I’ve been reading a lot about Financial Independence (FI). Â As someone who is a daughter of an immigrant, who haveÂ had to utilize low income services, who is now “successful” as a upper middle class worker…my perception/views on money is all over the place. Â I struggle at time various times to give myself permission to spend on things myself. Â Usually I spend money on my son or other things that are necessary. Â Since my divorce I’ve been working on figuring out what my goals and priorities are in regards to money. Â I stumbled across YNAB and have started to use it to better budget and prioritize my goals.
Currently, my goals are to:
- No more debt. Â The only debt I should take on is a mortgage. Â For the past year, I’ve been paying off my credit card balance in full each month.
- Pay off existing debts. Â Currently, I have 2 school loans (undergrad and grad) and a car loan.
- Build up emergency fund. Â I am now back at zero. Â I had to use my emergency fund to handle some unforeseen expenses.
- Save money for a downpayment on a house. Â My parents have offered to help me with a downpayment. Â I am motivated to move because IÂ am still renting the same place that my ex-husband and I have stayed. Â I need a fresh start.
- Save for retirement. I have yet to max out my contributions. Â Hopefully this will change soon.
Even though,Â I am what one would consider upper middle class, Â I am a single parent, who pays all my taxes minus your typical deductions. Â I wish I started being more serious about money after I graduated from college. Well, scratch that… not serious…I wish I knew what I know now, back then. Â I might have been better off.