2024 Finance Goals
Discussion
This year I’ve set goals and find them helpful when trying to achieve something and for 2024 I want a year long goal specifically with my finances.
By the end of 2024 I’d like to finally have 6 months worth of outgoings in a savings account.
Does anyone else have a goal they’d want to achieve in 2024 with your finances?
By the end of 2024 I’d like to finally have 6 months worth of outgoings in a savings account.
Does anyone else have a goal they’d want to achieve in 2024 with your finances?
Well, following recent seperation, and having to fund two households, and being saddled with my own stupid mistakes, my goal is to keep my head above water until September when my situation will improve a good chunk.
Then in a years time my situation improves again. After that, it's going to be focussing on clearing a mortgage and maximising pension.
Then in a years time my situation improves again. After that, it's going to be focussing on clearing a mortgage and maximising pension.
I’ve spent the afternoon making a fancy spreadsheet and using Simplywall street to do some more research ( I subscribe to their platform).
Working out how much investment I need to get n amount returns in dividends and looking at other growth stocks.
I’m making plans to reach some specific numbers with regards to my dividend income , stock purchases , cash saving bonds , SIPP top ups and a general health review of my positions.
I always have to do some maths regarding my SIPP contributions and my tax due on my income from cash bonds and dividends so I do my best so the impact is zero. Looking forward to April when the ISA opens again. Sad eh
Working out how much investment I need to get n amount returns in dividends and looking at other growth stocks.
I’m making plans to reach some specific numbers with regards to my dividend income , stock purchases , cash saving bonds , SIPP top ups and a general health review of my positions.
I always have to do some maths regarding my SIPP contributions and my tax due on my income from cash bonds and dividends so I do my best so the impact is zero. Looking forward to April when the ISA opens again. Sad eh
Edited by oldaudi on Tuesday 26th December 21:02
Going to be a tough start to the year but hopefully easing significantly, especially if my wife returns to work. Aims are:
- pass work probation and collect pre-agreed discretionary pay
- pay off £50k loan from in-laws
- pay off a clip of credit card debt, hopefully get this to <£30k by end of year
- finish building work on the house
- pass work probation and collect pre-agreed discretionary pay
- pay off £50k loan from in-laws
- pay off a clip of credit card debt, hopefully get this to <£30k by end of year
- finish building work on the house
Going to work on cleaning existing credit card after last years expenditures.
Son goes on nursery credits next month so the nursery bills reduces and missus is back to work for extra days so I'd like to increase what im overpaying on the mortgage as i'm on a 2021 deal that expires in 2025.
Not sure what the bonus will be like in April so I'll not bother planning anything to use this with yet.
Son goes on nursery credits next month so the nursery bills reduces and missus is back to work for extra days so I'd like to increase what im overpaying on the mortgage as i'm on a 2021 deal that expires in 2025.
Not sure what the bonus will be like in April so I'll not bother planning anything to use this with yet.
Pay off the mortgage, I will be done by 10.00 on 01/01/24 all being well 
It's not quite as PH Powerfully Built as it sounds; my fixed rate ends at the end of Dec and with only 12 months to go and a balance of less than £5,000, the feeling of satisfaction after 27 years of paying a mortgage will outweigh any thoughts of doing anything clever with the money
Outside of that, moving some cash from a savings account into next years ISA allowance in April to avoid paying tax on interest (as I will be this year) and moving some money about to rebalance my savings into 50% cash and 50% S&S ISA is about as exciting as it gets
It's not quite as PH Powerfully Built as it sounds; my fixed rate ends at the end of Dec and with only 12 months to go and a balance of less than £5,000, the feeling of satisfaction after 27 years of paying a mortgage will outweigh any thoughts of doing anything clever with the money
Outside of that, moving some cash from a savings account into next years ISA allowance in April to avoid paying tax on interest (as I will be this year) and moving some money about to rebalance my savings into 50% cash and 50% S&S ISA is about as exciting as it gets
kiethton said:
Going to be a tough start to the year but hopefully easing significantly, especially if my wife returns to work. Aims are:
- pass work probation and collect pre-agreed discretionary pay
- pay off £50k loan from in-laws
- pay off a clip of credit card debt, hopefully get this to <£30k by end of year
- finish building work on the house
Jesus. New job, sounds like upwards of £100k of borrowing on top of mortgage etc. good luck fella- pass work probation and collect pre-agreed discretionary pay
- pay off £50k loan from in-laws
- pay off a clip of credit card debt, hopefully get this to <£30k by end of year
- finish building work on the house
Badda said:
kiethton said:
Going to be a tough start to the year but hopefully easing significantly, especially if my wife returns to work. Aims are:
- pass work probation and collect pre-agreed discretionary pay
- pay off £50k loan from in-laws
- pay off a clip of credit card debt, hopefully get this to <£30k by end of year
- finish building work on the house
Jesus. New job, sounds like upwards of £100k of borrowing on top of mortgage etc. good luck fella- pass work probation and collect pre-agreed discretionary pay
- pay off £50k loan from in-laws
- pay off a clip of credit card debt, hopefully get this to <£30k by end of year
- finish building work on the house
Yep, thankfully the mortgage is <2x my "agreed" comp, just need to make sure it happens. If so all will be well in the world, if not I'm in trouble...
