In my previous post about my 2024 goals I mentioned that my top goal this year is in regards to my finances. There are quite a few financial goals that I'm hoping to achieve this year that I thought I'd share with you.
Savings:
Quite a few of my goals this year are savings related. The three goals I'm setting myself in this area I'm sure I'll have no problem achieving.
Emergency Fund
My first goal is to save £1000 for an emergency fund. We had to use savings to pay towards our new roof and so I'm starting my Emergency fund from scratch. I've decided to do a money saving challenge where I'm putting away £20 a week so by the end of 2024 I should have achieved this.
Sinking funds
Sinking funds are different from your emergency fund. Sinking funds are for non-regular expenses, such as Birthdays, Christmas etc. I use Monzo for savings pots for my sinking funds some of the categories I have are : summer holidays, back to school, Blake's birthday and Christmas. My goal is to regularly add to these.
Microsaving
Microsaving is a simple way to save small amounts of money regularly. The easiest way to do this is with round ups on spending. My bank does round ups so I've opened up a digital regular saver with them to do this.
Debt
I hate owning money however having a new roof done cost us more than we had combined in savings so we've had to borrow. We will be paying back month by month and so our goal is to get a fair bit of it paid off this year.
Other 2024 financial goals
- Budget and do monthly budget reviews using my budgeting planner
- Track my expenses
- Get life insurance sorted ( I've still not got round to it)
- Cut down on eating out/takeaways
- Cut down on unnecessary spending
For further financial goal inspiration check out these further 6 financial goals for 2024.
