It’s 2017! And even crazier, we’re already a week and a half into January. It’s that time of year for new goals, new plans, new beginnings, and yup — new budgets. There’s no better time to prioritize (or reprioritize) your finances than now. Johnny and I have a few things we’d like to reprioritize this year, the first of which is OFB. We’re just as passionate and nerdy over personal finance as ever, but we haven’t had the time to write about it very much these past few months. 2016 was our first full year of self-employment, and running a small business was a round-the-clock job. Truth be told, it’s still a round-the-clock job. But we’re trying to put processes in place so that 2017 is a year of working smarter, not harder, so we can spend more time on some of our other passion projects, like OFB. But before we dive headfirst into our 2017 editorial calendar, here are the deets on a few of our 2017 New Year’s financial resolutions:
Stop renting, start buying: We’re hoping 2017 will be the year we become homeowners (fingers crossed!). We’ve been waiting a long time to pull the trigger on home buying, but since we’ve set up shop with our business in SLC, we feel like we can finally put down roots somewhere. We understand that house hunting is a process, and we’re in no rush to make a decision. If we can’t find a house that fits our needs, we’re planning to rent another year. Part of me wants to just keep renting because the idea of buying stresses me out!
Grow our business: We’re hoping 2017 will be another year of growth for our business. Growth means spending more money upfront, but we’re hoping it will also mean we’re able to save more money down the road. In a lot of ways, being self-employed is more stressful, and it’s definitely 100x more complicated. But there’s also more opportunity for growth. We have goals and plans, and only time will tell how it all pans out.
Invest: Johnny is hoping to spend more time this year making sure our money is invested appropriately. He geeks out over that stuff, so I just let him run with it. He spent hours one day over Christmas break switching my old 403b to an IRA. He’s also been trying to consolidate some of our banking accounts so we can track our spending as easily as possible. Having a business has really complicated our finances, so we’re doing whatever we can to keep our personal finances as simple and separate from our business as possible.
Save, save, save: As always, we’re hoping to save as much as possible. It’s harder to project our savings since our income isn’t as cut-and-dry anymore, but we’re hoping to spend as little as possible (aside from maybe buying a house!), save as much as possible, and focus on growing our business.
What are some of your financial resolutions for 2017, and how are you planning to make them happen? And what would you like to see on OFB this year?