Throughout the course of a year, your short term plans may change drastically. You may lose your job, move, get married, have a baby, etc. Life happens and your budget and long term goals should change with it. Below are some options to keep in mind when life happens and goals change.
My plans changed when I found out I was moving halfway across the country this summer. I had to re-evaluate my debt repayment plan. Here are some of the options I considered:
My decision: Option #1: Continue putting some (a set amount) extra toward debt/savings while saving for the move.
I am able to continue paying a little extra toward my student loan, making me feel like I’m making some sort of progress toward debt. I also am able to save more than enough for our move and may have some leftover to throw toward debt as well!
Don’t be afraid to change your financial goals but don’t forget to make new ones that fulfill your needs!