2016 Financial Recap & 2017 Goals
Happy almost New Year, friends! Can you believe it will be 2017 in a couple of days? While 2016 seemed to fly by, last winter seems like such a long time ago. 2016 was a great year – one marked with a lot of change and growth both in terms of our careers and personal lives. As we look to the future and also reflect on this past year, we wanted to share with you some things we are proud of that took place in 2016 as well as our financials goals for 2017.
Maia’s 2016 Review and 2017 Goals
2016 was a great year for paying off some of my student loans. In fact, I paid off 5 of them out of a total of 7! Granted, they were “smaller” loans in terms of only being a couple thousand dollars each, but they also had the highest interest rates. Up until writing this post, I hadn’t calculated how much money I put towards my loans this year, but the grand total came to $10,384.52! As you can imagine, I was surprised, happy, and proud of myself for paying that amount off. It feels good to be getting out of debt and I’m excited for the day when I have that extra money at my disposal.
Another highlight was that I bought my car that I had been leasing for the last 3 years. While there are many advantages that come with leasing, at this point in my life, it’s financially better for me to own my car.
This was also my first full year using mint.com to budget my money every month. While I used it for part of 2015, I didn’t have many months to look back on and reference. So, it will be nice to have a full year to review to help me track income and expenses.
Financial Goals for 2017
- Pay off my student loans – $8K remaining
- Pay down my car loan – $16K remaining. Once my student loans are paid off, I plan to increase my car payment to pay that off more quickly.
- Invest more into my ROTH IRA – Contributed $900 towards it this year. Would like to fund it more.
- Increase giving – To my church and other organizations.
- Spend wisely on wedding expenses – Much of what we have already purchased we bought on sale so I hope to continue to find good deals.
Jake’s 2016 Review and 2017 Goals
2016 has been an awesome year of major changes in my life. I hit 3 extremely large milestones that most people do over the course of several years. The first of which was buying my first house! I had been saving a lot of money by living with my parents in order to afford a decent down payment. In June, I was fortunate enough to find an excellent deal through a sheriff sale auction. I’ll eventually make a post all about how I bought my house, so keep an eye out for that. The second big milestone was when I got a new job in Philly. The last and most important achievement was getting engaged to my best friend and co-blog author Maia! Financially, I have been learning all about the costs of home ownership and keeping it all within my budget.
Financial Goals for 2017
- Keep improving this site to provide better and more desirable content
- Increase giving as well
- Save for home improvements (finish basement, add a back porch, build a garage etc.)
- Begin saving for a car replacement