The Balanced Spreadsheet-Financial News, Budget Advice, Debt help, Financial Tips, and other advice

August 14, 2009

The Balanced Spreadsheet’s Financial Goals

Filed under: Goals, Personal Finance, Real Example — Tags: , , , , , — thebalancedspreadsheet @ 2:27 pm

“If you aim for nothing you will hit it every time.” ~ Unknown

I believe that setting personal financial goals are a very important part of life.  As the above quote states, those that have no financial goals usually have financial hardship and strain as well as a difficult time creating wealth.  Today I would like to list our seven personal financial goals and talk a little bit about them.

1.)   Stay out of Consumer Debt-Currently this goal is being achieved.  We do not have credit cards, student loans, car payments, or any other misc debt.  It was great to start our marriage off with out any consumer debt.  We are committed to save and pay cash for all our future cars.  I know that makes us strange and will probably exclude us from ever using cash for clunkers, but I think in the long run that is a good thing. 🙂

2.)   Invest 15% of our income into retirement accounts-As with goal #1, this is being achieved as well.  15% of our income each month is going into 401(K) and ROTH IRA’s.  We feel like this is a good amount and since we are young (27 and 30 respectively) and have to leave it alone for at least 30 years this will give us more then enough of a nest egg when we are ready to retire. 

3.)   Pay off the mortgage ASAP-This goal is still about 4-5 years away but we are getting close every month!  Currently we owe a tad over $92,000 on the mortgage.  All extra money is going toward the mortgage payment and we are currently paying around $1,750 on principal each month.  Paying off our mortgage will put us in a great cash flow position and will make us totally debt free!  With the additional cash our goal will be to invest more into our retirement accounts as well as save up for some rental properties.  I personally can not wait until this day come to fruition.

4.)   Stick to a zero based monthly budget-Obviously judging from the title of this blog you know I believe in a balanced spreadsheet. 😉  Also, if you have read the very first post on this blog you know that we currently do have a zero based monthly budget.  However the budget is constantly changing as new expenses come up.  I feel like my earnings are going to continue to increase so I know that we will be able to continue to balance each month, but that does not mean that there will not be any hard decisions.  A zero based budget to me is key because it forces you to spend everything on your spreadsheet before the month begins.  I usually find that budgets with cushions in them usually do not work as well because the cushions usually get blown on unnecessary stuff by the end of the month.

5.)   Have my wife stay at home with the children full time-If our first 4 goals are being completed, this will be a slam dunk.  We do not know when we will begin a family but this is something that my wife and I both want and we are thankful that by following our goals we are able to accomplish it.

6.)   Continually increase our giving-My wife and I love to be givers.  It is something we do not because we are required to, but by choice because it just opens us up emotionally and spiritually to great things.  We enjoy giving to our church, non-profits, and individuals in need.  As our wealth increases and our debts decrease we hope to be even BIGGER gives then we are now!

7.)   Start my own business-The thought of being my own boss is something that has always appealed to me.  I have always been good with numbers and have a passion for financial counseling.  I am thinking something along those lines but time will tell.  Being able to do give financial guidance full time is a long term goal of mine.

Well there are our seven financial goals.  I would encourage everyone to create and follow your own financial goals.  It is exciting to see to chart your progress and see how far you come along.  Also by creating goals you will be creating a long term plan and vision for your financial future.

What about your financial goals?  Are they similiar?  Different?  Please leave a comment below.



  1. […] believe in paying off the mortgage ASAP.  If you have read our financials goals summary or the full post you know that my wife and I believe in paying off the mortgage, but only after 15% of our pre tax […]

    Pingback by To pay down or not to pay down? « Thebalancedspreadsheet's Blog — August 27, 2009 @ 7:37 am

  2. […] budgets as well as our means.  My sticking to our budget it allows us to continue to follow our financial goals and move forward towards financial […]

    Pingback by Follow up to “Financial How to. . . .” series Part I. Updating our own budget « The Balanced Spreadsheet-Financial News, Advice, tips, and more — January 14, 2010 @ 7:55 pm

  3. […] certain they will be worse off than their parents.  What most of us are lacking is clearly defined financial goals and a plan to carry them out. Leave a […]

    Pingback by Financial issues facing Generation Yers « The Balanced Spreadsheet-Financial News, Budget Advice, Debt help, Financial Tips, and other advice — April 27, 2010 @ 7:06 pm

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