I have a lot of upcoming financial goals, some of which I’m going to have to prioritize because I don’t think I’m going to be able to do all of them in the time frame I’d like. Of course my mind works best when I get all typed out so I can do my “think through” process.
A lot of this isn’t just financial either, it’s also depending on how much time I have left off work. Since I have a large amount of time I am taking off in October, that could hinder these plans as well.
And those that -are- financial, the timing could also depend on what freelance work I am able to pull in. I’m not afraid to work hard for it, so long as I can find the extra work.
Goal #1 – Debt free by March 2011 besides the house
I originally wanted to have this loan from my friend paid off in December, but that has been delayed. The goal for this is technically February now, which is only 2 months later than originally, but because of the delay it may set back all of my other plans below. This is the #1 priority goal before all the others.
Debt owed to friend: $4800
New Interest Debt: $1000
$6000 by March 2011
Goal #2 – Trip to Scotland in May
A grove-mate is taking a year of college in Scotland starting this month. She wants us all to come out to visit, and of course we -want- to come out to visit. We’re planning to attend the yearly Beltane Festival out there at the end of April/Beginning of May.
My estimates after doing some flight and car rental pricing (haven’t done hotel rooms yet, but I did include a generous figure for them), is it will cost about $1000-$1500 to make this trip. This includes, food, lodging, rental car, spending money, passport, and flight fare. I’d likely save up the higher end of the figure to accommodate any last minute expenses or emergencies. If I don’t happen to spend it all, well then I have a nice cushion to put towards debt so I can’t lose.
As of right now if I started saving, I’d need to save up $161/month, which I am not able to do right now because of my debt repayment plan, and I don’t plan to derail that. However I do get a hefty tax return every year because of my itemized deductions, head of household with a dependent, and mortgage interest, so I suspect the majority of this will be taken care of with that. IF that’s what I decide to spend the tax return on.
If by some chance I am not finished paying off my debts by February, which is highly likely, then the tax return will go there instead. Since I won’t have anymore debt repayments except the house, then it’s still possible I could save up for the Scotland trip in a small amount of time by redirecting my former debt payments into my trip savings.
To be honest, this is probably the most expendable goal out of all of them. Not because I don’t really want to go, I REALLY want to go. But because it’s so expensive -and- the least practical. This trip is one I could really take any time, I don’t necessarily have to do it next year. I want to because my friend will be in college over there, and I know she’d love to see familiar faces. But it is a large expense that isn’t a necessity, and I have to remain practical.
The trips with the boyfriend are very inexpensive, which is why that aren’t rated as expendable (though still expendable as a whole).
- $400 round-trip flight, priced this month
- $400 for car rental fee, will be broken down into shared expense to all those who go, so could range from $50 to $200. I’m going to estimate at $50
- $200-$250 for food ($30/day for 7 days, generous figure)
- $100-$200 shopping leeway
- $135 for a passport
- $400 for hotel (just a guesstimate, haven’t priced these yet)
$1500 by April 2011
Goal #3 – Time off with the boyfriend
I have two upcoming trips planned around the same time as the Scotland trip. One is to the Trillium festival, which I always go to, and the boyfriend plans to go with me next year. Because of his attendance, I’d likely want to take a few extra days off work to spend with him before and after the festival (especially since it’s also my birthday). This is a relatively inexpensive endeavor. It usually costs at most $50 for me to go to this festival, which includes the festival fee and meal plan. I already have all my camping gear so I don’t need to buy anything except a few odds and ends for him. The main issue here is available time off of work.
The other trip is for me to visit him for his birthday next spring. Which will be relatively inexpensive as well, just food and flight, but would require at least an additional 2 days off of work, maybe 3.
Trip to Trillium in April: $55 + gas (he will likely pay for his own festival ticket)
Extra Travel/food expenses while he’s visiting: $80
Half of his flight to MD: $100
Half of my flight to -him-: $100
Extra travel/food expenses while I’m visiting $50
$500 to be generous for both trips, by Jan 2011 in order to buy tickets early
Goal #4 – Buy dad a used vehicle in September 2011
I want to buy my dad a used vehicle under $10k that is 2000 or newer, has less than 75k miles, is 4WD, and gets decent gas mileage. But I must pay for it in cash because I refuse to take out anymore debt. So I will have to not only save up for this, but am also researching a proper vehicle for him. I don’t necessarily want to delay this goal, but I may not have a choice. At least his vehicles are working -for now-.
$10,000 is the max I’m willing to pay for this, by September 2011 (or as soon as I am able after that)
So yeah, next spring is looking busier and not financially friendly. I’ll just have to see how things go between now and then.