Ready to Fast Track Your Financial Goals? 3 strategies to fund your dreams faster and live life on your terms.
Want to achieve your money goals faster?
Here are 3 powerful strategies to accelerate your progress
Want to achieve your financial dreams faster—whether it's paying off credit card debt, funding retirement, or having the money to travel and live life on your terms?
To get there, the numbers have to add up. Achieving any significant financial goal comes down to basic math: you either have to spend less, earn more, or find innovative ways to stretch your dollars further.
By taking deliberate actions to tip the balance in your favor, you can dramatically shorten the timeline to your dreams. Here are 3 powerful options to help you speed up your money progress:
1. Dramatically Cut Expenses
If you're tackling $50,000 in credit card debt and only making minimum payments, it could take decades to be debt-free. But what if you put an extra $1,000 toward your debt every month? To do this, ask yourself:
Analyze your spending: Review your last three months of bank and credit card statements to spot where your money is going. Identify and eliminate any non-essential expenses.
Housing: Can you rent out an extra room, downsize, or negotiate a lower rent or mortgage rate?
Food: Replace dining out and ordering takeout with cooking meals at home. Meal prepping can save hundreds of dollars each month.
Utilities: Switch to a prepaid or lower-cost cell phone plan. Evaluate and reduce your subscriptions and streaming services.
Transportation: Consider carpooling, using public transit, biking, or even selling your car for a more economical one.
Entertainment: Look for free or low-cost alternatives such as public events, free outdoor activities, or at-home entertainment.
It's not always fun to cut back dramatically, but it's often necessary for rapid progress. The key is to prioritize your financial goals and recognize how every small saving adds up to significant progress.
2. Increase Your Income
Cutting expenses has limits, but earning more doesn't. How would earning an extra $500 or $1,000 a month speed up your progress? Imagine paying off debt in half the time, adding more money to your retirement, or finally booking that dream trip. Consider these actionable steps:
Ask for a Raise: Document your achievements, skills, and market value. Approach your employer with confidence, demonstrating clearly how your contributions merit higher compensation.
Find a Higher-Paying Job: Explore job listings and networking opportunities in your field. Even a modest pay increase can significantly boost your savings or debt repayment.
Raise Your Prices (for Business Owners): If you haven't raised prices recently, consider doing so now. Communicate your value effectively to clients to justify the increase.
Start a Side Hustle: Identify your skills and passions. From freelance writing and graphic design to rideshare driving or renting your car, there are numerous ways to earn additional income.
Your earning potential is limitless—tap into it and see your goals materialize faster than you imagined!
3. Get Creative with Your Goals
Many of my clients dream of traveling more, but travel can be expensive. However, there are many creative ways to get more travel into your life now without breaking the bank.
Option #1: TrustedHousesitters: My husband and I use TrustedHousesitters every time we go on vacation. It allows travelers to stay in our home for free in exchange for pet care, saving us money on boarding fees, and giving travelers a free place to stay. It's a win-win for everyone! You can join as a sitter, holster or both. Click here to save 25% on your first year's membership.
Option #2: Travel Hacking: What credit card are you using? If traveling is part of your dream life, use a credit card that offers airline miles or hotel points. My clients often cover entire flights and hotel stays using credit card rewards, significantly reducing travel costs.
Option #3: Get Creative: Think outside the box! In 2020, my husband and I bought a used 14.5-foot trailer. Hotels and Airbnbs were too expensive for us to fulfill our dream of taking monthly trips, so we invested in our own "hotel on wheels." Now we enjoy affordable weekend getaways to epic campsites all over California—like stunning beachfront spots—for a fraction of the usual cost. This innovative approach has enabled us to live our travel dreams today, all while keeping within our budget.
There are creative solutions all around you to achieve your money goals without sacrificing enjoyment. You just have to find the right ones for you.
If you want to reach your financial goals faster, something has to change. Which one resonates with you the most? Or maybe you'd like to try all three? In my coaching program, I'll help you explore all three strategies and create a customized plan to achieve your money goals.
Ready to make real progress? Let's make your money goals a reality—faster!
Disclaimer: I am an educator, not your personal financial advisor. Please make sure to do your own research before moving forward with any actions discussed in this newsletter.
Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won't experience any loss when investing. Past performance does not guarantee future performance. Always remember to make smart decisions and do your own research!