Personal Finance Challenge #26: Celebrate Your Milestones

This post marks the half way point to my goal of writing fifty two posts on personal finance, one for each week of the year. A goal I set so I could produce my first book.

One of the major keys to success in any endeavor is to celebrate all the milestones you have reached. This couldn’t apply more to personal finance.

Each and every goal you accomplish should be celebrated.

Pay off your school loan or car loan? Celebrate!

Save $1,000 in your emergency fund? Celebrate!

Pay off a credit card? Celebrate!

Gain $100 a month in passive income from investments? Celebrate!

Pay off the house? Definitely celebrate!

How you celebrate is totally up to you, but you should definitely come up with some type of ritual of significance.

Going out to eat sushi is a luxury that I love to do. I always go out for sushi for my birthday. I really love food so perhaps I will splurge a bit on an expensive dinner at one of my favorite restaurants when I pay off my school loans.

That is just one idea. What is something you enjoy, but don’t get to do too often? What is something you really want, but have been disciplined enough to put your money into a emergency fund instead of buying it? Perhaps it is wise to save up the cash first for it, but if you really want it you should buy it (hopefully not with credit).

It is not good to splurge so much that you totally reverse the hard work you put in to achieve your financial goal, but it is good to celebrate your achievement in some way, shape, or form.

So find a way to celebrate your success and make it a ritual you practice every time you cross a major milestone.

This is our 26th challenge in The Personal Finance Challenge Series…

Comments

  1. Have to take a dig at this one.
    shouldn’t there be a celebration fund too you need to save for and is there a celebration on building your celebration fund.

    • Hi Vince,

      I think you are right. A celebration fund, or slush fund, or fun fund, or splurge fund, may be called for. At the very least it should help people actually account for their money instead of spending money where they shouldn’t. Great comments! Keep them coming.

      Cheers,
      Jeremy

Trackbacks

  1. […] Into Smaller Goals 23. It’s Simple, Not Easy 24. Don’t Believe It 25. Believe It 26. Celebrate Your Milestones 27. Mind Over Matter 28. On Being House Poor 29. On Being Car Poor 30. On Being Food Poor 31. […]