This is the time of year when we hear about graduation and moving up ceremonies. People gather to congratulate students of all ages as they move forward from one grade to another or as they make a leap from one part of their schooling to start anew in junior high school, high school, college, or the work world. And while you may hear some people ask why is there a ceremony to mark a move from Kindergarten to first grade or from 5th grade to 6th grade, you have to consider that these young kids are moving into unknown territory and will need the memory of being celebrated as they progress.
Have you considered celebrating your own financial milestones in this way? While we don’t suggest you buy yourself gifts or spend money on a dinner, you do need to mark positive changes in your financial life so you have the motivation to keep going. Why not find a small way to celebrate when you:
- Get your estate planning documents in order
- Increase your 401(k) contributions
- Pay off a credit card
- Reach your savings goal for your emergency fund
- Get long-term care insurance
- Organize crucial financial planning documents in a binder
- Put necessary financial planning documents in a safety deposit box
- Take a risk and sell a stock
- Take a risk and invest
- Open a 529 account for your child’s education
It is important to pat yourself on the back for taking small steps to reach your financial goals as well congratulating yourself on really big financial moves. Just as we encourage children through their educational journey, we need to encourage ourselves on the road to greater financial stability. Building wealth and letting go of harmful financial habits is no small task so it is important to recognize how far you have come on your journey.