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Year 1-- What I'll Be Doing
Go off to college and pay for student loans, supplies for school, transportation, and more. -
Year 1-- Credit Action
With my part-time job, I will make small monthly payments to the least costly item (Snowball method) in order to pay my expenses off. -
Year 5-- What I'll Be Doing
Medical school will be my next step in life. I will have an apartment in the city, where I will have a car loan, monthly rent, and more to pay for. -
Year 5-- Credit Action
By this time, I will have both a credit card and debit card. Monthly payments will be met, and if I'm unable to make payments with my regular money, I'll use my credit card as a backup plan. -
Year 10– Credit Action
I will continue to take a small cut from my checks (around 20% or less) to pay off these expenses. I’ll also use small credit card payments as well. -
Year 10– What I’ll Be Doing
In 10 years time, I will have car loans, a mortgage, student loans (possibly), and other finances. I will have a family and still live in the city around this time. -
Year 20– What I’ll Be Doing
My house mortgage will be my biggest expense. I will also have to worry about bills to pay on time along with my car payments (which will be close to being paid off around this time). -
Year 20– Credit Action
I will use the Snowball Method once again to pay off the car payments quickly— along with the bills. Then, I will focus heavily on my mortgage.
