It’s important to set goals, but it is just as important to track the progress to the goals on a regular basis.
I have posted about our financial goals for 2020 at the beginning of the year and want to take a few minutes to see how we are doing so far.
- Add at least 20’000 CHF to ETF Index Portfolio with DEGIRO. That’s 1’666 CHF per month!
As of end of July we are well on our way to reach this goal. We have added 13’550 CHF to the Degiro brokerage account, which is an average of 1’935 CHF well above the targeted 1’666 CHF.
- Start Budgeting in 2020
We finally made it! This is a big one after years of half-baked attempts and procrastination to start with this, we have finally started to officially budget. We are still trying to find what our numbers will be on the long run. I hope to be able to report on our findings and lessons learned in the near future.
With Corona in full force, we had to make some adjustments to our purchasing habits. We usually get our groceries at Aldi Süd in Germany, but with the borders closed, we have had to buy expensive Swiss groceries! Our grocery expenses almost tripled from January to March!!!
- Check for better Credit Card solution for our family
We are using Revolut for our family spending. Revolut, which is technically not a credit but a debit card, is great! It allows us to carry balances in several currencies and to easily transfer from one to the other at fair exchange rates.
- Start looking into alternative investments (real-estate, peer to peer lending, other side-hustles)
This one is ongoing. We haven’t found anything suitable. I have looked at an apartment in Switzerland to buy and rent out. The financials didn’t add up.
This goal is not super urgent. We just want to keep our eyes and ears open.
- Tweak existing 3a Pillar account and shift to a more stock focussed investment strategy
This is done! The new stock-focussed strategy went into effect May 2020. See the corresponding post here.
- Keep Emergency Fund of 10’000 CHF
Overall we are doing good. Everything is on track.
Do you set financial goals for your family? How has Corona affected these goals?