So, aside from the obvious reasons for getting rid of debt (financial stress, boosting credit score, etc.), why do I want to do this? Why now?
There’s no time like the present. I’ve always been a procrastinator. I still am, and I am very much aware of this part of my nature. Getting my finances in order and paying off my debts just can’t wait anymore. I’ve been putting it off and in doing so, making the situation worse. I know that I need to tackle this now, while it’s still manageable. I have not spent money on any of my credit cards in months, but that doesn’t make them go away.
I figured this was the perfect time to consider what my goals are (financially) for the future, both short and long term. Admittedly, I have a hard time considering the long term. Yep, someday I want to own a house. I want to set aside money for retirement. I want to travel. Maybe I’ll have kids? Save for the many child-related expenses. At this point I’m just throwing out random stuff. Who really knows what the future holds? Not this girl.
For now, I know I can focus on the short term. Even though I can picture my goals, nothing is set in stone (learning this the hard way with my car breaking down recently). My goals will always have to remain flexible, because life happens. My short term goals look kinda like this:
- Pay off consumer debts by April 2016
- Pay off Student debts by April 2017
- Purchase a new car
- Save an emergency fund of 6 months’ expenses
I know that I need to tackle these goals one at a time. In my head, I want to go for all of them at once, but in practice I know (from much experience) that trying to conquer them all would inevitably lead to failure. Knowing that there will undoubtedly be some more of life handing me new challenges in the coming years (because that’s just how life rolls), my overarching focus for financial goals is simply this: to make my financial situation work for me and to grow my net worth.
Do you have any financial goals? What’s your plan to achieve them?
Photo: Calivintage
From Shopaholic to Minimalist 