Why do you make financial goals? It seems everyone these days has a goal that includes money. Save more. Make more. Give more. Spend less. Work less. Worry less. Goals drive you to make real changes in how you live and how you think about something. Our story is no different.
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Growing up, I was always intrigued by saving money. I didn’t spend my birthday or Christmas money on just anything. I would always look for the best deal. Once I started babysitting, I was careful to first tithe, then save and lastly allow some money for spending. It’s probably how I got to where I am today. The word frugal is a perfect description of my lifestyle. I find great pleasure in cutting our expenses in order to meet our financial goals.
When we built our house three years ago, I thought I had a good handle on our income and spending. So much has changed in that short time. We went from a family of 5 to a family of 6. We also decided that I should stay at home with our children instead of working, which means we lost an income. The combination of these two things made our goal seem unattainable, but where there is a goal & a plan, there is a way.
Our Goal
We moved into our house in 2016. After less than a year of clearing land, following blueprints, and deciding on paint colors, we were so excited to settle into our new place! But, the weight of the debt we had accrued was something I wanted to get rid of as soon as possible! We had borrowed money from my generous parents and all I could think about was paying them back. Even though we had been extremely careful with our spending during the building process, it added up quickly. My husband and I set a goal to have the house paid off completely in four short years. In other words, we would be using my income each month to put toward the house for the next four years. His income would be used for our other expenses and further house projects (because of course, it wasn’t 100% complete when we moved in).
Our Plan
Our goal seemed lofty, yet we knew it was possible. We also knew that having zero debt by age 35 would be quite helpful in the long run. So, we made a plan. We found as many ways to cut back as possible. We took our income and created a budget that allowed us to control where our money went. We were careful to stick with it and when we were tempted to veer off, it helped to remind ourselves why we were being so frugal. As I mentioned before, that was the 2 income and 5 kids plan. What happened when life changed? Our plan changed. Notice I didn’t say our goal changed. We still had the four-year debt free goal. The only thing that changed is HOW we would reach it.
Our Plan B
If you think you can’t cut back any more than you already have- reevaluate. We don’t deprive ourselves of necessities, we just had to rethink what was truly necessary. As Americans, we often have a difficult time deciding what is a need and what is merely a want. There will be multiple things I want, but what do I want most? I can’t have it all, so I will be careful to remind myself of my values and my goal. I want to pay off this house and be debt free! The other wants will have to wait. It is possible to live deeply satisfying lives and be fugal.
If we didn’t have a plan, our goal would not become our reality. Goals don’t just happen. We have to work really hard to see them to completion! But, have you ever set a goal and, once it was finished, looked back and been amazed at the progress you made? It could be anything from fitness to or completing your college education. The same is true with financial goals. If I take a moment every 6 months to look at how much we have paid off or the amount of expenses we have cut, it motivates me to stick with the plan for a little while longer!
Where We Are Today
It has been three years since we made that goal. Three years of following our plan, saying no to some “wants”, and even reminding ourselves why we created this goal in the first place. Do you want to know what has happened in that short time? We have paid off almost 75% of our brand new home! It hasn’t always been easy, but the end result of having ZERO debt and being able to use our home and extra money to serve the Lord will be amazing!
I know that if we hadn’t created this goal, it would have been easy to use those dollars for other interests and desires. This goal has kept us on track. Even though our plan has changed, God has been faithful in showing us how to wisely use what He provides to chip away at this debt.
Your Goal
Obviously, your financial goal may be different than mine. But it starts with determining that goal and making a plan. Do you want to be a one income family, with the freedom to raise your precious children? Do you have debt that needs to disappear? If we can do it, you can too! Have you created and stuck with a budget? Start planning how to achieve your goal today! Or, if you have a goal and it seems out of reach, its time to change your plan.
I am on this journey with you! You can achieve your financial goals. It will require consistency and frugality. Yet, when you start to see results, it makes it all worthwhile. So, set a goal, make a plan, roll up your sleeves, stay focused, and complete those goals! It also helps to share your goals with someone who can keep you accountable. What are some of your goals & how do you plan to accomplish them?
Seeking Wisdom,
