Hello everyone! I know it's a little early for me to be analyzing 2014, but I think it's close enough. 2015 is right around the corner and I want to have our 2015 financial goals thought about and an action plan created.
Overall 2014 was a great year. I don't think it could have been any better. The only thing that was bad was the amount of spending we did…
How was our spending in 2014?
2014 was an expensive year for us. I'm hoping that nothing in the future resembles 2014, as we definitely busted our budget. Probably our worst spending year ever!
We had some medical/dental things come up this year, and along with the our somewhat high monthly health insurance premium, we spent around $7,500 on medical-related expenses in 2014.
OUCH!
Definitely our most expensive health year EVER. We usually don't spend anything in this area, so this was somewhat of a shock to us. I'm hoping for a more affordable health year for 2015.
Another big expense for 2014 was our wedding. I received some flack for it since we had a $22,000 wedding. Yup, a personal finance blogger had an expensive wedding. It was a great wedding though and I don't regret it at all!
Lastly, we still need to work on our food spending. We still spend too much money at restaurants, too much on groceries, and we probably waste too much food as well.
P.S. Check out Holly's post Our 2014 Spending: How Did We Do? to see how another personal finance blogger did this year. I think she did much better than me when it came to spending!
How did the business do in 2014?
This was a great year for my business. 2014 was my first full year of full-time self-employment, and I don't think it could have been any better.
I'm bringing in a good income, I am managing a good work-life balance, and I have many plans for my business. You can find all of my income reports here if you are interested.
Our financial goals for 2015.
We have some big goals for 2015, and thinking about them kind of stresses me out.
The first goal is to sell our house. We want to put our home on the market in the spring time. We haven't really done too much research or started fixing anything yet, but it's something we need to start doing. We also need to contact a realtor. When's the best time to do that? Is now too early?
The second goal is to find somewhere to rent. Sometime in the spring months, we also want to find a place to rent. We want to rent before we buy because we will be in a whole new area and want to make sure that we like wherever we will be moving to. We've looked at many places in Colorado and we can already tell that it's going to be very hard to narrow down our list. This is a good problem to have though so I am not complaining 🙂
The third goal is to save money for a down payment for our next house. I'm still not exactly sure what our home budget will be or how much of a down payment we will need, so my main goal is to just save as much money as we can. I know that we will have to put down a large down payment since we are self-employed, and I know this number will most likely be extremely huge (for us).
How was 2014 for you overall? What are your financial goals for 2015?
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Petrish @ Debt Free Martini says
December 19, 2014 at 1:44 amMichelle good luck with your 2015 goals and plans. Thank you so much for the great information and motivation this year. Looking forward to following your journey.
Michelle S. says
December 19, 2014 at 10:32 amThank you! 🙂
Mrs. Maroon says
December 19, 2014 at 2:16 amSome ups and some downs for you this years. Our 2014 was exciting to say the least. First, it marked our new, life-altering view on personal finances. Then we thought we’d liven things up with new jobs in a new state requiring a new house. To top it all off, we added a new baby! Financially we did great and hope to increase our savings rate to 50%. I anticipate 2015 will be just as fun, though perhaps not quite as exciting 🙂
Michelle S. says
December 19, 2014 at 10:32 amWow 2014 was a busy year for you! Sounds like 2015 will be a tad more relaxed 🙂
Mrs. Frugalwoods says
December 19, 2014 at 6:10 amTotally makes sense that you spent a lot in 2014–you got married :)! We spent a ton the year we got married too, and don’t regret any of it. I’d say contact a realtor now if you’re planning to list in the spring, just to get the ball rolling. Spring listing pop up pretty early here, not sure about your market, but, probably can’t hurt to start investigating.
Michelle S. says
December 19, 2014 at 10:59 amYeah, I think we will try to find a realtor soon. Ah just the thought of that makes me cringe!
Amy says
December 19, 2014 at 7:03 amBy the numbers, 2014 was not a great year. However, it was the year I started blogging, the year my husband and I started working on our finances together, and the year I pulled my head completely out of the sand about our financial picture. I’m hopeful that 2015 will be much better by the numbers!
Michelle S. says
December 19, 2014 at 11:00 amI hope 2015 will be better 🙂 Sounds like it will!
Holly@ClubThrifty says
December 19, 2014 at 7:33 amThank you for the mention! Your wedding wasn’t cheap, BUT you paid in cash! Most people would charge it and worry about it later. I think you did great!
Michelle S. says
December 19, 2014 at 11:01 amThanks Holly!
Gretchen says
December 19, 2014 at 8:02 amThat’s so exciting that 2015 will be the year you can literally go anywhere, Michelle! I guess I didn’t realize it was coming so soon for you, but that’s awesome! Also, I don’t know the specifics of your mortgage and stuff like that, but it seems like the housing market isn’t doing so well – so with that in mind have you considered renting your house? You could go through a property manager and have very little day to day rental property thing to deal with.
