Economic educators, enthusiasts, and supporters alike – Happy New Year! 2019 was arduous, exciting, and often exhausting as the ebb and flow of these feelings left many emotionally, mentally, and physically scarred. Thus, whether the year was equal parts traumatizing and triumphant, there is a consensus: we are ready to embark on all-things new. As the celebrations continue, I want us to take a moment to be intentional about our 2020 academic, financial, personal, and professional goals. As such, these goals should be crafted and executed with care. In examining the crafting and execution of goals further, I want to share mine. Thanks to Experian for providing the blueprint and foundation that will serve as the path to achieving fiscal success in 2020. Below you will find my 2020 financial goals:
Q1: What are your financial goals for 2020? WW: To continue making a sizable dent in my graduate student loan debt; to save two to three times harder than I did this year (2019); to shed all of the financial baggage from 2019l and to utilize all professional raises responsibly. Q2: What is your favorite app/software to help you create a budget? WW: For individuals without internet access or access to smartphones, manually tracking expenses will be ideal. For individuals with access to high speed technology, apps such as Mint and PocketGuard are the go-to choices. Likewise, NerdWallet provides interested parties with free budgeting worksheets. Q3: What are some ways to start getting into a frugal financial habit? WW: Create a realistic plan. As such, whether your plan includes saving $5 weekly, or utilizing rideshare (Lyft, Uber, etc.) services bi-weekly or three times a month, your plan should not only be tangible, but allows room for change (especially should you fall off course). Q4: How is monitoring your physical health helpful in maintaining your financial health? WW: It is no secret that economics and healthcare are intertwined. It is also no secret that healthcare is an expensive business often leaving many in massive debt. Even those with adequate healthcare insurance are not exempt from exorbitant costs and fees; therefore, it is crucial that individuals maintain their health so as to eliminate the need for ongoing care and spiraling into further debt. Q5: What are some financial mistakes you made this year (2019) that you'd like to change to perform better next year? WW: I was not as diligent about budgeting as a I should have. I teetered between automatically saving 5-10% from each paycheck to manually saving less than 5% when I could. As a result, this financial inconsistency proved to be ineffective. Likewise, with financial raises came the propensity to overspend. Thus, I had many moments of buyer’s remorse, which I look to decrease in 2020. Q6: What's your favorite personal finance podcast/Instagram account/blog/book, etc. to increase your personal finance expertise? WW: My favorite personal finance blog is Wealth With Whitney and my favorite accounts are @CouncilEcondEd, @ElyssaJK, @FinLit_Dating, @MyFabFinance, @peerlessmoney, and @scribesays. Q7: What are some ways to get out of debt faster? WW: If you can, please pay more than the minimum balance. Even if your payments are automated, you can adjust monthly payments to reflect a higher amount. Q8: What are some ways to help you start investing? WW: The first place to start is your retirement plan. If you are fortunate enough to have employee matching, utilize this to your financial advantage. As such, set your percentage between 3 and 5%. Q9: What are some steps you can take to start on the path to good credit? WW: Continue paying monthly credit card statements on time; continue paying student loans on time. If you cannot repay your loans, please contact your loan provider to discuss alternative repayment plans or possible deferment. Q10: Any tips to improve your finances in the new year? WW: Be intentional and serious about your short – and long-term financial goals. Finances are complex and the work to maintain financial stability is exhaustive but worth it when done correctly and when provided with adequate access and resources.
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