Paying down debt?

Saving your first $5,000?

Buying that investment property?

If you’re like most people I come across, you’ve set a few BIG money goals this year and, of course, that gets me excited! Unfortunately, the challenge is that most people don’t see their goals become reality and I believe it’s simply because they don’t know how to take one goal and create a solid system around it that can actually be maintained for the long haul. So this year letting your money goals slip away is not an option. I want to support you in getting results in 2022 – not merely setting resolutions. 

Now let’s look at a common goal which came up during a social media contest I ran in partnership with Simplifi by Quicken App earlier in the year: 

Paying off student loan debt is all too common nowadays, but not impossible to tackle! Taking the points from the video above, I want to show how to create that solid system around this goal or whatever your own personal 2022 money goal is.

So, here are my 5 simple steps to help you achieve your financial goals

1. Know Your Numbers

In order to pay off your student loan debt, you’re going to need to know exactly how much your outstanding balance is, what the minimum monthly payments are and what’s in your budget so you can create the most accurate game plan to eliminate it. When you’re not clear about what’s really coming in and what’s going out, it’s impossible to set aside an accurate amount monthly that will help you reach any of your financial goals. Simplifi creates a custom plan based on your expected income and bills for the month, and shows you how much discretionary money you have left at any point.

2. Know Your Why

There’s any number of financial goals you could’ve chosen for this year. Why pay off your student loan? Ask yourself, “What’s my why?” in addition to “Why now?” When thoughts of eating out again creep in or joining your girlfriend on that summer trip to Dubai starts to sound really doable, knowing the why behind getting out of student loan debt NOW will remind you to delay gratification just for a season, so you can ultimately have what matters more to you. 

3. Set Your End Date

Once you know how much student loan debt you’re in exactly and you’ve tapped into your why, it’ll be time to set a target date to have it actually paid off. If you realize that by putting an additional $275/mo toward your student loan for the next 26 months will help you realize your goal, you can be more committed. You don’t want to achieve your financial goal “one day” or “someday.” You want it as soon as possible and the Simplifi by Quicken App allows you to not only track progress against an unlimited number of short- and long-term goals, but it also lets you add a target date in the future which will help you determine exactly how much you need to put aside each month to get there! 

4. Stay On Track

One thing that may get in the way of paying down your student loan debt is unnecessary spending in other areas. Using Watchlists in the Simplifi app adds another layer of accountability to your financial life and helps you stay on track because you’ll be able to keep an eye on important aspects of your everyday spending. This will show you exactly where money is going and what can possibly be getting in your way or where there’s an opportunity to eliminate some spending and redirect that money towards your student loan!  

5. Review and Learn

Remember that this won’t all fall into place overnight. You didn’t get into student loan debt overnight and it certainly won’t go away overnight. The most important piece to seeing this through is to not let your goal of paying it all down out of your sight. You’ll forget anything you don’t keep visible so whether it’s once a month or once a quarter, make a habit of setting aside time to review your progress and take time to celebrate your wins and learn from the mistakes along the way. 

Getting started on setting bold financial goals is courageous, but we can’t let overwhelm stop us from actually crossing the finish line.  Add these 5 simple steps to every money goal you’ve set this year and use the Simplifi by Quicken App to help you hit them all! Start your free trial at www.simplifimoney.com or download the app at the App Store and Google Play Store and follow along on @simplifimoney in social media!