Plan With Me: Saving & Investing Goals for July 2020
Saving & Investing Goals
I’m a huge believer in the power of goal setting, in fact, I’m a chronic goal-getter. There is something magical about brainstorming a goal, writing it down, and then making it happen through hard work and perseverance.
Today I’ll be sharing the goals that I’m working on for July 2020 and hopefully, this will serve as motivation for you as well. For me, this is post serves an additional layer of accountability for actually accomplishing and following through with my best-laid plans. At the moment, I’m in the midst of my wealth-building journey with the ultimate goal of achieving financial independence in 10 years or less. I wholeheartedly believe that life should be more than paying bills and working until I’m 70 plus, hence the desire to achieve financial independence. Read more about my Financial Independence (FI) plan here.
In the last two years, my financial journey has shifted from one focused on debt payoff to one centered around wealth building. Now, after paying off nearly $100,000 in student loan debt, I’m free to save more and invest more. Making the transition to wealth-building hasn’t been as easy as I thought. But that’s where mindset work comes in.
Money blocks can rear their ugly head at any point in your financial journey so I find it necessary to check my mindset frequently. In practice, this looks like me revisiting my goals often, exploring my motivation level, my emotional state, and how I’m feeling because these factors are intricately connected to how I spend, save, and invest my money. Some of the dumbest financial decisions I’ve ever made were during times that I was exhausted, angry, or burned out. So I’m careful to check my mental state before making money choices. With that said, let’s dive into my money goals for the month. You can also just hit play on the video above and see my goal-setting process in action!
Goals for July 2020:
Save $833 towards project $100K
Buy One Share of pinterest stock per week
Investing is of my favorite past times. I’ve been investing in my workplace accounts and Roth IRA for years, but I recently got started dabbling into individual stocks. Inflation is the enemy. So I’m investing my money where it can grow and keep ahead of inflation. This month I’ve decided to buy some more Pinterest stock using the Stash App. I was crazy excited when I heard that Pinterest was having its IPO in 2019. But the price jumped up very quickly so I held off on buying. This year after the market dropped in March following COVID-19, I snapped up a few shares at $18 a share. Now it’s around $25 per share. If you have been wanting to invest but aren’t sure how to start, check out the FREE 4-Day Investing for Beginners Challenge
Stick to my $700 monthly grocery budget
Pay an Extra $200 towards the mortgage
I’m not aggressively trying to pay the house down at this time. We’re not quite sure if this is our forever home so we’re choosing to save and invest our ‘extra’ money instead of having it tied up in home equity. But every now and again I’ll throw a couple of extra dollars on the mortgage.
Now it’s your turn! What are your money goals for this month? Do you struggle with staying motivated?