Your money goal for February | what to do once you’ve made your first budget | 12 months to get good with money

Happy February, reader!

In keeping with my plan to give you 12 money resolutions, one for each month of 2021, it’s time to get your goal for this month.

Last month, you made your first budget. If you weren’t following along and that time, it’s actually the perfect time to catch up, because your next money resolution is going to go hand-in-hand with making a budget. So, if you haven’t watched last week’s video, click here to learn how to make a budget, and come back here for your next goal.

Now, everyone here should have made a budget. For that reason, you should know how much money you have left over, after all of your bills are paid and variable expenses are accounted for. This remaining money is what goes towards debt, savings, and/or investing.

I always say you need to pay for your past self (if you have debt), yourself today (your monthly expenses), and your future self (savings and investments)— even when it’s not super exciting.

But today I don’t want to just focus on debt repayment. For most of us, paying down our debt is a marathon, not a sprint, and chances are, we’re going to need our savings BEFORE we’re totally debt free. 

In my case, I still had to save for my Emergency Fund, for gifts for my family, and I wanted to save for travel. I wasn’t willing to sacrifice any of these things. If you’re in debt, you need to determine what you are and are not willing to sacrifice. 

Otherwise, chances are, your lack of savings could put you further into debt if an emergency comes up, or you fail to resist the temptation of spending money you don’t have because that’s how much a vacation or an item means to you. It’s better to determine those priorities now, be truly honest with yourself, and save for them.

So here’s your task for February: make 1 exciting & 1 not-so-exciting savings goal. 

For me, when I was still building up my emergency fund this time last year, I was not excited about it. I could not wait to be done with it. But every time I put money into my travel fund, I get excited thinking about the possibilities for future trips. 

You might be asking: What if you already have an emergency fund, or aren’t into travel? Totally fine— YOU get to decide what makes you feel excited and what feels like a drudge. Maybe you love dreaming about your next car, or a new clothing haul, but you dread having to save to replace your grimy old furniture or old tires. Your budget is all about YOU.

The task this month is super simple: Choose 1  savings goal that gets you fired up, and 1 that feels like a chore. Not only will you set a place for these goals in your monthly budget, but you will actually CONTRIBUTE to these savings goals this month– because you CAN.

You should plan on adding other savings goals later, but these two are a perfect place to start.

🙂 Rachel


Make sure to grab my free budget template if you haven’t already.

And if you need more guidance with goal setting, mindset shifting, and budget brainstorming, you can purchase my Money Map Workbook for just $9 –> Get Your Money Map Workbook.

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