Thursday, June 12, 2014

Too Many Irons in the Fire

I feel like I have too many irons in the fire. I have three goals that are important to us.

1. Increase savings to $10,000--currently at $5300
2. Pay off my car--currently at $2600
3. Increase car fund to $15,000--currently at $3700

I feel like I have been dividing my attention and not focusing on one goal entirely. Thus, I don't feel like we are making progress with any of our goals at this point. We need to buckle down and make it happen. As much as I want to be debt free besides our mortgage, I'm going to focus on our savings. It simply makes the most sense. I'm going to divert all additional money over the regular car payment to savings, beginning tomorrow with our paychecks.

9 comments:

  1. I struggle as well with too many financial goals at once. I have had much better success making my list in the order I want/need them and tackling them one (or sometimes two) at a time.

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  2. Divide and conquer. I think that if you treat those goals as "debts", you could use the avalanche method to move to the end. So pay off the car first, use that increased amount to complete your savings, then move to the car fund. I flop back between sharing $50's amongst a lot of goals, or just dropping $300 on a single goal at a time. Not sure which one I prefer.

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  3. I'm with you, trying to save while paying down debt is hard. We'll need a new car soon & haven't even begun to save for that .....

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  4. I like to knock something out if I can, so I would probably do smallest to largest in terms of goals,

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  5. I agree, I'd pay off the car first, and the divert all of the money to savings. But either way, I think focusing on one at a time is smart!

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  6. My husband and I make a list of our financial goals for the year - I work better with a list. Otherwise, it is like we are chickens with our heads cut off. I am someone who is always looking ahead, trying to anticipate the next best action so it can be hard to focus on one item at a time. But, like others have said, it just makes better sense (and less stress) when you stick with one goal at a time - and I think things actually get done faster that way.

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  7. I feel the same way... only my slush fund is quickly getting depleted and its stressing me out... :( At least our savings are still pretty high!

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  8. I'm a firm believer in building up your savings while paying down debt. You know you will need a car someday so you are building up a fund for it, and if you can pay that car off completely or at least put a huge dent in the price: that is huge! It basically is debt repayment, but debt that is to come in the future!

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  9. Same as Saskatchewan Savings (maybe because I'm Canadian too?) I do both- save and pay down debt. It's slower but both are necessary.

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