Goals 2017 – Accountability and Chutzpah!

Gentle Readers,

I am not typically into resolutions, but I think that financial ones could be helpful in focusing me and so I will try them this year. Last year at this time, I did not have this blog or the goals the blog has led me to pursuing. I was ignoring my money and figuring that student debt would constrain my choices for life.  That’s unpleasant to consider.

In April of 2016 I began this blog, and I was in debt to the tune of -$151,728. Focusing on my money had my debt diminish to -$146,049 by year end. That’s an increase of 3.74%. I had hoped to do better than that, but was not anticipating so many medical expenses. Explicit goals are said to be helpful. Let’s give it a go.

2017 Achievable Financial Goals for ZJ Thorne

  1. Pay myself from my business at least a nominal amount every month. If I get one client a month to cash-flow properly, I could pay myself $500/m before taxes.
  2. Finish contributing to my 2016 IRA ($1340 to go)
  3. Increase my Emergency Fund to $1000. ($691 to go)
  4. Pay off Credit Cards ($5785).
  5. Fully fund 2017 IRA ($5500 to go)

This is $13,316.  That is $256.07 a week or $1109 a month for all of these goals. I have until April 15 to finish contributing to my 2016 IRA. It and the emergency fund will be my first priority. Then I will shift to paying down my credit card. The 0% balance transfer ends in July. If I cease spending on my credit cards and pay them off in 6 months, that would be $964.17 monthly. Perhaps this is attainable. If July through December is dedicated to funding my 2017 IRA, that is $916.67 a month in contributions.

My current gig is scheduled to last until mid-February, and we are supposed to continue with unlimited overtime until then. It is possible they will extend beyond February. We won’t know for some time. Our industry shifts rapidly. It is not uncommon to be told at 2 pm that your gig ends that day. Staying gainfully employed is helpful to achieving these goals.

The big goals are even grander and dependent upon finding a gig utilizing the skill I’ve been mastering. If I do that, I can double my pay for some gigs. If I do that, my goals can become enormous depending on how long a gig at that rate could last. These goals are too big for one year, but they are in my mind. Luring me.

2017 Stretch Goals for ZJ Thorne

  1. Get my Emergency Fund up to $5000-$10000 ($4691-$9691 to go).
  2. Save up a down-payment of $15000-$30000 ($14981-$29981 to go).
  3. Spend $5000 on my brokerage account.
  4. Pay off the smaller student loan in a fell-swoop $45000.

What are your goals for 2017?

Author: ZJ Thorne

Lesbian on the path to Financial Freedom

  • My fingers are crossed that you find a great gig this year!

    My goals are as-yet unformed – they have to come into being over this next week and weekend 🙂

    • Thank you! I’m so close!

      I hope you discover the goals you need for your best year.

  • Vicki@MakeSmarterDecisions

    Sounds like an ambitious plan ZJ! Keep up the great work and focus. Happy New Year!

  • Emily @ johnjanedoe

    Good luck with your goals! I’m focusing a lot on health-related goals…if i don’t change some habits it’s going to start affecting financial health as well. And, I’m focusing short term rather than year long…or at least setting a weekly to-do list.

    • Good luck with your health goals! That’s definitely where I had to focus in 2016.

  • Your goals look pretty reasonable to me. I like the idea of stretch goals – might have to incorporate that concept as we finalize ours for 2017.

    Awesome job paying down debt. I will say that it seems to pick up momentum as you pay down your balances. Best of luck for a wonderful, successful 2017 🙂

    • I hope they are as reasonable as they feel. It’s contingent on staying employed full-time, which can be hard as a person who does gigs.

      Thank you. It’s nice to be reminded that I am making progress. I hope you can make some stretch goals that feel good.

  • Amanda @ centsiblyrich

    I tend to set really lofty goals (to the point of unrealistic), but this year I tried to make them doable, as you have here. Having the stretch goals is great for when those more doable goals get met. Great work on the debt!

    • Good luck! Realism with a bit of optimism will hopefully lead to more success.

  • Mr. Groovy

    Hey, ZJ. Happy New Year! And best of luck with your goals. They’re quite ambitious. But you strike me as rather tenacious when you set your mind to something. I’m not much into resolutions either. I usually come up with food-related ones, and this year is no different. I want to go the whole year without using condiments–no ketchup, mustard, salad dressing, etc. A goofy goal, for sure. But I’m really trying to watch my sugar intake and condiments are loaded with sugar. Hope all is well on your end. Tootles.

    • That’s a fascinating goal. Could you make your own condiments and then be able to control the sugar amount? Mustard is so darn good.

  • Aggressive goals. I like it. Best of luck!