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2021 – Financial Goal #1


I have spent a great deal of time over the last couple of months thinking about this new year. Planning my financial goals, working on a new budget and formulating a 5 year plan to tighten things up. The biggest criticism was me being all over the place. And you are right.

I do best with bite size pieces.

So I will tackle one financial goals one at a time this year…beginning this month.

2021 Goal #1 – Small Student Loan

I held off paying off my student loan until I get started in my new job this month. As soon as my pay comes in, I will make the final payment on the smaller of my two student loans.

This is a great way for me to start as I don’t know exactly what my take home pay is going to look like. Since we live on last month’s income, I won’t need to touch my new pay until February and it will give me this month to revise my budget once I see it.

I can then layout the rest of my goals for the year.

Paycheck Deductions

It’s really going to be different having a regular paycheck. On Monday, I will set up my automatic and pre-tax deductions. These elections will determine my take home pay. I have decided to start with:

  • High deductible health plan – $250 per paycheck
  • HSA – $250 per paycheck ($6000/24 pay periods, company contributes $1,200 which combined will max out the contribution for the year)
  • Dental – $27 per paycheck
  • Vision – $2.90 per paycheck
  • 7% to 401K

Still to be determined – additional life insurance, accident insurance, cancer insurance and critical illness insurance.

Debt Free 2021 Goals

Try these budget platforms this year for a debt free 2021. 

PlatformsFees and MinimumBest for
Personal CapitalFreeMonitoring wealth and spending
SimplifiFreeManage money everywhere
YNAB$84 a year or $11.99 a month (after a 34-day free trial), free for students for 12 months.Personal budget tracking



One Comment

  • Reply Angie |

    Great job. I think a singular goal can give you great focus and momentum to keep you going.

    Once you get your first paycheck, be sure to run it through a tax calculator to ensure they aren’t taking too much (or too little!) out of your paycheck. Depending upon the results of that, you can contact HR (or it might be on your companies HR website) to modify your W4 to either withhold more or less taxes on your paychecks. And don’t forget to pay quarterly taxes on your side income still!

So, what do you think ?