Our 2016 goals
1. Save £2000 for the car -> We have earmarked the money Rebecca received from her grandad as inheritance as money for buying a car.
2. Continue saving for a house deposit. -> We have diligently contributed to our Help to Buy ISAs the maximum amount (£200 each) every month. With the 25% bonus from the scheme gained £1200 in free money (when we buy our house).
3. Have a debt-free post graduation life -> The week after final exams Beckie started a graduate job in an Independent Financial Advisors firm. It quickly became apparent that this was not the career she wanted to be in (or the kind of work environment she would be happy in) and as a last minute decision she decided to reinstate her place at the London School of Economics studying a Masters in Law. Nonetheless we have still been able to cashflow the studies (with the help of our savings) and Beckie is now applying for PhD programs for next year.
4. Chris to get a part-time job to replace the one he left in December 2015 -> Chris picked up a part time job at MacDonalds. Its not all that glamorous but he enjoys the social aspect of it (and its a nice break from uni). Its not been all bade as he is being promoted to crew trainer and has even won employee of the month in October. It is flexible around his studies and allows him to pick up extra hours during the holidays which works well for us.
Our 2017 goals
- Save £6,000 in our ISAs, £3000 each in mine + Chris' (Help to buy ISA transferring to Lifetime ISA in April).
- We are still working on the goal of buying a house the year Chris graduates (2019). We are therefore aiming to put £6000 into ISAs this year towards this goal. Which would see us achieve a balance of £12,250 in ISAs; with the 25% bonus scheme we would receive a bonus of just over £3,000. It is this bonus that is the driving force for us saving as much as we can into our ISAs.
- Meal plan every month in advance (and stick to it).
- We definitely slipped out of the habit of meal-planning (or just eating in). We want to plan out our meals for the month in advance and reduce the number of times we take trips to the supermarket to once or twice a week.
- Obtain funding for my PhD either in the form of a scholarship or a research council grant.
- Beckie is currently applying for PhDs in law/criminal justice and to be able to pursue this goal she needs to obtain funding (or a super awesome part-time job). There are a few things in the pipe-line so we will keep you posted on this.
- Never pay full price when dining out.
- We love to dine out. Whilst we want to cut down a bit (and meal planning will help with this) we are also keen to reduce the cost of eating out. Our goal is to never pay full price, whether that means using coupons, buying discounted gift cards or student discount.
What are your financial goals for 2017?