We’re just about halfway through the year so that means it’s time to check in with my annual goals after the second quarter. I hope everyone is enjoying their summer so far. I know I’m trying to before it’s gone and it’s back to cold weather again in the Midwest.
It’s scary to think that I only have 6 more months to work on my goals but that just motivates me to keep pushing. Here’s how my progress has been shaping out so far.
Goals For My Finances
1. Open a Roth IRA and contribute regularly
I think I mentioned during my last check-up that I chose to open a Roth IRA with Betterment but I’m sad to say that not much has been going on in this department. I still try to set aside what I can but this year my main focus has been destroying this debt.
It bothers me though, because I know about the importance of saving for retirement, but I can’t do everything at once so I’m not going to stress about it. I had to make a choice and this time I chose to make becoming debt free my main priority for better peace-of-mind. I know some people who choose to do it the other way and focus on investing super early and efficiently and take their time paying back low interest debt and that’s a great option as well.
I still want to reap the benefits of compound interest, so I will have to be more deliberate with this goal during the remainder of the year.
2. Make at least $300/month in side income and establish new side hustles
Done. Done. And done. I’m so pleased that my freelance writing side hustle has taken off this year. I love to write and earning extra money from it has always been a dream. I initially wanted to earn extra money to add to my debt payments and speed up the process of becoming debt free and it’s definitely working. Plus, freelancing writing has started to open up the door for several other goals and opportunities.
To see how my progress has been going, I calculated my earnings since I started taking freelancing seriously back in February of this year. This is what I’ve made each month after PayPal fees but before deducting taxes.
March $244.15
April $202.11
May $578.66
June $742.05 – so far. I did about $1019 worth of freelance work this month, but I’ll probably be compensated for a portion of it in July so I can’t count everything just yet.
I would love to earn enough to cover my basic monthly expenses since I’m living on such a low amount and I can definitely see that happening if I remain persistent this year. If I can make money from freelance writing to help meet my financial goals, you can too.
My former coach and mentor, Cat Alford from BudgetBlonde.com has created a new online course to help new and aspiring freelance writers learn how to earn good money by writing for blogs. Cat has written for Huffinton Post, Life Hack, The Simple Dollar and other notable sites. It’s safe to say I never would have gotten this far with freelance writing in such a short amount of time and with such a busy schedule to begin with if I didn’t have Cat’s industry expertise and encouragement.
I truly feel like I learned from the best because she certainly knows what she’s doing. If you’re ready to start earning money from writing as well, the course will be available June 30 and you can get 15% off my using my affiliate link here.
3. Get emergency fund to a solid $2,000 balance and pay off $8,000 + the rest of my car loan
I’m on track to meet my emergency fund goal by mid July! I had to lower my emergency fund goal by $1000 earlier this year just to ensure I’d be able to pay off my car in full by December. Of course I’d like it to be more but I figure at least I have something to fall back on should any unexpected expenses come up.
Thanks to side hustle income and living below my means, I’m on track to pay off the remaining $4,185.75 principal balance on my car loan. If you check out my debt updates, you’ll see that I’ve paid $6,370.59 on my debt already this year so I’m definitely on track to meet this goal.
Goals For My Life
4. Declutter My Home
I feel like we threw away a lot of stuff during the move but we can always be more efficient with decluttering. I love seeing items that offer sentimental value but other than that I can’t stand clutter. I like my house to be clean and organized at all times but it’s hard with a child.
The best thing is that we’re no longer buying anything additional unless we truly need it. I’m not clothes shopping for the time being and not even going overboard with my son’s toys. Things just look and feel so much better when you declutter.
5. Be more appreciative of life’s blessings and enjoy each day
Like always, this is continually a work in progress but I feel like I’m doing very well. I used to take life and a lot of people for granted but I’ve been getting better at slowing down and taking the time to thank and enjoy the people around me.
A few months ago back when we still lived about 45 minutes away from my job I got stuck the expressway during my commute home due to a bad accident. The expressway was completely shut down and I remember freaking out because I had no idea how I was going to pick my son up from daycare by 5:30pm. The daycare charges a late fee if you don’t make it in time but besides that, I didn’t want him to be stuck there just because I was stuck. That was the worst feeling in the world.
Thankfully I called Ray (my boyfriend) and he just happened to be off work that day and able to go get him. He was walking to the library when I called him 15 minutes before the daycare closed and he literally ran over there to grab our son (luckily we live super close to the daycare and he wasn’t far away). I remember being so grateful that I could depend on him because I didn’t end up getting home until 7 p.m. that hectic day.
At the end of the day, I’m truly grateful for all the little things that he does and I’m getting better at letting him know that.
