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Maintaining the Balance Between Short-Term and Long-Term Financial Goals

November 6, 2024 Keeping up with my financial goals takes time, discipline and ongoing commitment. Here’s how I am building my path toward a more secure financial future:
  1. I am sticking to my budget. It helps me to track my income, expenses and savings so
    that I stay within my means. I am setting clear limits on discretionary spending and
    allocating funds for my savings and investments. Now I can take control of my finances.
  2. I am paying down my debt. Reducing and eventually eliminating all my debt will free up
    my income, and it will allow me to save more money. I started paying off the smallest
    debts first to build momentum. Then, I paid down high-interest debt, saving money on
    interest.
  3. I am building a solid emergency fund. I want to be able to use these funds to support
    any crisis, to pay for medical expenses or to simply be able to have some peace of mind
    and protect myself.
  4. I am diversifying my income sources. I am increasing my earning potential, so I can
    save more and build financial resilience in case one income source is disrupted.
  5. I am planning to strengthen my retirement funds. I am making plans for my
    retirement. I need to decide where I am going and what kind of life I would like to enjoy. I
    am exploring my options and getting professional advice, so I know which plan is good
    for me, like a 401(k), an IRA or both.
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