Hey all! This past week I’ve been doing a lot of thinking about how I want to go about accomplishing the goals that I’ve outlined for myself this summer. I know that I definitely want to be successful in both rebuilding my savings account and starting to pay off my student loans, but I also know that these are big tasks to accomplish. I also know that I have a tendency sometimes to take on more than I can handle. Therefore, I didn’t want to set money goals so high that I would end up feeling more stressed out instead of relieved about my finances. Also, if you know me you know that I haven’t always been the best at putting money away for saving (I’m a little bit of a shopaholic!), which will make both of these tasks a little bit more of an adventure.
Keeping all of this in mind, I think that I came up with two pretty manageable ways for myself to accomplish both of my goals this summer.
- To start rebuilding my savings, I want to add just $25.00 a week to my account. $25.00 might not seem like a lot, but that adds up to $100.00 per month, and over $1000.00 by the time that I graduate next May. And I’ve already started the summer off strong with adding that $25.00 to my savings account today (go me!).
- To start getting a handle on my student loans, I decided to make the goal of paying off just $100.00 a month. Again, that seems like a rather small amount when you look at the overall amount that I owe, but small payments do and will eventually add up! To be honest, I am a little worried about accomplishing this one, so we’ll see how it goes!
I can tell you all that I can already breathe a little easier knowing that I have goals and a plan outlined to help set myself up for success. My question for you all, then, is this: What are your finance goals for the summer? I think the most important thing to keep in mind when creating goals is that small goals are okay, especially while you’re still a student. Become familiar with your situation, figure out a plan that could work for you, and go from there.
Best of luck and enjoy the weekend, everyone!