We’ve realized that we’re not in a position that allows either one us to take a job with much of a salary decrease. Even if it’s a job that’s otherwise perfect, it just wouldn’t be feasible. That severely limits options, and it’s not a good feeling. Reducing debt would change that. Even if it’s not something that we would opt to do, just the idea of being able to is empowering.
Without sharing stories that aren’t mine to share, we’ve had front row seats to what happens when you neglect retirement planning and saving. It isn’t pretty. And it’s definitely not a situation we want to find ourselves in thirty years from now. We all know that time flies, so it makes sense to plan and save now. And the more fun motivation is that we’ve realized we want to travel. It’s something we’ve talked about, but only in vague terms along the lines of “wouldn’t that be fun/interesting/exciting”, but nothing beyond that. Neither one of us have ever really been outside the south, and while we’re happy here, there are so many other places to see.
We recently spent an evening with some older friends, and they told us about their trip to Italy a few years ago. It inspired us. There’s a whole big world out there, and we’d like to see more than our tiny piece of it. It’s not something that’s going to happen this year, or next, but we’ve set a major trip by the time we’re 40 as our goal. We have yet to define exactly what “a major trip” means for us. NYC? Europe? Alaska? Some sort of cruise? But we do know that it’s something we’ll have to save up for. We’ll both be thirty-five by the end of the year, so we’re working on a five year plan. It seems doable. You have to have goals, right?
Long term goals seem to be harder sometimes. Small steps can seem insignificant or pointless. It’s so easy to get distracted or discouraged. It can be hard to decide where to start. Accountability helps. At least it helps me. So I’ve designated Thursday as Thrifty Thursday. Every week I’ll share something that we’re doing to save, plug up the holes in the budget, or somehow reduce debt.
So what about you? What are your long term goals?
this is a wise move on your part. my hubby and i live in the moment and haven't saved which is why he's still working part-time at 78. i wish you well with these new goals. good luck.
ReplyDeleteI have found that meal planning and grocery shopping every two weeks has reduced our grocery bill significantly. I always buy extra if I shop multiple times. This way I use evrything and there is much less waste.
ReplyDeleteLooking forward to reading your Thrifty Thursday posts. Break up the long term goal into shorter ones if you can so it helps you stay focused. Wise too to think about retirement now. In our 30s we met with a financial counselor person. He wanted to sell us life insurance plus set up an account for retirement. We bought the life insurance since we had young children at the time, but didn't want to think about retirement at our "young" age. I regret that decision these days. We are okay for retirement but would have been better if we did that bit more.
ReplyDeleteI think our long-term goal is for hubby to retire in the next 2 years :)
betty
It is easier to do without small things when you have a goal.
ReplyDeleteGood luck with your goals.
ReplyDeleteAwesome yall! Very excited for you. It's a big step to take but so important. I'm doing a refresher on that with some "Money Matters" posting on the blog. My current goal is paying my house off 6 years early. I'm hoping I can manage it. Good luck with your plan! If you haven't checked him out Dave Ramsey is awesome. That's who got me turned around back in college :)
ReplyDeleteIt's amazing how quickly the change and extras can pile up when you make a plan and have a goal. Empty the pockets of change every single night and have a paper money collection spot too -- a pretty tea tin works fine! A dollar here, a five on a different week, maybe nothing the next (but try for at least a dollar!). If you're in a bottle return state (I am) then try not to spend the deposit return on groceries but put it in the can. If you get desperate, you can always break in, but try not to. Oh, and one other thing -- if you pass up something with the intention to save it, pull that money from your wallet and put it in the can. Skipping a coffee? Don't put the money back in your wallet. You will make it -- and love it.
ReplyDeleteAlso, I just want to thank you, quite belatedly, for your wonderful comments on my recent posts. Your comments are so thoughtful and I know it takes time to catch up -- which I'm doing tonight -- and I really appreciate it!
Good for you! I wish you luck with this, and look forward to hearing about all the things you're doing to save money. You never know, I may even pick up some useful tips I can apply myself.
ReplyDeleteI don't have any debts to pay off. We rent, and I don't owe anyone any money for anything. We don't even have credit card bills to worry about. The big expenses in my life are due to book production. Most people don't realize it, but it costs a lot for an author to get a book out there, and most of us don't actually make that money back. It's worth it to me, because I love to write, and knowing even one person has enjoyed the book makes it worth all the hastle and expense I go through to make it available to them. Still, it would be nice to one day find I'm making more than I'm spending when it comes to my books. Also, money saving tips are a good call, debts or no debts!
Congratulations on a worthy goal! Being debt-free really does open up a whole new world of possibilities!
ReplyDeleteHow about Australia? You'd love it! Read Bill Bryson's Sunburnt Country/ Downunder. It will convince you.
ReplyDeleteThat's awesome that you guys are setting those goals, Danielle! Getting rid of debt really will open up some possibilities. And about that major trip ... what a great incentive. If you decide upon NYC, let us know ... we're close by. :)
ReplyDeleteLong term goals.....make it through the day! haha....I retired a yr ago but i found like to travel some. Right now my biggest goal is to continue to get my health in hand.
ReplyDeleteGood for you with the debt and all. My last bit of real debt -- my house -- will be paid up in four years, and I knocked two years off paying more on principal -- even a little at a time. It isn't easy and things happen but trying is the first step -- especially before interest rates rise again!
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