I’ve never been one to split my year into quarters but my work life has kind of done that for me. With a fresh month upon us (happy April!) I wanted to look back at the progress I’ve made this year so far.
It has been incredibly rewarding to make that huge jump to pay off debt and to make such progress fairly rapidly. It feels great to be credit card debt free and I’ve been busting my butt to line up more opportunities to tackle my student loans. I am balancing 7 babysitting families but my April calendar is still fairly open so I’m hoping that changes soon!
Part of reflecting is looking at what needs improvement and making goals. While I’m thrilled with my debt repayment, my savings situation could use a bit of a makeover. Currently I put $200 into savings each paycheck but as the amount increases, I find it easier and easier to dip into for random expenses and “I’ll pay myself back.” But that is an awful mindset to have and it’s gotten out of control. It is so easy for me to make huge debt payments, I never even think/tempt myself with how nice it would be to spend that money on something fun. As important as I know savings are, I have never been good at keeping my savings account strong. Something ALWAYS comes up, necessity or otherwise, and I too easily spend the money.
Being able to set aside money for savings is a relatively new concept for me since I’ve had such little income and terrible spending habits. I need a better mindset about sticking to a smaller budget and WANTING to keep that money in my savings. My financial goal for this next quarter is to put and KEEP $200/paycheck into savings with no exceptions. The more I do this, hopefully the more of a habit it becomes and the more my mindset can change.
For as much progress as I’ve made, there’s still a long way to go to be at financial peace! Any advice or motivation to build savings??