Last week, I had reason to sit down and think about whether or not I was putting enough money away for my future goals.
Despite saving around 35% of my income (+ any extras), it turns out I'm not. I have so many things that I want to achieve with my money to build a better life for myself. I decided to write down exactly what these things were, when I wanted to do them, and how much they'd likely cost me.
It turns out that having goals is expensive. Who knew?
My biggest career goal requires another certificate on top of my degree. Even if the specific jobs don't require the certificate, it will give me a clear edge in my career and in the competition for some positions.
The certificate in question costs $7,500.00. There is also an associate certificate that I can take for $2,400. I'm not sure which one would be the most applicable to the career I'd like to pursue.
Because I'm so new to my career, this won't have to happen for another couple of years.
There are certainly a few huge trips I want to go on, one in the next year (Europe) and then one within a couple of years (South East Asia/India). We would love to go to Africa and South America as well, eventually.
To just look at the Europe trip, I think my individual costs for 3-4 weeks (which I think we'll be aiming for) will be around $3,500.
- We can likely get flights for around $1000.
- If we use AirBNB, we can likely get hotels for about $100/night (averaged) * 20 nights = $2,000 ($1000 for myself as the boy & I will share the cost)
- Food for around $1000
- Sightseeing for around $500
This is very much an estimate that we won't be able to finalize until it's a lot closer.
The boy and I have been together for five and a half years. We'll want to get married sooner rather than later. Weddings are expensive and I don't know how low cost we can keep it, but just as an idea:
- The venue we want will cost about $2,200
- Food at $20/person will be about $3,000
- Dress at $1,500
- Invitations, suits, bridesmaid dresses, shoes, decor, flowers, alcohol, etc
I don't have terrible teeth. My top teeth don't need braces at all, but I would like to have my bottom teeth straightened out at least a little.
My benefits say that they do cover it at least partially, but I have heard feedback from my colleagues that they rarely cover adult braces.
So I think I'm looking at about $2,500. I could be way overshooting this, because my bottom teeth aren't even bad and I doubt I'd need them on for over a year.
I'll have more information when I see my dentist next month.
Those are the short term things that I'll want to spend money on within the next 1-2 years. The grand total on these things is an estimated $21,500.
Luckily, the wedding will be a shared cost between the boy and I, and the braces and certificate might come in a lot cheaper, so I'm thinking a more realistic sum is about $17,000.
How's that for financial goals?
Do you have any outrageously expensive financial goals that you want to achieve within the next couple of years?