Home » Contest, Financial Planning

Janine’s 10 Year Financial Plan

4 February 2010 4 Comments

Today, I present an entry in the Financial Plan Writing Contest. Just a reminder that you can win $250 by participating.  Here are the brief guidelines, to read the full description of the contest, click the link above.

  • Answer the question: What is your financial plan for the next 10 years?
  • Be sure to to hit on things such as income, job security, budgeting, expense management, real estate, investing, retirement planning, etc. – the more detailed within specific areas the better!
  • Be sure to discuss how the economy might affect your plan – what if we fall into a double dip recession?  Or worse, a depression?  Or inflation?  What if you lose your job? What are you doing to prepare for any economic scenario?
  • Be specific about certain financial goals you might have
  • Include your age and your age-specific concerns & goals
  • A minimum of 500 words is required – again, more detail improves your chances of winning the contest!
  • Send your contest submission to kevin (at) 20smoney (dot) com with “Writing Contest” in the subject line

My financial plan for the next 10 years is a question I’m always asking myself. Being 25 years old I look at the last 5 years and see how much better off I am financially. I am a single mom of a 4 year old child and before I got my RN degree we were struggling. When I had a steady income I created a budget for myself. After all the apartment living, I was able to purchase my first home. Again, I rethought the budget. Now, I have a boyfriend. He is paying off his debt while I still maintain our budget. We do well. I am a big coupon clipper and use them wisely. I work night shift to accommodate my son and get a couple extra incentives.

In the future we have decided to pay for our own wedding. I would like to start a wedding fund within the next year for us to fund the wedding. I also contribute $422/mo to my ROTH IRA. My jobs, yes jobs, provide a good retirement, but I like to fund my own retirement. I have an age aggressive option. I also fund my sons college. I don’t give him as much to his account because as selfish as it sounds, I want to make sure i’m taken care of. He will be fine when he goes to college because there are loan options. And like me, he will have to pay for his education.

My big expenses with having a child is of course daycare. I pay $400/mo in that alone. I can see why couples choose to be stay at home moms or dads.

My financial goals for myself in 2010 are to fund my Roth to its max again, keep my 2 jobs and thrive at them by obtaining certificates and continuing to teach. I also will be funding my son’s kindergarten in full of $2000. For fun, I would like to take a vacation. Not sure where yet, but it’s on the list. We also have cut back on our grocery bill. Attempting to pay only $100/month for the 3 of us. I always cook meals which helps that a lot.

The next 10 years, I hope to be married (funding my own wedding), have another child or two (which means finish the basement which is a financial cost), and just enjoy my family without having to worry about money because we will have our budget to follow.

The recession hasn’t really affected me because I have started my financial life/journey when I was in my own recession. Struggling to give my son what he needed without child support, working 2 minimum wage jobs, and going to school. I am financially flourishing considering where I came from. Sometimes when I do wonder how were going to afford something, I think back to where I was. If I lost my job, I have another to fall back on. If I lost that, I have about $18,000 in an emergency fund. Luckily, with my career I wouldn’t have to worry too long because nursing has a shortage. If inflation became a bigger issue, budgeting would have to change. If a depression happened, we would definitely get rid of luxuries (cell phone, TV etc).

Advice I would give those in their 20s is budget budget budget!! Don’t spend more than you make. Be creative with things to do that doesn’t cost money. Think about your future, not just the moment in time. Get RID of credit cards. SAVE SAVE SAVE. Become computer savvy. Use websites and blogs to give you new goals and ideas for financial success. Oh and PLAN PLAN PLAN for the future and for now. If you need to finish your degree, go back to school, NOW, not in 10 more years.

Submitted By Janine


  • jackie said:

    very motivational!

  • crisis_daily said:

    I put money into a savings account that I only get interest on if I don't take money out, and being a savings account, it doesn't have a card, so it helps me not spend it.

  • Pornhub said:

    I really do appreciate this great information so much. This was really great and so much fun to read. Thanks

  • blogc2011 said:

    I really appreciate your post. It gives an outstanding idea that is very helpful for all the people on the web. Thanks for sharing this information and I'll love to read your next post too.
    Record Skype