My Personal Financial Goals for 2010
by Celine on January 7, 2010
in Personal financial review
Although I’ve privately noted my 2010 financial goals in detail, I’d like to share some of them here. The main reason I’m doing this is for accountability, but I wouldn’t be surprised if readers wondered about my finances from time to time. After all, everyone has their own financial problems, challenges, and aspirations. As usual, I won’t be giving out actual numbers here for privacy reasons.
Without further ado, here are my financial goals for 2010:
Emergency Fund. In yesterday’s update I talked about how all I have left is a 4-month emergency fund because of the many financial emergencies I experienced last year. My goal for 2010 is to save up for a 7-month emergency fund (meaning have 7 months’ worth of living expenses tucked away). My “big” goal is to get it up to a year’s worth, but it’s not as necessary anymore since I’ll have less dependents this year.
Retirement Fund. Basically add PXX,XXX to it over this year. After that, I’ll be making an effort to move it to investment vehicles with better returns.
Insurance. I need medical insurance, so does my partner. This year I’ll make sure that we both have it so we can minimize medical expenses.
Legal paperwork. I need to finalize my last will and testament, as well as a power of attorney for my partner. This may sound morbid, but anyone with assets should do this, no matter how young you are. This is especially true if you want your assets to go to other people apart from the default legal choice (your children, spouse, or parents).
Launch graphic design studio. I’ve been planning and organizing a graphic design/illustration studio with some friends for almost two years now and it’s time to jumpstart it from months of stagnation.
Improve returns from passive income stream. This basically means to spend a few hours for testing and research. Doesn’t sound exactly passive, I know, but if it means better returns then hopefully it’ll be worth it.
If time and opportunity permits it, launch another passive income stream. Not a must-do, but if I find the time and don’t have other unexpected projects, I’d love to do this. I have a few options right now but I’ll need more information/research.
Looking at these goals, I see a unifying theme: I’m laying the foundations. It looks like I’ll be spending this year ensuring stability for me and my family. I’m putting safety nets in place (bigger emergency fund, retirement fund,legal paperwork) while setting up systems that will allow me to protect myself and earn more income (insurance, additional income streams).
How about you, what are your financial goals for 2010? How do you hope to achieve them?
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Nice goal for 2010. Me, I’m looking forward to generate more income for 2010. That means more “cash cow” or “income streams”.
Your site is an inspiration for those who wants to be financially independent by by following the simple rule… being frugal.
Here’s to our success!
Thank you Francis.
I also hope that you reach your goals to generate more income. Being frugal is good, but combining that with additional income is so much better.
Hi Celine,
Your site is indeed a great help to Filipinos. The concepts are simple and applicable to the Philippine setting esp. to the average earner. Just to give you an update, I was able to open an account for my emergency fund last Dec. and on my way to start up my stream line/passive business this April (i hope and pray that everything will turn out okay). =)
Cheers to Celine! =)
Now when I think of it, I think I need to start thinking long-term about money. (This post made me think about it :O I’m not getting any younger, anyway!)
So far, I’m now investing on a passive income stream – and I so wish I could tighten my belt especially when I have my money.
Maybe in a few years I’d get to save more money. It’s sort of hard to save especially when you are young and you want to buy a hell lot of things :p
Thanks for the read
Hello Celine! I’m actually starting small in terms of Financial Goals 2010. The first is to build up 6 months worth of living expenses and to start on my SSS as part of my insurance. I’m still scared of committing to other insurance plans mainly because of our precarious financial situation. Thanks for sharing this.
@Bingo: Congrats and good luck! Sana tuloy-tuloy na yan.
@Kristine: Thanks for commenting
Don’t feel too guilty about buying the things you want – as long as everything’s in moderation. Good luck on your passive income stream. I hope it’ll be successful!
@Miss Guimba: Good luck to you! The important thing is that you’re taking action, so celebrate your “small” steps. In fact I wouldn’t consider them small, lalo pa yung 6-month emergency fund, which few people have.