It is time to reset, redefine, and recommit to our financial goals. 2023 felt financially unkind despite experiencing some of our greatest blessings. 2024 feels hopeful as one chapter closes and another opens.
I always do our fiscal financial reflection on our debt-free anniversary. May-May. I love honoring our debt-free journey on the day that feels most impactful. But I’ve always been someone who enjoys the first of the year. The fresh start feeling, the pure euphoria that pours from so many people.
Even though I take the time to reflect mid-year, our reset happens in January. The New Year is when the refocus happens, and the freshness sets in. We say goodbye to the last year and hello to the next.
So, let’s chat about some of our financial focuses for the coming year.
Together, our goal of investing remains the same. Investing has been a top priority for our family for several years and will again in 2024.
Because we don’t work full time, we focus mainly on filling our ROTH IRAs. We are looking forward to the slight increase from 2023-2024. Our strategy for filling these accounts could be better, but if the money gets there, the means are less important. Being more organized on how we achieve this is something I’d like to improve on in 2024.
Since setting the goal of filling our ROTHS, we have been successful every year. I still worry about our ability to hit this goal as our income becomes more inconsistent and the amount of financial uncertainty we experience stays the same.
Filling them would mean $14,000 for the two of us, $7,000 each. $1,167 roughly per month or $269 each week would allow us to hit this goal by 2025.
Planning and mapping out exactly how you’ll achieve your goals is helpful.
And in years past, we have gone with a more lump sum approach because that’s how we get paid. We are also financially disciplined in that way, where many others aren’t. We are still considering our options for this year.
Secondly, we have two trips planned; one we already have a deposit on, and the other is still to be determined. Traveling is a part of our financially free life, and we love the place it has taken on our priority list.
This year, we’re heading to the Caribbean and Vegas. We cash flow and use points for any vacation we take. Traveling at least once per year is a financial nonnegotiable for us. We budget our vacations on how much we are willing to spend and how much income we have available. Last year was the most we’ve ever spent, and I anticipate this year being more modest.
Being able to cash flow trips is a financial advantage I don’t take for granted. I also acknowledge we are the ones who have made traveling possible and will always encourage others who value it to do the same.
Next is everything we would like to view as more far-fetched.
One is saving for a car. We successfully bought our first car in cash in 2020 and are anticipating when the next purchase will be.
Cars in cash will always be a hot take, but we will die on the hill of LOVING the no-car payment life. Being successful at buying cars in cash isn’t for the financially irresponsible. Especially when you’re not buying beaters-that means strategic and long-term planning. Starting now, years before a new car is needed is the best opportunity for you to be successful at it.
Even if it’s a few hundred here and there, we have a HYS account to put extra money towards. Mark our words; we will be a middle-class millennial family that buys a luxury car in cash (Mike’s current want is an Audi).
Other small takes would be upgrades to our home or simply new purchases we like to make. We would love to replace our carpets, and gone are the days of anything home-related being cheap. Never regret renting
2023 started and ended with us replacing our furnace after we experienced one of our most financially unexpected years ever. We casually priced out how much the carpet would be, and $7,000 seems steep when you know it would fill your retirement for the year.
I have a lot of high hopes for 2024, a rebound year perhaps?
If there is anything I’ve learned, your year will not go as expected. Good or bad.
I want 2024 to be kinder, more consistent, organized, and less impulsive. Some of that I need to take control of.
I’m not a “word of the year type,”- but sometimes a specific word speaks to your universe. Honesty keeps coming to mind, almost like last year was fake.
Maybe I wish it was fake, but I hope 2024 is more loyal, genuine, and candid.
Being debt-free doesn’t excuse you from life’s worst moments- what it does- is give you an advantage. An advantage I sometimes take for granted. 2023 reminded me of that.
It’s OK to use the new year as one door closed and another open.
What’s something you’d like to achieve in 2024?