June 14, 2024
How much could you save in the next five years? – The Sopris Sun

Money Juice just wrapped up work with a client who arrived with the following situation:

  • $8,500 in credit-card debt
  • $9,000 car loan
  • Student loans
  • Mortgage
  • Significant upcoming dentist and vet bills

Her goals and dreams:

  • Save three to six months worth of expenses for emergencies
  • Pay off high-interest debt
  • Pay for the vet and dentist visits in full, without debt
  • Save enough to move into a larger home with a yard
  • Pay for vacations, gifts and fun life things in full, without debt
  • Financially prepare to have a baby

After setting her vision in stone and developing the inner safety to face the facts, she got crystal clear on her financial landscape, transferred her credit debt to 0% APR cards for 15 months, started saving for emergencies in a high-yield savings account and established a plan to achieve all of her amazing goals within the next five years. Her total amount of debt paid and savings growth will be $90,456 over five years. I mean, $90,456! Did I mention she works as a public school teacher? 

The average American credit-card holder is carrying a balance of $6,360 with an average interest rate of between 24% and 28%. This means the average American credit-card holder is paying about $1,558 per year in interest if they’re not able to pay off their balance. What would you do with an extra $1,558? Reserve a table at Cloud Nine in Aspen? Tickets to Beyoncé? Spend the night at a fancy hotel to get away from your toddler? (I’ve said too much…)

When you get clear on your situation, you can make a beautiful plan to change it. All it takes is a little willingness to adjust your view of the whole shebang. Here at Money Juice, we find that safety is the very first thing that needs to occur when people commit to changing their money situation. Whether you’re money avoidant, worshiping, loathing, fearing, stressing, freaking or panicking, you need to find the kink in the hose. Take the way that you feel and subtract the money. What’s left?

For example, if you worship money and find yourself spending a wee too much for your budget, ask yourself, what are you actually worshiping when you take away the cash? 

No matter your situation, become an island. Remember, money is made up and it is purely symbolic. If you can disengage yourself from the sticky symbol of money and simply feel your unchanging self, you’ll be off to a great start. You are the same unchanging person whether you go to Cloud Nine or not. You are the same person whether you go to Beyoncé or not. Your situation and memories might be different, but you are an unchanging human. If you can truly feel into your miraculously unchanging nature, you may start to find the inner safety to do what our above client did. Clear away the fog, map out your financial landscape and get to work. What will your number be in five years?

Megan Janssen is a financial educator and founder of Money Juice. Learn more at www.money-juice.com

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