A Plan and a Budget

Divorce can throw a monkey wrench in your best laid plans. That happened to me, and I'm sure it has happened to many of you.

I'm a planner by nature, so I always have goals and a plan. Even though we were still married and I was hoping for our marriage to improve, I was working toward financial independence and contemplating my future alone even before I discovered once more that he was cheating. Financially, it threw me a curve ball...and even professionally.

My monthly budget had to be adjusted to a single income, potentially impacting my goal of financial freedom. I spent a lot of time reworking the budget, and reworking it some more. It took several months and some much-needed intervention from my brother and my son, but I finally settled into a place where I was not just making ends meet, but building up the savings I need to achieve my goals.

In addition to the budget, my career goals shifted. Two years before we separated, I had gone back to school to earn a PhD in Organizational Leadership. Once the divorce process started, I thought I would return to it eventually, but when I was finally ready to return to school, I decided to stay in my career field - instructional design, and switched to the Instructional Design EdD program. Unfortunately, the previous four courses I had completed did not transfer to this program, so I was starting all over, but it felt right.

I had a clear vision of what I wanted to do, when I could achieve it, and how to get there.

My friend, Heather, of Balance Financial Coaching had recently posted something about financial dreams, asking those of us who follow her page to share ours. I had responded that I wanted to be debt free and working as a contract instructional designer and adjunct faculty once my daughter graduates high school. Heather, in return, asked if I had a plan to achieve that.

I DO!! It includes 5 goals to achieve by 2025:

1. $25k nest egg

I live off a budget, and that budget includes saving for both the nest egg/emergency, and saving for travel. Part of my budget plan includes how to build that nest egg so that in four years time, I have a solid $25k in the bank so that I can feel comfortable with the freedom I desire. This is no simple goal...it takes discipline and self-control...lots and lots of self-control.

2. Earn my doctorate degree

I am currently enrolled in a doctorate program and if I stay the course, I will be done in 3 years...so I have a little wiggle room to achieve it in 4 years time.

3. Zero debt (except for student loans)

My budget helps me work toward this, and as things get paid off, I either contribute more to the savings or more to other debts (or both), and all the debt will be gone by 2025...2024, actually, if I stick with the plan.

4. Car Payment under $450

I lease right now, and I like that option instead of paying for car maintenance, but I will evaluate my situation and goals when my lease is up in a year and see where the payment options land me. My payment right now is nearly $600 because of some bad choices and bad timing, but once this lease is up, that should drop significantly.

5. Declutter

I am working under the 1 in, 1 out rule right now, though I have done a good job of decluttering since my divorce and I continue to purge as the mood strikes. I use the "does this bring me joy" approach, and if it no longer does, it needs to find a new home. Since my goal is to travel with the different consulting jobs I take, I don't want to have to worry about leaving a lot of material objects behind, nor do I want to take much with me. Since I'm a bit of a pack-rat and collector, this is a big challenge.

Write down your goals!

When I first developed these goals and the plan, I wrote it all down on paper, then transferred that to a white board in my bedroom where it is visible to me every day and every night. I also added my mantra, just to keep me inspired and motivated to follow through on my plan. And one of ladies from my tribe gave me that black sticker, so I put that on the board too as encouragement.

It's important to write your goals down and put them someplace visible so you don't forget and have a constant reminder to say the course. Share your goals with others, as well, to help keep yourself accountable.

In my office, I have another reminder to keep me positive and motivated. The top one, 6/5/23, is when my 401K loan will be paid off, and that'll give my bi-weekly paycheck a good size jump. Then, in February 2024, the debt management program I enrolled in will be complete, and all that debt will be gone. These reminders keep me positive on especially difficult days and remind me there is a light at the end of the tunnel.

What tips do you have to achieve your goals after your world has been turned upside down??