Join our participants as they reduce debt and increase savings with the help of Summit financial coaches.
Emily's Journey:
final days of project money
As I walk into the final days of Project Money, I’m taking a moment to reflect. Reflect on the progress I’ve made and how far I have come over the last seven months. Budgeting, saving and paying off debt is hard. There are a lot of distractions when you are trying to reach those goals.
Some things I’ve learned through Project Money:
- Give yourself 48 hours before you purchase that impulse buy. I usually ended up regretting anything I bought on the spot. If I really wanted it, I would revisit the purchase at the end of the month or after a couple days of thinking about it.
- Budgeting is key! It was so helpful to really understand what percentage of income I was actually spending on my bills and what dollar amount I had left to spend on entertainment, shopping and dining out.
- Check your interest rates on your loans. Summit Credit Union could help you refinance those high interest loans if you have any.
- If your budget allows, make more than the minimum payment on debt. It’s such a rewarding feeling to watch those loan numbers drop every month.
- Finally, readjust your budget every month. Budgeting is not a “set one time and coast” thing. It’s important to factor in any non-monthly expenses like haircuts, maybe you need to buy seasonal clothes, vet bills for your fur friends or maintenance on your car!
These are all things that I am definitely taking with me after Project Money. I’ve even started a projected full year budget for 2020. I’m ready to crush that debt and reach those financial goals for the new year!