Have you set a large financial goal? Whether it's buying a house, traveling abroad, saving for retirement, or paying off debt, you have to start small.
Every little step makes a difference. Start TODAY to reach your financial goals.
As you may know from reading MoneywiseMoms over the past few years, we went through a lot of ups and downs during the years where we paid off $87,000 in debt. Our next big financial goal is savings–having a large emergency fund on hand and saving up for retirement–but the same small steps apply.
Here are the small steps we've used for our success. They'll work whether you're paying debt, saving up for a big purchase or trip, or saving for your future (like us!).
Pay Yourself First
With each paycheck, pay debt (or savings) first, then live off the rest. This shows your commitment to reaching your goal. After years of setting financial goals and “saying” we were going to tackle our debt, this one change made the most difference for my husband and me. Once we had the money automatically paying out, we had forward momentum. Now that our debt is paid off, we're paying ourselves first by contributing to an emergency fund and retirement savings before living expenses.
Use a Monthly Budget
Rather than dread a written monthly budget, use it as the tool it is to help you achieve your monthly financial goals. Give every dollar a home: What’s it for? How will it be used? For us, “extra” money always seemed to disappear. By knowing our spending categories and where the rest of the money is going (debt payoff, saving up for a vacation, etc.), we stay on track.
Budget for Fun
Give yourself (and your spouse) some fun money each month. When it’s part of the budget, you can have the occasional splurge without feeling deprived. We allow small amounts of money for entertainment, outings, and personal money (which means spend it on whatever you want and the other spouse can't complain). Allowing these splurges makes sticking to the rest of the budget do-able and keeps your motivation up.
Be Your Possible
I'm participating in the launch of Barclaycard US’s Be Your Possible initiative to help women improve their financial literacy. Nothing should get in the way of your goals, whether they're family finance, owning your own business or giving to charity. Get inspired at Barclaycardus.com/
Be Your Possible is a mission, a movement and a place to go to find the inspiration, support and knowledge women need to improve their financial understanding and reach their personal financial goals — whether that be career advancement, starting a business, learning more about investing or being smarter about day-to-day financial and credit decisions.
Head over to Facebook to share your goals and how you plan to achieve them. for a chance to win $10,000. You'll find me there–click on “Get Inspired” and then “Your Money Smarts.” I want to help you reach your financial goals!
Disclosure: This is a sponsored post on behalf of BarclayCard US. I received compensation for this post, however all opinions stated are my own.