Michelle S. says
December 19, 2014 at 11:03 amWe thought about renting our home, but we decided we would rather just sell it as quickly as we can.
Gina Horkey says
December 19, 2014 at 8:15 amWe spent more money in 2014 than I’d have liked too, but this was our first full year on one income. 2015 will be our first full year on my new freelance writer’s income! Our goals are to pay off our 2nd mortgage, save enough to buy a used RV in cash and take the trip of a lifetime in June with said RV:-) Good luck to us all!!
Michelle S. says
December 19, 2014 at 11:03 amGood luck with your goals! An RV trip sounds awesome!
No Nonsense Landlord says
December 19, 2014 at 8:56 amGreat job on being an entrepreneur! You are now able to do what you want, when you want and live the life of Reilly. Or work a lot and make a lot.
You control your own destiny, make sure you stay focused.
Michelle S. says
December 19, 2014 at 11:04 amThanks! 🙂
Jayleen says
December 20, 2014 at 11:06 amWe also had exorbitant healthcare costs this year and spent a good amount on landscaping. We didn’t reach many of our financial goals for 2014 but I plan to set more realistic goals for 2015!
Michelle S. says
December 20, 2014 at 11:55 amI hope 2015 is a great year for you Jayleen!
Kayla @ Femme Frugality says
December 19, 2014 at 10:21 am2014 was a good year for you guys overall. I wouldn’t worry too much about the wedding expenses, that’s something that won’t be repeated! 2014 wasn’t great for me (financially) but I’m looking forward to an amazing 2015!!
Michelle S. says
December 19, 2014 at 11:05 amI hope 2015 is much better for you Kayla!
Shannon @ Financially Blonde says
December 19, 2014 at 10:46 amI can imagine that health bill was a really tough pill to swallow! It’s crazy how much healthcare costs now. And I totally agree with your approach on renting before you buy. We did that when we moved back to New York from Florida. We had never lived in this part of NY and did not want to invest in an area that we didn’t love and didn’t know the ins and outs of first. It’s like dating before you get married. Good luck finding some place!
Michelle S. says
December 19, 2014 at 11:06 amYes, the healthcare costs for us were definitely hard to think about. I hope 2015 is nothing like this year.
Grayson @ Debt Roundup says
December 19, 2014 at 10:51 amCongrats on a great 2014 Michelle! I had a banner year and I’m excited to see where 2015 leads me! Best of luck selling the house.
Michelle S. says
December 19, 2014 at 11:06 amThanks Grayson!
Squirrelers says
December 19, 2014 at 11:09 amCongrats on having a great year! As for medical expenses, they always seem to be more than we expect (rarely less). Seems like a law of the universe 🙂
I think your idea of renting before buying when going to a new area is smart. It really takes some time to truly know an area and figure out what location will work for you.
Michelle S. says
December 19, 2014 at 11:12 amHaha, I definitely thought our medical expenses would be a lot less. We are used to paying $0 each year, so paying $7,500 definitely hurt!
Jessica says
December 19, 2014 at 12:14 pmEven with the increase spending it sounds like you had a great year. 2015 sounds like it will be very exciting as well.
I fully agree with your decision to sell the house rather than try to rent it with a property manager. We didn’t sell our house when we moved and it’s been hard finding good renters. Plus, you just don’t want to worry about it while you’re getting acclimated to your new city.
I think it would be a good idea to contact a realtor sometime soon, even if you’re not ready to list yet. That way you can find someone you trust, and s/he can also give you some tips for increasing the likelihood of selling your place.
Michelle S. says
December 19, 2014 at 1:26 pmYeah, I don’t think our house would be good for a rental situation. We do want to get into the rental business, but I’d rather do it with something like a duplex, condo, or something similar to that.
Emily @ Simple Cheap Mom says
December 19, 2014 at 1:04 pm2014 was pretty boring for us, which is actually a good thing.
Sounds like your money was well spent! Good luck with the move. I’ve never sold with a realtor before, but I think if you contact them now, they might be able to guide you a bit on what you should actually be fixing and what can stay meh.
Michelle S. says
December 19, 2014 at 1:26 pmYeah, I think we will be contacting a realtor soon. Crazy how quick everything seems to be happening now.
Jason B says
December 19, 2014 at 3:08 pmMy year was full of ups and downs. I know next year one of my main financial goals is to have my WF student loan paid off.
Michelle S. says
December 19, 2014 at 6:57 pmGood luck! 🙂
Anurag Kumar says
December 19, 2014 at 3:19 pmHello Michelle, I found your blog name listed everywhere in highest earning blogs. Because you are doing what I am wishing to do. Your blog is really good. For me 2014 was not that great. It was all like there was nothing good and nothing bad. It is about to pass. Let’s hope 2015 would be great. Wish you Merry Christmas in advanced. Hope your 2015 would be far better than 2014. And happy married life.
