if I achieved these, I will be happy.
Njabulo Nsibande is a Just One Lap user-turned-contributor. His “Cash Club” blog details his experiences balancing the financial obligations of a young parent with his investment aspirations.
Njabulo is a founding member of an investment club. In this blog he shares his experiences trying to work out the intricacies of collective investment in the true sense of the word.
Follow Njabulo’s journey here every month.
Find him on Twitter: @njab_soul.
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