Prioritizing financial goals

7 thoughts on “Prioritizing financial goals”

  1. Hi. I’ve been wanting to blog about finances for a while, but I never get around to it (You know, busy with all the other mommy stuff!) As a newlywed and new parent couple, we’re still figuring out the finances thing. Our plan is basically to pay the bills, and put away X amount each month towards our ‘house’ fund. This builds and we pull from it for stuff like building a deck, or we need some new lights for the basement, etc. We haven’t needed to save for anything huge like a car, but putting the money away and not touching it seems to work for us. We also save coins. I know, totally lame. But after a few months, we get like 70-100$ in coins and that usually goes towards vacation spending money. I know it won’t pay for a car, but maybe a pedal bike? 🙂

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  2. I ended up opening another savings account to help me really manage the savings goals better so we now have 3. One I use for bills that come up once a year (insurance and property taxes) and the other I use for what I use for other savings (future cars, emergency fund, etc). The third is for Cassidys savings and 3/4 of that automatically moves to her 529 each month. I also have a Smarty Pig account that I have started moving money out of that savings account into for a future car. I am thinking of making another one for future vacations. I found if I break things down like that then I do a much better job with savings vs all money getting dropped into one savings account.

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    1. We also have multiple accounts – emergency fund, Maximus savings account, checking account, mortgage account, and then a normal savings account. Even with multiple accounts, there are further breakdowns and I don’t really want to have 10 savings accounts. I wish banks had a way for you to put money towards different goals IN one account. Instead we have a spreadsheet and have to keep track of what money is headed what direction. I suppose if we weren’t thinking ahead so much it wouldn’t be an issue! 🙂

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      1. Yeah, that is what I use Smarty Pig for. It helps me break down the goals even further within my one savings account without opening up official savings accounts with the bank. Otherwise it is hard to keep track of how much goes towards each goal! Smarty Pig has become my friend. 😉

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  3. I always have this same exact problem. Everytime I am about to reach a goal something else pops up and and takes all my savings away. I am a big fan of Dave Ramsey also so I understand the way you feel about not having a car loan. I also would advise you to remember that Dave’s teachings are just that, Teachings. Dave Ramsey cannot give out a foolproof plan that always works all the time for everyone. The thing to take away from Dave’s teachings is how to be smart with your money avoid paying the “Stupid Tax” more often than you have to. Assess your financial situation and if a car is what you need then don’t count out a loan if done properly you can find financing that isn’t horrible. The Giant SUV with all the bells and whistles is not what I am talking about. Look for something safe and reliable.

    A personal example. I drive a 2000 Plymouth voyager with 300k miles on it, I love that van! such a good deal financially. My wife drives a 1995 Mercury Grand Marquee (Land Yacht) with 120k miles on it. There is no way I am putting my 4 year old son and my newly pregnant wife into a 17 year old car during an Ohio winter. The cost of a new car with safety features is worth it for me. It helps me sleep better at night knowing they are as safe as I can make them. I opted for a reasonable loan and a new van. I sold the Mercury to help with the down payment and I continue to drive the Voyager with 300K miles on it I just don’t let anyone else ride with me.

    I think my point is Financial success is inportant but don’t sacrifice the things that are more inportant.

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