Michelle S. says
December 19, 2014 at 6:58 pmThanks! Hope you continue reading 🙂
I also hope that 2015 is a great year for you.
James says
December 19, 2014 at 5:41 pmYour wedding expenditure makes sense in the context of your earnings and savings. I mean, it’s not like it’s going to be a common expense, and you budgeted nicely I’m sure!
Michelle S. says
December 19, 2014 at 6:58 pmThanks James! 🙂
Victoria Virgo says
December 20, 2014 at 5:16 amCongrats on a great 2014.
I think that the fact you have a PF blog and you budgeted for your wedding means you know exactly where your money went and you didn’t go into debt. Good for you.
Have a great 2015 🙂
Michelle S. says
December 20, 2014 at 11:52 amThanks 🙂 I hope you have a great 2015 as well.
Melissa @ Sunburnt Saver says
December 20, 2014 at 11:14 amYay! So you’ve definitely decided on Colorado then? I’m so excited! Colorado is beautiful, can’t wait to hear about your house-hunting adventure! No recommendations on the realtor thing – I’ve heard so many different things about ‘timing’ your house sale, but it seems like timing doesn’t really matter. Of course, unless it’s a bubble, but I don’t think we’re in that right now 🙂
Michelle S. says
December 20, 2014 at 11:54 amWe’ve decided on going to Colorado to rent first, and then we will decide if that’s where we want to buy 🙂
Allison says
December 21, 2014 at 8:46 amSo exciting for the move! Can’t wait to see where y’all end up. As for the wedding….I think in today’s climate that was a beautiful wedding, and you got great deals, so I don’t think it was too much. People spend crazy amounts of money on weddings. Who care about the people that gave you a hard time about the cost of your wedding. You worked it, you paid for it, and they need to calm down!
Michelle S. says
December 21, 2014 at 2:10 pmThank you Allison 🙂
Mark @ BareBudgetGuy says
December 21, 2014 at 6:44 pm2014 was our most expensive year so far as well. I have high hopes for 2015 though. Good luck to us all!
Michelle S. says
December 21, 2014 at 7:04 pmYes, good luck to all of us! 🙂
MyMoneyDesign says
December 22, 2014 at 8:23 amGood luck with selling your house.
Michelle S. says
December 22, 2014 at 11:18 amThanks!
Dominique C. says
December 22, 2014 at 12:57 pmHey Michelle,
Congrats on the great year! It sounds like 2015 will have some positive transitions for you and your husband. Renting a home / apartment before you buy one in CO sounds like a good plan, but I had a question for you – do you know what, if any, tax implications there are if you sell one home and do not immediately buy another? I am not an accountant, but I would guess that if you don’t buy within a certain time, your equity / profit from your current house is subject to capital gains tax. Just some food for thought! If you know about this, please let me know. Timing is everything 😉
Michelle S. says
December 22, 2014 at 1:33 pmI don’t think we will be making much from our home, and we may even be selling it for less than what we bought it for, so that’s not a problem we will have to deal with.
Newlyweds on a Budget says
December 22, 2014 at 1:22 pmyour business had a phenomenal year! Congrats!
Michelle S. says
December 22, 2014 at 1:33 pmThanks!
Izy Berry @ Wealth Way Online says
December 23, 2014 at 3:47 pmSounds like 2015 is going to be a pretty exciting year for you. Did you decide where you’re moving? I hope it’s Colorado as I wanna visit there one day and we could have a blogger meet-up! 🙂
Michelle S. says
December 28, 2014 at 10:00 amWe are thinking Colorado still 🙂
Katelyn @ Diaries of a Wandering Lobster says
December 23, 2014 at 7:55 pm2014 has been a good year for me! I paid off a lot of debt and my E-fund has grown! I’m looking forward to paying off more and saving more in 2015. And who cares how much you spent on your wedding! It’s your wedding and it sounded like you had an amazing time with your friends and family. You can’t put a price tag on that! Can’t wait to read about your Colorado adventures. Such a beautiful state. Happy Holidays! 🙂
Michelle S. says
December 28, 2014 at 10:02 amI hope you have a great 2015 Katelyn 🙂
Tre says
December 28, 2014 at 9:13 amOuch!! Those medical bills were expensive! But overall it sounds like a good year. I think renting is the best thing to do when moving to a new state. We bought when we first moved and regretted it. Can’t wait to hear how 2015 goes!
Michelle S. says
December 28, 2014 at 10:02 amThanks!
DNN says
January 23, 2019 at 5:21 pmthis is definitely something to look back and be proud of Michelle. You started your blog in 2011 in the worst time of your life swimming in times of personal debt. You did the transformation business work of inspiration or desperation by continuing the journey of entrepreneurship and creating “lots and lots of content,” and you stayed on track with your business ethics and long-term “side hustle millionaire” blogging goals. Thank you for showing me that consistency will help a person achieve more than side hustle millionaire status. Whatever you do my friend, keep going the extra mile and don’t change anything about yourself. 🙂