Financial Update and Financial Tips
Once in a while, I like to update my readers on how I am doing.
I like to set goals for myself, including financial goals, and check in to make sure I am making progress.
I like to set monthly financial goals, yearly financial goals, and create a five-year plan. Many overestimate how much they can do in a month and underestimate how much they can do in five years. Yet, if you don’t plan anything, you are leaving your financial destiny to chance and hope is not a plan.
As many of you know, my husband and I were once in debt too. We have worked hard to pay down debt and raise our net worth. We continue to grow and build our accounts because we have financial discipline and we stuck to our plan. It was not always easy, but we managed to do a lot of fun stuff too. But hard work pays off and we are almost completely debt-free.
You see, I know the feeling of not having my finances totally under control and I’ve been there! Yet, since turning my financial situation around, I can truly see the life-changing benefits. I have freed myself of debt, money-stress, and worry about what will happen if there is an emergency. I have saved for retirement and put money away for my children’s college fund. Frugal living has helped me accomplish my financial goals. I have learned to live below my means to help me get ahead when I was in debt and times were tough.
My husband and I have paid off over $100,000 worth of student loans combined. (Yikes, that sounds like such a BIG number.) And if you are in debt, you can pay down your debt too.
How we Paid Down Our Debt
You may be asking how was I able to do this after quitting my job???? Yes, we are a one-income household.
It helps that my husband has a good job, but truth be told, I did most of these things before I met him when I was working as a teacher. We were able to afford to be a single-income family because we planned ahead and set ourselves up for this situation.
I really intended to go back to work after having my first child. I mean, I worked hard to get a Master’s degree and wanted to continue earning. But after being home for eight months and returning to work for three months, I changed my mind. I realized I would much rather be home with my baby boy! I totally support working moms too! Either choice is good, so do what’s right for you. Yet, I was working a tough schedule and missed my son like crazy, so I decided to leave my job of 13 years.
In my second year of teaching, I started my 403b, built up my savings, and even tried my hand at investing safely. I was also paying off my student loan at the time, and I started putting down more money than my minimum payment, which helped pay the loan off more quickly.
After getting married, my husband and I took additional securities to move ahead financially. We bought used cars and paid them off, and started to save for our children’s college fund. Things in 2021 are looking bright for us. (Except being stuck in a pandemic.) We are on the path to pay off our house by the end of April I am so excited because we will be totally debt-free at this point.
There are so many tips and tricks I learned along this journey, which is why I started this blog. I love helping others and wanted to share this knowledge with you.
I have to admit, we were late to start a will and trust, but we took care of that last week so we now have ALL of our bases covered.
If you are wondering how all of this is possible for you, I am here to tell you it is. I, nor my husband, grew up with money, and everything we have we have built ourselves.
Financial Tips Posts
And here are some posts to help you on your journey to become debt-free and build your savings. What better time than now to be financially free.
- New Year, New Budget
- Money Help When You Can’t Pay the Bills
- How to do a Financial Checkup
- What is Financial Discipline
- SMART Goal Setting – How to Stick With Your Goals
- How to be a Happier You in 2021
- Tips to Become Successful in Life
- How to Make Money Using Rakuten
- 7 Steps to Retire Rich and Early
As always, I hope at least one of these posts can help put you in a better financial situation in 2021, and if you are on your way or already there, congratulations. I celebrate you and the steps to better your financial future.
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I hope that things in the world start to turn around soon, like my finances.
Financial Update and Financial Tips Final Thoughts
If you are struggling financially, don’t worry. You can turn things around as we did. You can get ahead, but living below your means and budget your money better in the new year. Once you start, these financial tips will become financial habits and you will start saving money automatically. You can build your emergency fund, retirement fund, and hey, why not – a vacation fund! 2021 is your year too. You are one step away from changing your finances.
Do you have any financial goals for the new year? Leave me a comment. I would love to hear from you.