RICHMOND, Va. (WWBT) - It can’t always be about saving money and paying off debt. Right? You need to feel like you are working toward a goal! We all need a little motivation.
Cherry Dale, a Financial Coach with the Virginia Credit Union, says it’s actually helpful to have something to look forward to while working hard to clear our debts.
“If you’re just paying off debt it’s not going to be as motivating as if you have another little pocket somewhere like ‘oh we’re going on this vacation.’ So, yeah I’m saving, yeah I’m paying off debt but I’m also saving for this vacation I’m going on,” Dale said.
Save for that vacation, home improvement project or whatever it is that will make you happy.
Dale says it’s why looking at goals as percentages is helpful.
30% of the extra money goes toward debt, 10% toward savings and maybe another 10% toward your fun goal.
It’s easier to get there if you can see light at the end of the tunnel and even treat yourself or your family.
Copyright 2021 WWBT. All rights reserved.