Reader Poll – How Far Out Are You Planning?

I am not going to start this post with the words “Due to the recent economic downturn…

I am not going to start this post with the words “Due to the recent economic downturn…

I am not going to start this post with the words “Due to the recent economic downturn…

I have already written about my financial priorities and my annual goals – and now I think I’m ready to put together a comprehensive plan for the next decade (or two).  Thinking about the future, I couldn’t help buy wonder -

How Far Out Are You Planning?  Are you thinking about future, or are you just trying to get through the month?  I’d love for you to vote in the poll – and leave a comment, explaining your vote.

By the way, when I say “planning” – I mean – “thinking about, running the numbers”.  In other words, do you have a vision for the future and a real plan to get there?

Edit:  To clarify – If you are planning for 5 years out, then I’ll assume that you are ALSO planning for next month and next year.  What I’d like to know is, how far out do your plans go, at their maximum.  For the purposes of the poll, let’s assume that, if you are thinking long-term, you are also thinking short-term.

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{democracy:10}

Thanks so much for participating.

If you are viewing this via Email or RSS, you’ll need to click through to vote.


NCN

http://www.ncnblog.com

No Credit Needed is a personal finance blog about debt reduction, saving money, and simple living. Thank you for visiting the site and please consider subscribing to No Credit Needed by Email. Have a blessed day!

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14 thoughts on “Reader Poll – How Far Out Are You Planning?
  1. Ginkgo100

    I’m not sure how to answer this post. It’s either 1-3 months or 20+ years. My budget & immediate plans don’t go beyond a month or two, but it’s all with the long-term goal of being debt free so I can start saving for the future — the far future.

     
  2. Eric J. Nisall

    I would have loved to vote in the poll, but there is only one selection allowed. Personally, I am always planning: for the rest of today, tomorrow, next week, next month, a year from now, 5+ years down the road. I guess being an accountant has led me to be quite analytical and aware of all aspects. I hear people talk about worrying about retirement, others saying how they live for today and let the future unfold as it will. Personally I would like to have the best of both worlds: planning for the future (both the immediate and the long-term) while enjoying the present. I think it is important to have plans and goals for the present, intermediate, and long-term future since you never know what tomorrow will bring. If you only live for today, you might come up short down the road. If you only worry about the future but forget to enjoy the present, you may end up regretting missed opportunities or tragedy may strike preventing you from making it far enough into the future to enjoy the fruits of your planning and sacrifices. Of course the planning does take quite a bit of time, but if it means that I can successfully have it all (within reason), it is well worth it.

     
  3. Ashley @ Wide Open Wallet

    Assuming a reasonable worst case scenario (not a total worst case, just a normal worst case), we should fine through the end of May as far as bills and what not. We expect things to pick up at my husband’s job before that, so hopefully we can stretch our cushion fund out farther than May. We run our budget on a calendar year, so ideally it would last through December 09. But not without overtime it won’t.

    My goal every year is to be a stay at home mom for one more year. :) Hopefully we make it through 09.

     
  4. Miss M

    Is there an all of the above option? I have goals with various time frames, some for this year, some for the next few years and a few for retirement which is 20+ years away. These goals get constantly changed, revised and revisited and the current (not gonna say it) has definitely been an influence.

     
  5. Beth

    I’m with the other commenters… I need an “all of the above” category here. In my case, it’s my marital status (single) that makes it more difficult to plan rather than the economic crisis.

    For example, I’m planning for my own savings and retirement, but how can I account for the eventual arrival of a husband and kids? Should I be planning now for a wedding, or for my children’s educations? I’ve only got one income — not two — to work with here so some financial goals like buying a house are that much more difficult.

    I’d be very interested in ready more about long term planning for singles.

     
  6. Kacie

    I’m like many of the above commenters — I’m planning for the near term, mid-term and long-term.

    We plan a month at a time for our regular expenses, since my husband gets paid monthly and our bills generally are due once per month.

    We have a plan for where we want to be financially in a year’s time (debt free!) and how we’re going to try to tackle that.

    After that, we hope to start saving for a down payment on a house. We hope to move into a house in 3-5 years.

    Lastly, we’re always thinking about retirement and are making contributions to retirement accounts so we’re able to do that.

     
  7. NCN

    Hey, I want to thank all who have commented so far…

    Please note the edit to the post…

    Edit: To clarify – If you are planning for 5 years out, then I’ll assume that you are ALSO planning for next month and next year. What I’d like to know is, how far out do your plans go, at their maximum. For the purposes of the poll, let’s assume that, if you are thinking long-term, you are also thinking short-term.

    NCN

     
  8. John Hunter

    I plan for over 20 years out though those plans are fairly rough. Ok, something like 8-16% saving should be able to set me up to retire. I’ll try to save about 10% for that and check in every few years to see how things are looking…

     
  9. thisisbeth

    I picked the 20+ years. It’s at least 20 years until retirement age (but if I can retire before then…..I’ll jump at the chance!), but I’m still putting a decent portion of my salary into 401(k) and Roth 401(k). I could reach many of my shorter-term goals (buy a house in the next five years, etc.) if I would drop back my retirement contributions back to just the company match, but I’m not willing to do that.

     
  10. Susan

    We are in our early 40′s and we plan our finances out all the way through our death: retirement years, possible medical needs, insurance needs, housing (final home + nursing home, etc.), being a widow/widower (women are expected to live longer than men, gotta plan for that), funerals, wills/estates. Of course the plans are constantly evolving, but we find it very helpful to take the very long view.

     
  11. No Debt Plan

    Our primary planning revolves around the next 5 years. However, we are also saving for retirement regularly in IRAs. But I didn’t pick 20+ years out because we aren’t planning (right now) much between years 6-19 out from today.

     
  12. Matt @ SF

    I’m planning for 6 months and beyond. In this environment, I think it’s wise to have multiple plans just in case one plan fails. I raised enough cash to have a 6 month emergency fund when investment banks began failing, and any investments I make today are because I think they are extremely oversold or undervalued from historical lows.

     
  13. Nick

    Nice goals, I don’t really have any set in stone right now, I think that will come after I graduate and land a job for myself. Until then, I’m just trying to get by the best I can while limiting my debt and keeping my GPA up.