Happy New Year!
After many years of unfeasible goals and resolutions for the New Year, this year I have decided to learn more about personal finances. Maybe I feel the need to save money because academia feels more and more like a gamble, or because I haven’t given up on getting a driving license and then a car, or because keeping my finances in shape seems like a much more attainable goal than keeping my body in shape. Whatever the reason, as much as I love spending my salary on Camper shoes and Garofalo pasta it seems silly not to save some of it.
Personal finances is one of those things people seem to know about, but I never really learned about. Something like using a drill or painting a wall, I must have been distracted or on sick leave when everybody was learning about that stuff.
I’ve been reading a couple of books and blogs, but here comes the fun part: most of what I have been reading about is Canada- or US-based (see http://www.savespendsplurge.com/ ), and the German blogs and magazines are rather incomprehensible. If you liked work-contract German you’ll love personal finances German!
But as I read in a book “Do you need to be the Iron Chef to cook a drilled-cheese sandwich? No, and once you make your first meal, it’ll be easier to cook the next most complicated thing”. So let’s start small.
What I have done in 2015:
- cleared my credit card debt and started paying my monthly debt in full at the end of the month
- started saving 10% of my income
- tracked my expenses
- got a household insurance and a travel insurance
What I want to do in 2016:
- get a liability insurance
- start a budget and stick to it
- start saving 20% of my income
- spend less on Camper shoes and Garofalo pasta and all related online deals (I probably don’t really need to buy anything in 2016)
- keep tracking my expenses
- build an emergency fund to cover 6 months of my living expenses
- start saving for a car
- get informed about my credit score / credit report
- find a sensible place to put my savings
- learn about investing money
I have started this week by reading some more about investing (I know nothing about it) and by getting the liability insurance.
Where did you guys learn about personal finances? Did you also learn about drilling holes, painting walls and maybe also about using a can opener without making a mess?