Keep on adding to my sipp hoping to get it over the 5 figure mark not a huge amount but only started it last October curre fly tipped over the 5k mark.
Also try get my savings to 6 months of bills maybe start over paying on mortgage as well.
Another pay rise In April will help with that.
Also try get my savings to 6 months of bills maybe start over paying on mortgage as well.
Another pay rise In April will help with that.
Don’t have any debt beyond mortgage so actually quite hard to have a goal as all of our money is in equities which obviously isn’t within control (apart from emergency fund in p bonds)
I wanted to be in a position by the end of our mortgage term in summer 2027 to have the remaining balance accessible to offset the outstanding mortgage should we wish - I think we’ve been ‘saving’ for 3 years proper now and are over half way to achieving that which is good and about on track. Could potentially be entirely debt free at 39 if we chose to pay it off.
I wanted to be in a position by the end of our mortgage term in summer 2027 to have the remaining balance accessible to offset the outstanding mortgage should we wish - I think we’ve been ‘saving’ for 3 years proper now and are over half way to achieving that which is good and about on track. Could potentially be entirely debt free at 39 if we chose to pay it off.
okgo said:
Don’t have any debt beyond mortgage so actually quite hard to have a goal as all of our money is in equities which obviously isn’t within control (apart from emergency fund in p bonds)
I wanted to be in a position by the end of our mortgage term in summer 2027 to have the remaining balance accessible to offset the outstanding mortgage should we wish - I think we’ve been ‘saving’ for 3 years proper now and are over half way to achieving that which is good and about on track. Could potentially be entirely debt free at 39 if we chose to pay it off.
We were fortunate to be in that position, then spent 100k on an extension!I wanted to be in a position by the end of our mortgage term in summer 2027 to have the remaining balance accessible to offset the outstanding mortgage should we wish - I think we’ve been ‘saving’ for 3 years proper now and are over half way to achieving that which is good and about on track. Could potentially be entirely debt free at 39 if we chose to pay it off.
This year:
Pay off the mortgage in April
Replace family car
Continue to drip feed into S&S ISA
Sort out the kids accounts currently earning bugger all interest
Zero debt other than 2 mortgages, our main property is fixed at 2.97% for another four years so not concerned about that right now.
My BTL fix comes to an end in October 24 so that has been my main focus for the last year or so. I overpaid 10% in 2023 and will be doing the same around March time. Then I will be searching for the best remortgage rate possible, hoping rates fall in the next nine months and overpaying another 10% on the new mortgage before the end of 2024.
My longer five year plan is to keep overpaying 10% every year and reduce it by 50% over the next five years.
Also going to carry on salary sacrificing as much as I can afford each month into my pension.
Basically I am starting to seriously think about my retirement end game and I want to be able to seriously think about jacking it all in at 60
My BTL fix comes to an end in October 24 so that has been my main focus for the last year or so. I overpaid 10% in 2023 and will be doing the same around March time. Then I will be searching for the best remortgage rate possible, hoping rates fall in the next nine months and overpaying another 10% on the new mortgage before the end of 2024.
My longer five year plan is to keep overpaying 10% every year and reduce it by 50% over the next five years.
Also going to carry on salary sacrificing as much as I can afford each month into my pension.
Basically I am starting to seriously think about my retirement end game and I want to be able to seriously think about jacking it all in at 60
Petrus1983 said:
Hopefully switching jobs early in the New Year - but handing in my notice around wk1 of 2024 no matter what. Start a new company which will either supplement the new job or I'll work harder and it will be my job. Also selling the floating money pit.
ironically, ultimate goal this year is to put myself into a position to buy & run a 'floating money pit' :-)Goals:
1/ More 'pairs trades' to amp up holdings in sipp/isas
2/ make more use of spread beting for tax free gains
3/ work towards using options/c.calls to cover monthly expenditure
greengreenwood7 said:
ironically, ultimate goal this year is to put myself into a position to buy & run a 'floating money pit' :-)
Goals:
1/ More 'pairs trades' to amp up holdings in sipp/isas
2/ make more use of spread beting for tax free gains
3/ work towards using options/c.calls to cover monthly expenditure
They're brilliant. I've just decided to go from a 24ft powerboat to a 39ft sail boat. Goals:
1/ More 'pairs trades' to amp up holdings in sipp/isas
2/ make more use of spread beting for tax free gains
3/ work towards using options/c.calls to cover monthly expenditure
To take on a load more debt to finally have our proper family home.
We planned to move in 2020 when our son was born but my misses decided to retrain to become a midwife and we have been so time poor since we haven’t actually got round to moving but she finished this year then it’s all systems go.
It’s quite annoying that I have enough cash to pay off my mortgage on our current home which is my two-bad house bought in 2016 as a bachelor pad but it’s simply too small.
Other than that everything is all good finance wise. I’ll keep saving into the pension, keep the monthly S&S isa payments up and earning money.
We planned to move in 2020 when our son was born but my misses decided to retrain to become a midwife and we have been so time poor since we haven’t actually got round to moving but she finished this year then it’s all systems go.
It’s quite annoying that I have enough cash to pay off my mortgage on our current home which is my two-bad house bought in 2016 as a bachelor pad but it’s simply too small.
Other than that everything is all good finance wise. I’ll keep saving into the pension, keep the monthly S&S isa payments up and earning money.
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