Well, 2019 is finally here and with the first week already gone, I thought I’d take some time to set my intentions for the rest of the year. Financial intentions that is.

Last week I showed you guys my January budget breakdown, so this week I wanted to share with you some of the financial goals I have for 2019. Some people like to write down their goals before budgeting but I like to work on them simultaneously so that I can paint a realistic picture of my finances. That being said, I’ll be referencing my January budget in this post so make sure to take a look at that too.

Ok, so here are my 5 Financial Goals for 2019:

1.   Increase salary to $50,000

I work a 9-5 job right now and make $20.50/hr which adds up about $42,600 a year. This is also a temp-to-hire position which means I’m basically doing a “trial run” with the company. I technically work for a recruiting firm at a lower pay rate until the company decides to hire me on as a permanent employee. At that time, I would officially be considered an employee of the company and be offered benefits and, likely, a pay raise.

Listen up! If there is ONE THING I absolutely recommend you do, its negotiate your salary whenever you get a chance. One of the biggest things that determines how much you get paid for a job is how much you got paid before. It sounds simple, but it’s so true.

When the time comes, which I anticipate will be within the next couple of months, I plan to ask for $50,000. That’s about $7,400 more a year than I make now. It sounds like a lot, but I believe I’ve earned it. I also believe that $50,000 is the salary at which I would be able to comfortably pay all my bills, put money into savings, and have some left over for fun (the dream!)

2.   Pay my parents back: $1,639 by the end of June

When I moved into my apartment, my parents loaned me the money for first month’s rent. That was about 5 months ago. At my current salary, I am only able to put away between $200-300 a month in my Ally savings account. You can see how I do it in my January budget.

As of January 1st, I’ve saved about $600 dollars in that account. By the end of June, I hope to have saved up at least $1,800 which will allow me to pay my parents back without going completely broke.

3.   Make $5,000 of extra income on the side

This one’s the kicker. I only recently started this blog but my goal is to start making some money from it by March. I do still work full-time so I am trying to pace myself. But, I’ve set benchmarks for myself son that I can stay on track.

In January, I’m only trying to make $10 from this blog. In February, $50, and in March, $100. From there I hope to grow my revenue by $100 a month. These smaller increments should be easy to manage and will eventually help me reach my goal of $5,000.

4.   Get housing costs under $1,200 a month

Guys, my rent is ridiculously high. I pay $1,639 a month! If you look at my January budget, I explain why it costs so much, but even for all those reasons, it’s still a lot.

My lease doesn’t end until July 31st so I have quite a few months left. My boyfriend has his own apartment where the rent is much cheaper. However, he has 3 roommates. We’ve been discussing the idea of moving into a new place together, which would definitely cut down on rent and other living expenses. But even if that doesn’t happen, I’d like to move into a cheaper apartment once this lease ends.

Chicago can be expensive, but I’m confident that if I budget right and really spend some time looking around, I can find a more affordable apartment and get my living expenses to under $1,200 a month.

5.   Work on establishing a 3-month emergency fund

This is probably my largest and most difficult financial goal of 2019. I’m able to save up a little bit every month but for the most part, I pay my bills paycheck to paycheck.

An emergency fund is basically a stash of money that’s easily accessible in case of an emergency (like losing your job). Experts recommend that you try to keep about 3-6 months worth of expenses in your emergency fund. This way you can pay your bills until you can find another job.

For me, a month’s worth of expenses includes rent and groceries. This adds up to just under $2000. So to build up a 3-month emergency fund, I would need to save up $6,000. That’s a lot!

With the other goals that I’ve listed (like paying my parents back), building an emergency fund of $6,000 is going to take some time. But I definitely want to get started this year.

Those are my financial goals for 2019! It seems like a lot but I’m taking small steps every month to reach those goals. Remember to break your own goals down into monthly, weekly, or even daily mini-goals to make them more manageable.

As always, thank so much for reading! If you have any questions about planning your own financial goals for 2019, don’t be afraid to reach out, I’d love to help.

Have you written your goals yet? If so, share them in the comments below!

Thanks for reading! If you want to keep up with the latest happenings, you can subscribe or contact me if you’d like to talk personally.

XOXO

Nikita Barry

Your life. Simplified.