Reaching your financial goals takes hard work and self-discipline. To see how real people have managed to achieve their financial dreams, U.S. News asked readers to share their stories of fiscal success. Their responses have been edited for length and clarity.
[See: 10 Foolproof Ways to Reach Your Money Goals.]
Dan Kellermeyer, 29, Aurora, Illinois, business analyst
My wife and I set a goal to be consumer-debt-free by our wedding date and pay for our wedding in cash. In 18 months, we paid off $50,000 total and saved $25,000 for our wedding/honeymoon. We moved back in with our parents, set a strict budget and took it one month at a time.
Kim Smith, 34, Columbia, South Carolina, CEO and founder of The Positivity Academy
My husband and I will be celebrating seven years of marriage [soon]. Within three days of his proposal (the year prior to the wedding), we decided to start saving together toward our future family home. My husband, an accountant, has always had a strong financial-management mindset so he initiated this plan.
Each time we received major corporate bonuses, tax refunds, unexpected money and paychecks we would “pay our future.” Last year, after saving for seven years, we were able to build and close on our dream family home. And even with a major five-figure down payment, we still had money in the bank.
Mitchell Langbert, 62, New York City, associate professor of business, Brooklyn College
After I got married in 1996, I had several financial goals. I had finished [a] Ph.D. program still in debt from a previous master’s program and did not own a house. My goals were to buy a house, pay off the mortgage and accumulate a million dollars in retirement funds.
[See: 11 Tips for Paying Off More Than $100,000 in Debt.]
To achieve these goals, I worked two, three and sometimes four jobs. These included extra teaching assignments, teaching at other colleges, consulting work and expert witness work. I put the extra money in the stock market, maximizing 401(k) (actually TIAA-CREF) deductions.
Lisa Rowan, 30, District of Columbia, writer and producer at The Penny Hoarder
One financial goal I wanted to accomplish was paying off $30,000 in consumer and business debt. Since February 2016, I’ve gotten my credit card debt from $12,000 down to $4,000 and paid off the final $2,000 on a loan left over from when I closed my business … I brainstormed ways to make more money and picked up new freelance clients. I read about the best ways to pay down my debt and used balance transfer offers to pay off portions of debt interest-free. And I got a ton of encouragement from the personal finance stories I cover every day at work. The personal successes offered lots of tips for ways to cut back or make more without sacrificing my lifestyle too much.
Brandon Schroth, 27, San Diego, California, digital analyst
I had a goal of paying off my credit card balances, which amounted to about $10,000. I was able to reach my goal in just under two years by taking advantage of a couple of strategies. My favorite way to save and manage my money is by utilizing an app called Qapital. The app gives you the ability to set up an automated savings account where you decide what triggers a deposit … Over the span of two years, I managed to save approximately $7,000 without even realizing the money was gone.
[See: 50 Ways to Improve Your Finances in 2016.]
Another way that I managed to save money and apply it to my credit card debt was by eliminating bad habits. I was a smoker and decided to drop the habit, mostly for the financial incentives … I would buy a pack a day, which came out to just over $2,000 a year. There are so many other things I could use that money for, namely, paying down credit card debt. Also, with better health comes increased financial savings.
Stefan Sharpe, 23, Philadelphia, staff tax accountant
I graduated in August 2016 with my MBA … I only paid $2,605 for my entire MBA (outside of rent and food). This was a culmination of receiving two academic scholarships that totaled $7,395 and working as a graduate assistant, which reduced my tuition by $29,980. The graduate job also gave me a monthly stipend that covered my rent, entertainment expenses, and allowed me to invest in stocks on a monthly basis. Additionally, I became a supplemental instructor for an undergraduate class, which paid roughly $550 for one semester. These funds went toward entertainment, food and investing. All in all, I was able to graduate college with a positive net worth rather than a negative [one] due to side jobs and cutting costs.
I was able to reduce my college expenses by living off campus with four other roommates … I also had a monthly food budget of roughly $200 a month. This budget was crucial as it forced me to cook food on a daily basis as opposed to buying food from restaurants we have on campus. I estimate that living off campus and cooking my own food saved me [more than] $10,000 in expenses throughout my MBA. All in all, I paid more for rent than my MBA tuition. Not a bad deal.
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I Met My Money Goal! How 5 Real People Achieved Their Money Dreams originally appeared on usnews.com
