How do you spend your money to further your SS goals?

[enjoy the ride]

It occurs to me that I simply spend money as it becomes available without much of a plan. I like to think that I buy usefull and neccessary things but I don't think that I am as directed as I should be.

Do you have a "five year plan" so to speak? How to decide what to do and how?

 

[Dace]

Money is often tight, so I ahve not made much headway towards my goals.

I like the 5 yr plan, but for us money is always a factor....feast or famine, makes it hard to plan well.

 

[hwillm1977]

In an ideal world this would be our plan, but unfortunately things don't alway turn out good... so it will probably end up extending to a ten year plan

We attempt to have a five year plan, but we really need to fill in the specifics:

Year 1 (2010)

- Insulate current house, fix up main part and replace all windows and doors. (current house is paid off this year)

- Build greenhouse, install more raised beds, build a chicken coop

- Purchase 117 acres of rural land just outside the city I work in, it's closer to family and puts me 50

Year 2 (2011)

- Tear old addition (that is sinking) off current house, build new larger addition with great room and another bedroom on second floor.

- Build road into location for new house on big plot of land

Year 3 (2012)

- Have power run into new land, well dug, slab foundation poured, and septic installed

Year 4 (2013)

- sell current house, live in camper for the summer while we build our new house (mostly off-grid, but power hook-up for back up)

- also build barn and coop for livestock and chickens, clear out 2-10 acres for pasture

Year 5 (2014)

- clear another 10 acres for growing bio-diesel for farm equipment and feed for livestock.

- stock the barns and coop with livestock, and begin our self-sufficient life

 

[ohiofarmgirl]

wow hwillm1977!! great planning!!

i'm more about planning quarterly in detail. but overall we had a general year by year plan with year 3 hitting our full speed.

 

[Up-the-Creek]

5 year plan?? I guess we have one, but it is more a 10 year plan. Everything is slow moving, especially when the money is tight. Also I don't like making lists and "planning" persay,...things look good on paper, but when you have to do it,..sometimes you just get yourself into more than you can handle. We take our time and do what we can accomplish of what we want to do,..You have to have reasonable goals but you also have to enjoy life. That is what life is for right?? It's no fun if you don't enjoy it!

 

[enjoy the ride]

I have a few bigger things I want to do this year-
1)re-do one goatshed so it is larger, more functional and does't look like a reject from a Ma and Pa Kettle movie.
2) Build covered shed-ish thing along fence to cover wood from rain.
3) Build ramp from hayshed porch to ground so as to not have to take feed,etc up stairs.
4) try to really get herb garden started in front
5) add a couple of raised beds to front yard for veggies
6) Build ramp in garage so that I can wheel up pellet sacks rather than haul them up stairs.

My goal is to get things physically easier so I can stay independent as long as possible.

The main cost will be lumber and asphalt shingles. I may have to hire some help for building- I'll see how I feel.

My first step is to do a drawing and figure lumber needed.

Dace- money not needed- education is a goal too.

 

[valmom]

I try not to set time line goals like a 5 year plan because then I am disappointed when it turns into a 10 year plan (like the current one). What I like instead is to sit down at the beginning of each year - I need to do this soon- and make 3 columns on a page. First one is things I want this year for under $100. This would be soap molds, knitting stuff, a fleece, more chickens, etc. Second column is $100 -$500. In the past it has been a lawnmower, fencing, insulated curtains all around, good space heater, insulated garage doors. The third is my pie in the sky wish list for over $500. These things stay on the list for years. Like new double paned windows, new outside doors that someone ELSE puts in(! it is always harder than it looks!), this year it was a mandatory new well, 2 years ago it was a snowplow.

The third column is where you do your long term planning.

 

[2dream]

My plan is annual mostly. But I work on it from month to month.

Example - I sat down today and figured out what months we get extra checks. For DH paid every 2 weeks 2x's a year he gets a 3rd check. For me paid weekly it happens 4 times a year. Due to poor planning this year unfortunately he got one of his on January 2nd. So that only leaves me one more for him. Those checks are designated for savings normally.

My next 3 months are planned out as for as seed planting and transplanting outside (with room for unusual weather).

I do have a 3 year plan to pay off the property we purchsed 2 years ago. Having to start over on that one. Making it a 4 year plan. (Amazing what 1 year of not planning properly plus major medical bills can do to all your planning).

My goals for this year are to move one chicken coop closer to the other chickens. Add a smaller chicken coop for broodies and babies. Revamp an old dog pen to house a couple of goats and restock my rabbits with all meat rabbits. Building a pantry in an unused space. (This one should happen by the end of February).
Build another raised bed and build an herb garden. (This one was on for last year but went by the wayside when I decided to use pots instead).
Fence in the backside of our property.

 

[me&thegals]

Great ideas, everyone! I feel like a slacker for not having a plan. We have our home and land, so the plan is to always make enough money to cover mortgage, land payment and taxes. Fortunately, only one of those payments will go up over time.

As for *extra money*, when that happens it gets dumped in savings, kids' college plan or Roth IRA. We might spend a small chunk on a nice but definitely nonluxurious vacation. Sometimes it must be spent on a new appliance or unforeseen car repair.

This year or in the next couple, I foresee a new car. Maybe not *new*, but new to us anyway, so we're definitely putting more in our savings account to try to keep extra money readily accessible for when it finally bites the dust.

Otherwise, I like spending $ on hobbies that eventually pay for themselves. I'm thrilled to have just now started selling lip balm, over 15 this week alone! So, that will start paying for the expenses. The soap is also just now selling, but only $7 so far. If people love it, it will pay for itself.

The CSA business will need some money directed at it for more fence posts for tomato supports, some sort of trellising for the cukes and possibly a boatload of black plastic to get better weed control in the melons and squashes. The fenceposts will last a long, long time; the black plastic hopefully 2+ years.

 

[FarmerChick]

money to spend regarding furthering my Ss goals?

hmmm.....I have all I need truly for farming and that type of situation. I will not spend more there if I can help it other than general maintenance on barns, tractors, etc.

One thing I am getting is a solar panel for the hot water heater. Price about $800. probably take 20 years to pay it off...HAHA...but I always wanted it so I will do it.

Can not afford whole house solar...ain't happening.

For me I am not spending any more money to get more SS. I have SS all I can do at this point truly.

Being closer to 50 now I am banking money for retirement trips, vacations, Nicole's college (which we will hit about the same time..lol)

So spend less in the future for me. Save for retirement/college situation.