2012 is already here, and I’m a little behind on our financial and life goals. I’m a little uncertain about what I should aim for, as we’re going to have a brand new baby and will have to adjust to the new expenses and life with a child. My goals this year will be attainable (I hope!) and I am crossing my fingers for the best year ever. It certainly will be interesting and a lot different than past years! Here are some of the goals I’d like for us to accomplish:
1. Set up a savings account for the baby. The baby has not even been born yet and already has a stash of money. I’m going to open a custodian savings account for the benefit of the baby. I will also have to research 529 plans in case that’s the way we want to go. I’m thinking it would be easier just to open the UTMA (Uniform Transfer to Minors) account and wait until the money accumulates and then go from there. We’ll see.
2. Figure out life insurance. I had life insurance through my employer, but I’m not too sure what’s happening with it since I’m leaving the bank. That’s something that we really need to address, especially with the new baby coming.
3. Change beneficiaries. I’ve got various family members listed as beneficiaries on our retirement plans and life insurance, but I would like to change it to the baby.
4. Make more money blogging/working from home. I’d like to be able to contribute financially to our household as much as I can. In addition to blogging and writing, I can shoot photography if I have time. Of course, this all depends on the baby, as that’s my first priority. I’d like to stay at home for at least the first three years of the baby’s life, and it would be awesome if I could make enough money freelancing to do so.
5. Stay debt free. This was on last year’s goals as well, but I think it’s important enough to stay on this year’s. I will have to say, if there was a good reason that we needed to borrow money, I probably would do it. I don’t think debt is the worst thing in the world as long as you’re responsible and borrow money for the right reasons. Mr. Money’s not going to get the 2012 Mustang he wanted for instance, but if we needed to take out a loan, it wouldn’t be the end of the world. I’m going to do my best to avoid it, though!
6. Finish up all house projects that need to be done. We need to repaint the cement on our porches, paint the shed, figure out what to do with the dining room flooring, and redo our master bath. I’m going to do as much as I can to make the house look really good this year. We’ve done a lot, but I feel like there’s still so much more to do. These projects shouldn’t cost a ton of money.
7. Learn to relax and not worry so darn much. One of my best friends gave me some great advice when it comes to money. What’s the point of having a ton of cash in the bank if you are miserable? I’m not going to worry about saving every penny where I can like I used to. I want to be happy.
What are your 2012 goals?