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Financial Goals of the Past Years

Photo by Glen Carrie on Unsplash

I have made it a habit to journal the financial goals for our family at the beginning of the year. As a reminder of what we strive for financially in the year, and to keep myself accountable. Here the goals set since 2013:

Goals for 2013

  • pay-in max amount to 3a pillar ✔️
  • pay off loan ✔️ (my father had loaned me some money
  • close UBS account ✔️ (UBS is an expensive full-service bank – no thank you)
  • close USBank account ✔️ (I still had a US account from when I was a student – no need)
  • pay remaining taxes ✔️ (failed to properly budget for taxes, so had to pay them in tranches)
  • pay into pension account ✔️ (paid 4000 CHF into Pensionskasse)

Goals for 2014

  • pay-in max amount to 3a pillar ✔️ (monthly 562 CHF)
  • add at least 500 CHF per month to Investing Account to total at least 10’000 CHF by end of year ❌ (only managed to get to 8’000 CHF)
  • top-off Adoption/Emergency Fund to 5000 CHF ✔️
  • pre-pay taxes on monthly basis until April to get interest benefit ✔️
  • Budget for non-regular items ✔️
  • Buy into pension account ❌ (not done, because long-term benefit of investing are higher than temporary tax benefits.)

Goals for 2015

  • pay-in max amount to 3a pillar ✔️ (monthly 564 CHF)
  • add at least 200 CHF per month to Investing Account to add up to 16000 CHF ✔️
  • top-off Emergency Fund to 15000 CHF ✔️
  • Adoption Fund: Keep paying in 500 CHF per month until Adoption is final ✔️
  • pre-pay taxes on monthly basis until April to get interest benefit ✔️

Goals for 2016

  • pay-in max amount to 3a pillar ✔️ (monthly 564 CHF)
  • open new 3a Konto to allow staggering when retiring ✔️
  • add at least 500 CHF per month to brokerage account to total 16’000 CHF by end of year ✔️
  • keep Emergency Fund at 15000 ✔️
  • Adoption Fund Keep paying in 500 per month until Adoption is final ✔️
  • pre-pay taxes on monthly basis until April to get interest benefit ✔️
  • Switch strategy from dividend growth stocks to ETF index investments ✔️
    • Goal: 80% Stock / 20% Bond; re-balance quarterly ❌ (opted for 100% stock instead, since 3a pillar accounts were quite diversified)

Goals for 2017

  • pay-in max amount to 3a pillar ✔️ (monthly 564 CHF)
  • add at least 500 CHF per month to brokerage account to total 23’000 CHF by end of year ✔️
  • Close all individual stock holdings and fully switch to index ETF’s ❌ (held on to Deutsche Bank stock for too long, got greedy and hoped for a bounce back – did not happen)
  • Adoption Fund: keep paying in 500 per month until Adoption is final ✔️

Goals for 2018

2018 was a transition year, a lot of things changed for our family and personal finance sort of moved to the background.

  • we got to finalize the adoption of our daughter
  • bought a car in March (a VW Transporter Bus 😊)
  • bought a house in November
  • we moved to France
  • started homeschooling our 3 kids

My wife and I joke that in 2018 we made the three biggest expenses of our lives!

Adoption: ca. 30’000 CHF
Car: ca. 11’000 CHF
House: ca. 150’000 CHF downpayment

In financial terms 2018 was a setback, but personally and spiritually it was a year of extreme growth. We got to bring our daughter home, we got to move to our new home, and we finally bought car for our growing family (we were Mobility CarShare people before).

We are probably not going to have a year like 2018 anytime soon…

Do you set financial goals for the year for your family?

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