One of my goals this year is to increase my net worth to $50K. Since I have around $30K at the moment, let’s say for simplicity’s sake, I need to make an increase of $20K.
So, instead of wishing and hoping, I’ve come up with a plan.
I’ll be trying to make this $20K through saving alone, and if I’m lucky, growth through investing.
There are 8 months left in the year, so this means I’ll need to save $2,500 per month if I am going to do this entirely by saving. This is tricky. I’m already paying myself either through investments or emergency fund payments $1,550 per month, so this is about another $1,000 I need to save.
This might be a little steep for me, so I will do what I can, and hope I can make the rest up in market returns. However, the market is down right now, so this is possibly a long shot.
Here’s my budget and investment plan
My current 2022 budget (adjustments bolded)

My current 2022 saving/investment contribution plan

So this is the plan at the moment. As months progress, I’ll recalibrate as I need to and see where I might be saving some extra money month to month, or realize that I’m saving too aggressively for this to be sustainable. Flexibility is key!
This is my goal, so let’s wait and see what happens.
Happy saving,
Sovereign Squirrel