Financial Goals 2015

Back in November 2014, I have put into draft our financial goals for this year. With only few details scribbled in my notebook of how and when to accomplish those. They say that the best way to know that something has materialized is by having the black and white of it. I have known about this since then. But never have found the significance until last year.

I remember when I was in my first ever company, management used to request from us the production improvement plans for the year and I just let it slipped a lot. Mainly, I do not see it's importance. I do not see the relevance. Until I read blogs, forums, and books showing how useful it is in determining the percentage of accomplishments at some point in time. And yes, a goal not knowing the progress will continue to be a goal with nth time frame. And a dream will always just be a wishful thinking with no actions and endless time settings.

Of course, we do not want to look back in our lives regretting things that we should have done this by age 20, done that by age 32, made this by age 35 and so on.  Unfortunately, I belong to that, with no written and concrete plans, and just dreams of becoming wealthy someday (yes, someday, very vague), I think it contributed that I have not accomplished so much in my 10 years of working. During my first ever interview, I was asked of how I see myself in the next 5 years. I never thought that, that simple question can be of great essence until I got the chance to interview someone last month. And in myself, it was just not about the work that I should answer the question but, I should be able to answer it as well in terms of my personal life.

Last year was an eye opener for me. And a life changing year for a 33 year old me. Having a baby in 2013 has helped change my way of thinking. Given me another thought to considerably think of what and where am I in the next few years and what will happen if I am gone too early.

This year, our financial goals are the following and hoping to update this semi annual.

• Open BPI UITF (Philippines Index high dividend equity fund or Philippine Stock Index Fund(?)) - This quarter - Around February maybe once we received the income from the ride on traditional business. (We have initially inquired about these products last year but could hardly grasp the idea then mainly because we do not have the basic idea what is UITF. After learning few tidbits, we have decided to get one.) We will only add a few amount. Open a joint account. Inquire about the product and decide which.

• Open SB UITF (SB Peso Equity Fund) - Around 2nd quarter - We were contemplating for this since we actually have not yet inquired the services of Security Bank. But if it turns out to be good, then maybe we can save for the minimum 10,000 peso start up SB UITF.

• Complete the 52 week Challenge (20 increment in reverse though) - Not a joint account. It is only me who completed last year's challenge in reverse. Originally, it was intended for emergency fund, but by 2nd half of the year, I have decided that the money will be for our couple travel fund as a gift to ourselves on our 2nd anniversary. We will see if the money will actually go to that fund by April as we are undecided at the moment whether to go or not.

• Continue to build 12 month emergency fund (200k) - To date, 77.88% accomplished. 48.79% is currently in our joint time deposits. The rest in our auto-save up.

• Start a new Business (?) or Maybe find another source of income - We do not have any particulars for this. No concept yet.

• Top Up EIP - Around 3rd quarter. Initially, we have placed 20k last October and the contribution is only 1k per month cost averaging. That amount will cover 20 months but we have to ensure that the maintaining balance of the saving accounts is meet so as not to incur any below maintaining balance charges. Hopefully, we can add a small amount for this.

• Top Up MF - Monthly.  Hopefully, we can add a monthly little amount for this.

• Open Philequity Fund - Around 4th quarter. I have read good reviews for Philequity but I found a little hassle opening an account since our schedule rarely permits time to process papers. We will see.

• Continue paying for the 2 VULs - Just I mentioned in my very first blog, we have 2 VULs. So, year 2 of paying.

Looking forward of updating this by June.

Just sharing. :) Smile.