It looks like I’m spending WAY more than I originally thought I would need to in order to feel settled in my new home. I’m not saving as much I would have liked, especially with a savings challenge on my plate. But, I don’t feel as bad about it as I thought I would. Maybe because I’m not really excited about the savings challenge. Sure, I’d like to save the amounts I laid out for myself, but…something is missing.
I’m not fired up about it. I’m barely interested in it.
After looking at my goal-less life, I realized that I need some milestones to meet. The numbers in the savings challenge are good and fine, but they’re small goals on the way to something bigger. They’re milestones, not the something bigger.
I want something bigger. I want something more challenging to pursue.
I’m already behind. I’m 1.) Late to the game and 2.) Starting from practically zero. They say them, but once you’re over that hump, you really gain momentum.
I’m really starting at $12,600. I’ve been tracking my net worth for the past five months, and that’s my net worth without my house or car (or various other possessions.) That’s the extent of my savings.
I’ve got a long way to go. I’ve got $87,400 to go.
How soon can I get there?
That’s a question that has me fired up. It’s an experiment that I’m deeply interested in. How quickly can I accumulate $100,000 in savings and investments?
We’re going to find out.
I’m adding this amount to my savings challenge. My emergency fund will be added in the total, as will the maxed out IRA. The travel and MacBook funds will not be a part of that total.
I changed my 403b contributions to a higher percentage. I may have to scale them back a little, but I want to put as much as I can into that account, while also living off my net pay.
I’ll side hustle my way to a maxed out IRA – hopefully by the end of the summer.
I’ll side hustle my way to a maxed out HSA, when I’m able to sign up for one – most likely in December, which means this is more of a goal for 2017.
I’ll side hustle my way to taxable accounts – which may have to wait until next year.
It looks like I’m going to have to find a more lucrative side hustle than the one I’ve been doing over the last month. I’ll work four hours and make fifty bucks. I kept telling myself, “It’s how you’ll buy your sofa,” but really, it’s distracting me from work I want to be doing. It takes time away from paid writing, creative writing, my blog, and other opportunities that come from it.
Frankly, I want my side hustles to feed my life. I don’t want to spend precious life energy on work that doesn’t somehow support my list of dreams.
Plus, I have a house to work on now. It takes a chunk of time, and a lot of attention. I’ve been here over a month and I still don’t feel settled in. I hope to remedy that in the next month, which means I need my time back.
It’s a simple plan really. I just need to put it in motion. I plan on weighing every purchase against the 100k. Do I want a new bedroom set more than I want 100k? Will an IKEA bed do instead? Do I want an IKEA bed more than I want 100k?
You may be able to tell that I’m inspired by Your Money or Your Life. We read it for the first ever #pfbookchat book club discussion. If you’ve read it, you my recognize the references to life energy and measuring every purchase against your freedom. If you haven’t read it, check out Mr. Money Mustache’s excellent breakdown here, or read the transcript from the chat, available here.
A stretch goal is what it takes, as it turns out. Little goals are good, but I need one that seems just a little outrageous. For 2015, I aimed to pay off $48,000 of debt in a year. For the next two years, I aim to earn/invest/raise $100,000 in savings and investments. Wow. That sounds exciting. It sounds like an adventure.
Do you need a bigger goal to keep yourself motivated and moving forward? Or are smaller goals enough? How do you stay interested in your financial pursuits?