Financial Goals

I think a lot about money. 

Now, I don't think of money in terms of "I need to have a Mercedes Benz." I'm a public librarian. That ain't happening.

But I do think about financial scenarios. "What would happen if my car went kaput?" Or I think "if I retire will I still be able to travel?" While it's not something that stops me in my tracks or leaves me numb in anxiousness, I do think like this. I'm a long term thinker. I'm a goal-driven person. I'm a planner and financially planning is a part of my long term goals and my route towards personal happiness.

I'm reaching a point where as I cross from my 30 List to my 50 List certain new goals and challenges will become clear. These new goals include: owning a house, having a tax-deferred retirement plan, having a new-ish car, all while traveling to a foreign country and national park each year. Therefore, I think and plan ahead enough to know that my goals and actions are possible.

So, what am I thinking and planning? What are my financial goals?

Everyone has their financial priorities. Through my 20s my priorities were about personal development and dreams (my travels) as well career or professional development aspirations (getting a Master's, writing and directing festival-quality films). These remain priorities but now that I have a Master's and (thankfully) a stable job, I can think about new long-term stability priorities.

Those new financial or stability priorities:

1. Owning a new house or townhouse/condo
2. Having a retirement plan and savings
3. Getting a new-ish car

Part of financially planning means setting forth those goals and figuring out the tactics to get there. My tactics are as follows;

• Start a rainy day savings account and maintain it by paying $100 in every month. Why is this a tactic: part of owning a house or a car is preparing for issues that may arise. An issue could be a freak accident or repair need. An issue could be that I'm furloughed but need to make a payment. So this is the first tactic towards my goal: set up a rainy day or as I call it a "furlough" savings account. I've completed this by setting up an account with a high-yield savings provider.
• Moving to a new checking account. My current bank was the primary bank in my home community. I no longer live in that community. I also don't trust the bank's standards, service, or rates for large-scale loans. Therefore by the end of December I aim to move my checking with a new bank (or credit union, very tempted to do a credit union) in order to establish a relationship with a bank that I can trust for mortgages or auto loans. 
• Starting a 457 plan. My job allows for a tax-deferred retirement plan that county employees can get. This is a plan that allows pre-tax investments out of each paycheck towards a retirement account managed in a 457 plan. These plans are designed for county employees. My employer doesn't match the investment (like a 401K) and I can withdraw from any time before I'm a 59.5 (which I would like to not do). 

This is what I'm working towards through the course of the coming year. My hope is that after my Japan trip I can buy a condo or townhome first. Hopefully these tactics will pay off in enabling me towards the first two goals, which can set up my last goal -- getting a newish car.