I also appreciate my mom and sister being able to watch my son during the week while I work since we live so close now. I’m grateful for my job and my boss who is super understanding, laid back and doesn’t make a big deal when I have to call off work for whatever reason. The amazing environment at my workplace is a dime a dozen.
Goals to achieve with my son
6. Keep teaching him about money and life
A person who hasn’t been so grateful lately, is my kiddo. He’s a lovable child overall. He’s still doing chores and I’m still teaching him about money.
But lately he’s been going through an ungrateful phase and even though he’s young, it’s my responsibility to teach him important life lessons like the fact that parents work hard to provide for their kids and nothing is handed to anyone.
This summer as we knock out the fun items on my bucket list I’d also like to do some type of volunteering activity or provide a service to the community together. It doesn’t have to be something major, I just want him to understand what it means to give back to others.
In addition, we’re also talking about our day more together each night, and I’ve added in a request that he share something he’s grateful for with me each night.
Kids are and the stages they go through are super interesting to say the least!
How are your goals for 2015 shaping up?
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kirsten says
Exciting freelance income! Way to go!!
Choncé says
Thanks Kirtsten!
Tennille says
Those all sound like great goals and accomplishments! Your freelance writing income is impressive for someone just starting out!
Choncé says
Thanks Tennille! It’s been a lot of work but I’m enjoying every minute of it.
Tonya@Budget and the Beach says
NIce job on the side income going so well! As long as those numbers keep going up, right? I think it’s great you are taking your son with you for volunteering. It’s something my parents never did, and not that I’m ungrateful, but I just think it’s a great thing for parents and kids to do together!
Choncé says
Thanks Tonya! Freelancing is definitely more work than it appears to be, but I’m enjoying it so far. I used to feed the homeless with my church when I was younger and it’s an experience I’ll never forget. Regardless of what we do, I can’t wait to volunteer with my son.
Liz says
You are doing so great! I am in a ton of debt, as you know. We have been working at our credit cards, but I knew I needed to open a retirement account. If I didn’t, I might never have gotten it off the ground. It only has $125 in it right now, but it’s got me thinking about how I need to invest.
While we’re going to continue tackling our credit debt, it’s nice to know now that I have an open account that I can throw some money in when I have a bit extra.
Choncé says
You’ll get there. That’s great that you opened a retirement account though. That’s the first step. I’ve been so focused on debt this year that I haven’t been able to make too many contributions either so far.
Jessica says
It sounds like you’re right on track with your goals! Way to go with your freelancing. You are doing a great job and I’m sure you find even more success as you continue. I need to get my act together so I can be as efficient with my time as you are with yours!
Choncé says
Thanks Jessica! I’ve honestly been pretty lazy and sluggish when it came to getting things off the ground earlier this year but now that I’m putting in all the work and effort it feels great.
Jason @ TheButlerJournal.com says
Congrats on making it happen with the side hustling. For me 2015 has been excellent. If the 2nd half continues to go great this will be one of my best years ever.
Choncé says
You’re really hustling so I’m sure this year will continue to be very profitable and successful for you.
Diane says
Wow! You’re doing amazingly well on your goals. Especially the side hustle earnings. I hope the second half of the year is just as profitable!
Choncé says
Thanks Diane!
DC @ Young Adult Money says
Congrats on the side hustle $! Side hustle money is always such a nice boost to the bank account. I really need to work on appreciating every day. Sometimes I just try to “get through” the work day and then at night I’m always working on things too. I need to stop and appreciate things on a daily basis instead of rushing/grinding my day away.
Choncé says
That was one of my major issues (still is kind of) but in my opinion it all starts with the mindset you wake up with because even though I have long term goals that I’m dying to achieve. I don’t want to rush life and not embrace my journey.
Christina @ Embracing Simple says
First of all, I received your newsletter and LOVED it 🙂 Great job putting it together Chonce! Congrats on making so much headway on your goals for this year, especially increasing your freelance income by so much. That is amazing!!!
Choncé says
Thanks Christina, there are still some kinks I have to work out but overall I’m pretty pleased with how it turned out.
hollyatclubthrifty says
Great job opening a Roth. Hopefully you can start stashing away money in the near future!
Choncé says
Yes, I really can’t wait to get more involved with investing. It sounds so much funner than paying off debt 🙂
Michelle says
My mom used to take me to serve the homeless when I was little. It became a longstanding tradition and I still remember it fondly. You’re doing a great job!
Choncé says
Thanks Michelle!
Cook With a Shoe says
You are really doing well with paying off your debt! Just think how much more money you will have to invest when you don’t have any debt, you’ll get there.
I am super intrigued by your freelance writing, do you have a page with all the links to the articles you have written? I would enjoy reading them. I’m definitely pondering doing some free lance writing myself.