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  1. #1
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    Default What are your financial goals?

    Where do you see yourself in 5, 10, 20 years time?

    I am currently paying off a caravan and plan to go on a 3month trip with my son within the next year and would like to continuously go on short-medium trips travelling Australia with my son.
    After our 3month trip, I would like to spend the next 5 years or so building up a fund- putting a min of $5,000 but hopefully closer to $10,000 away into term deposits.
    At this point, depending on where I am, what I'm doing (travelling, working etc) and how much I'm earning I would like to explore the idea of buying my first property- maybe a little apartment. Live in this for 12months (to get the first home owners grant if it's still around), and than again depending on specifics, explore the option of getting into the property market further.

    I'm so excited about my plans. The next 7 months or so is paying off my caravan- I feel like this is when my life will start. This is when I'll start moving forward with my travel plans and financially. I'm so excited. I can't wait to watch our little nest egg grow.

    So, what are your financial plans?

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    I stupidly put a car on 21 percent interest at the start of 2010 . I also had a credit card. I consolidated both loans at the start of 2011 at 16 percent and have been laying it off ever since . Currently I'm paying it off at 300 pf. I just CAN'T WAIT till its paid off. I'm sick to death of it. After that I don't know.

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    In four years time when DD is in year 4 at school, I hope to have paid my mortgage down enough to be able to sell and buy something on the other side of town where all my friends and family live, and where I want DD to go to school.

    It's depressing at the moment, house prices being so low. Despite paying $20,000 extra off my mortgage in the last two years, if I sold today I wouldn't even have enough left over to cover the selling fees . So I'm planning that in 4-6 years time my mortgage will be low enough that even if house prices are bad, I still have enough equity to use as a decent deposit on a unit or apartment on the other side of town.

  4. #4
    headoverfeet's Avatar
    headoverfeet is offline The truth will set you free, but first it will **** you off. -Gloria Steinem
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    We are saving for a house at the moment very happy that we have just finished paying off all our other debt I would like to get myself a better car but I'm not sure if it's best to do it before or after buying a house..

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    How long will that take Sunnyflower?

    Don't beat yourself up, I think most people have been there. I know I did. I had the credit card- $7,000! I still can't beleive I had that much on a credit card. I also did the car loan as well but I've got only 2 more payments of that and than I'm done with it. I've decided I'm never going into debt for a car again, if I want it- I'll save up for it (easier said than done when you've got a car though).

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    Very inspiring! I hope it all works out for you!

    We are half way thru a four year plan that didn't work out at all, and now making drastic life changes (including moving interstate, DD starting school, DH changing jobs). So for me, i'm just looking around and assessing what all these changes mean for us financially, and start making some new goals.

    For at least the next year, i want to live as frugally as possible to save as much as we can. With one small exception - i want to buy myself a dirtbike because i need some stress relief!

    Within 5 years, i want us to be back on our feet, with a substantial deposit for land.
    Within 10 years, i want us to own our own house and land and have a number of different investments in place.
    Within 20 years, have the savings to set up the kids on their own (uni fees, weddings, house deposits, etc) and for us to retire comfortably!

    The finer details of how to accomplish these things may take some thinking time...

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    rainbow road is offline look at the stars, look how they shine for you
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    At the moment we have $10k saved up for fertility treatment. We're saving one income, so hopefully will have about $30k saved by the time we have a bub. We'd like to put that towards a house deposit.

    We have no debt except for HECS/HELP and 1.5k left on a credit card.

    DP is about to get a $3000ish back pay from work, and I'm about to get $1000 from a bond I'm waiting to get back, so that'll go into the credit card and it'll be chopped up

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    5 year plan: own our house outright and have zero debt plus doubled our house value from upcoming renovations. Prepare to buy investment property. Go for a holiday either around Australia, NZ or Fiji with the kids.

    10 year plan: own our investment property outright. Go overseas with kids and perhaps buy our forever home on acerage.

    15 year plan: another overseas trip with kids and I guess more property building, (we want to own a house outright for each child we have which is 3 children)

    20 year plan: go overseas just hubby and I for a few months as we had kids young so missed doing it together. Settle all debts and live a fulfilling life on the farm. For dh to give up work and us be retired. Enjoy the good life

  9. #9
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    Quote Originally Posted by JustShiney View Post
    Very inspiring! I hope it all works out for you!
    I know, right! I find this all so inspiring and just makes me want to save even more. I'm always looking for inspirational stories where people have made something from nothing.

    JustShiny- hope you are able to get back on your feet. Good to see you haven't let it get you down.

    Rainbowroad- hope you get your rainbow baby.

    1CrazyMoose- 1 house per child- that's a great goal. I hope I can achieve something equivilent.

  10. #10
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    Quote Originally Posted by SimplyMum View Post
    I know, right! I find this all so inspiring and just makes me want to save even more. I'm always looking for inspirational stories where people have made something from nothing.

    JustShiny- hope you are able to get back on your feet. Good to see you haven't let it get you down. <img src="images/smilies/smile.gif" border="0" alt="" title="Smile" smilieid="1" class="inlineimg"

    Rainbowroad- hope you get your rainbow baby. <img src="images/smilies/smile.gif" border="0" alt="" title="Smile" smilieid="1" class="inlineimg"

    1CrazyMoose- 1 house per child- that's a great goal. I hope I can achieve something equivilent.
    Yes well sounds good in theory but hard to stick to it lol. Dh has a great job with a very healthy income. He is in the mines and of course this will greatly depend on how long the mining industry keeps going. We also invest in old worn out but solid homes and do them up gaining instant equity in areas that growth is fast and homes are great demand. Hubby is a carpenter so we do reno's well and efficient. We are practical sorts of people and so we live very practically. We have our own produce, meat and eggs etc so spend little on groceries and we still have a lot of fun but mostly visiting family, picnics etc. so we save a lot and pay our mortgage 12x more off a month. So short term while the kids are young and trip date unnessasary it works but we are definitely better ourselves and our kids future best we can. of course in time we will live more and have more fun expenses but the rent off investment property will provide care and mortgage payments for other investments until paid out so we will more then manage.

    Of course something may happen that isn't foreseen but preparation is a great key to success all a bit exciting really. My dad did similar for me. I have an apartment in inner city Brisbane thanks to him (which is separate from dh and my stuff) but it was a huge thing for him to do and I am so grateful. I only wish I could do the same for my own.


 

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