Brittany is back to talk again about her Financial goals, and how sometimes thngs don’t go as planned-
A few weeks ago, I shared that I had started to set some financial goals for myself this year. One of those goals is that I am going to boost my financial stability. This is a very important and very daunting factor of adulting. Finances are a part of everyday life.
Of course the saying is Money can’t buy happiness, but financial stability can go a long ways to helping ease a lot of worries! So, how am I doing with my Financial Goals, and sticking to my plan?
So far, my plan hasn’t gone as planned.
When I decided to set this goal, I sat down and made up a plan. Not long after I had put my plan into place, it pretty much exploded.
As I shared before, my husband is employed full time. He brings in enough to support us and pay the bills. So I stay home with the kids.
However, as I also mentioned, I do some side work. My main side gig had to be temporarily put on hold. This caused my income to drop drastically. When that happened, I kind of put a kink in my efforts in a few areas of my plan. It hurt our income to bills ratio and our efforts to save.
Keep Moving Forward
Have you ever watched the movie Meet the Robinsons? I have at least a million times. The main theme in the movie is to “keep moving forward.”
No matter what happens…keep moving forward. No matter how bad it seems….keep moving forward. Even if you think you will fail….keep moving forward!
So that is what we did. Maybe we aren’t on course for the exact plan I came up with, but we are still making progress.
Our main area of focus is our credit scores. There are a couple different reasons for this, but I won’t go into them now.
I mentioned before that we applied for a secured credit card. Our scores weren’t good enough to qualify for a regular credit card, so we went this route. The card required a $200 deposit, which in turn gave us a $200 credit line. We have been using it for small purchases and paying on it multiple times through the month. We now also know when it reports so we make sure to keep our utilization low around that time.
By utilizing the credit smartly, and paying it off promptly, we are creating the type of credit history we want to have on our reports.
Another thing we did to help improve our credit score is we bought a new car! You read that right, we bought a car to improve our credit score.
We have always bought second hand from individuals as opposed to going through a dealership. It was just easier for us. Less hassle in our already stressful lives. This time we went to a dealership and subjected ourselves to all the car buying drama.
We were approved for a car loan and drove off the lot with a 2017 Chevy Malibu. The payments are a little higher than we were used to, and unfortunately our insurance went up (even though it’s a safer car), but it is going help both my husband and me grow our credit in the long run!
The journey to financial stability is going to be a long and hard one. I’m sure we are going to get knocked down many more times (that’s just our luck). But as long as we stay focused and keep trying, I think we will be just fine!!
The important thing is that not only did we set financial goals for ourselves, despite the setbacks, we’re sticking to the plan as much as we can.
What ways have you tried to improve your credit? I have a few more ideas I’ll share with you shortly.