New Job – New Goals
New Job – New Goals
I started a new job this week working from home for a health insurance agency. I’m a firm believer of living within a budget and paying myself first, so my husband and I are going to look at my pay and adjust our budgeting to reflect the extra income. When we were young, we struggled with debt and financial planning, but have worked hard to become debt free by setting achievable goals. One approach that worked for us was paying off the smallest debt first and snowballing to our larger debts.
Because we are now free of consumer debt, increasing our savings and investments is where the money most likely will go. We ultimately hope to be able to use our savings and investments toward future travel — especially to visit my son who just started college in Idaho — and toward our mortgage to help pay off our house faster.
This is a picture of me at my new work-from-home office!
MilSpouse Money
Mission Response:
Congratulations on your new job, Jamie! It sounds like you have a great plan for your income and are on your way to achieving your financial goals. MilSpouses looking for employment assistance can check out MySECO and MyCAA for support.
Jamie’s tip brings up several great points we’d like to emphasize. First, your budget, also called a spending plan, should be adjusted as your life situation changes. Maybe you PCS, get a new job, your income goes up or down, you welcome a new child, or your child is now off on their own. These are just a few of the life events that will affect your spending plan. Make sure your spending plan fits your life now. Check out our worksheet and Create a Budget section for help getting started! Second, Jamie and her husband set SMART financial goals and so can you! Make goals that are Specific, Measurable, Attainable, Relevant and Time-bound. This applies to all financial goals, from paying off debt to saving for retirement. Lastly, Jamie’s strategy for paying off debt was to start by paying off the smallest debt first. This is a great strategy that helps you feel like you’re making progress faster. Another idea is to start with the highest interest debt which ultimately reduces the total amount of interest you pay. Both work – the key is to pick a strategy that works for you and stick with it!
