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It’s important to stop and appreciate our progress. I think so many of us just have those big, higher-level goals that we’re always focusing on, that we don’t realize all the little achievements we make along the way. Some of those are financial achievements. Would I like to pay off my mortgage early one day, with one massive payment? Sure. But for now, I am making my monthly payments on time, and that’s something to celebrate. Would I like to be able to donate so much to an animal organization one day that I save hundreds of lives? Yes. But for now, when I can, I donate enough to buy food for a dog for a week in a shelter. And that is still something to be proud of.
If we don’t stop to pat ourselves on the back for our smaller milestones, how are we to find the motivation to keep going towards those larger ones? If we don’t stop to recognize the progress we’re making, how are we to even know we are getting anywhere? A lot of us are doing better financially than we think—not because we are, in a vacuum, somewhere great, but because we’re somewhere better than we were yesterday. And last month. And last year. And last decade. It’s about that steady incline.
Even those who you see as tremendously wealthy can probably tell you that it didn’t happen overnight (besides those rare success stories). They will tell you that they made these changes, that led to these results, that they harnessed in these ways. As long as you keep moving forward, you’ll reach that higher-level financial goal. So stop to appreciate that you are moving forward. Here are financial milestones to be proud of.
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Going off on your own
I don’t know how old you are or were when you did this, but going off on your own is a big deal! At age 23, my parents stopped providing all financial help (besides keeping me on their health insurance plan—I was still paying it, but receiving their discount). That’s huge. That means that, on that day, your parents no longer had to worry about making enough money to support you. You relieved them of that.
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Saving your first $1,000
Putting aside that first $1,000 is a huge victory! If you have $1,000 put aside, you can handle emergencies and surprise expenses like flat tires, dental crowns, a broken phone, a sudden flight home to visit a sick relative, or even just taking a coupe of unpaid sick days. That’s nothing to sneeze at.
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Being approved for a credit card
On your own. Not with your parent as a co-signor. Not just as an approved user on your parent’s credit card. It’s your very own credit card. Maybe the limit is small, like $2,000, because it’s a beginner’s card. That’s okay. That still means a financial institution trusted you, with your habits and your income, enough to lend you $2,000 a month.
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Making a donation
No matter how small that donation is—$25, $100, $200—that means that you have enough not just to cover your own expenses, but you have enough to share. And because you have taken the steps to do so, you can help someone who doesn’t have enough to cover their own expenses. You can help them reach their financial milestones one day.
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Paying off student debt
You’d better throw yourself a small party when this happens because this is a huge deal. When you do this, you finally start making money off of your education, rather than continuing to lose money to your education. The whole point of your education was that it should be profitable. And it wasn’t. Until now.
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Paying off credit card debt
This is another major thing to be proud of. Every month, your paychecks would come in. You’d have to pay your rent, utilities, and things like that. And then, just when you thought you could finally put money away, you had to pay down that credit card debt. Once you pay it off, you can start saving again. And, you can stop paying for your money via those interest rates.
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Paying for your own vacation
Paying for that first vacation—even if it’s on a super tight budget—all by yourself, is something to be very proud of. Until then, vacation was only something you got to enjoy when your parents were feeling generous. If you make enough to treat yourself to a little vaca, you’re doing something right.
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Making that first investment
No matter how tiny. Maybe you just invest $50. Maybe you start finally putting a little something in your 401K each month. $100? $90? Hey, you’re paying your future self. You’re setting yourself up for days when you won’t need to work in the future. You’re investing more than you know.
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Taking, rather than spending, the cash back
If you have a cash back credit card, then you know each time you accrue points, you’re offered those deals. You can either take $25 worth of cash back or use those points for a $35 gift card to…the movie theaters or a makeup store or a travel site. When you start having enough self-control to take the cash to pay down your balance rather than spend it on luxury items, you’ve come a long way.
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Asking for and getting that first raise
This is a big one! Throughout your life you hear about raises. You read about them. You are aware of them. But it can feel like raises are for other people—people who are great at their jobs or have lots of experience. And then, one day, that’s you! And you figure out how to ask for a raise and you get it.
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Saying no to fun, to save money
This one seems insignificant. You blink your eye and it happens. But it’s worth celebrating: that first time you say no to fleeting fun in favor of long-term gains. When you start realizing that if you stop going out for drinks three times a week, you can put aside an extra $300 a month. And that turns into $3,600 a year. So you say no to those drinks. But a year ago, you would’ve never said no. So, you’ve grown.
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A steady increase in your bank account
If your balance in your checking account is constantly increasing, then you’re doing something right. You can nitpick at yourself and feel guilty about this and that, but if the reality remains that you have more money this month than last month, and that, on average, you’re putting aside more each month this year than you did last year, you’re on the right track.
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Living alone, or in a better situation
No longer having to share a bedroom and finally getting a room all to yourself. Maybe, it’s no longer even sharing an apartment, but having your own place. Maybe it’s moving out of that dilapidated rent-controlled place with mold and broken windows and into a nice place with a gym and pool. Either way, if your accommodations seem to be improving, you’re onto something.
