It’s that time of year again when we all start to think about our resolutions for the upcoming year. If you’re like most people, your list probably includes a few fitness-related goals and maybe one or two goals related to your career. But what about your personal finances? Are they on your list? If not, they should be! In this blog post, we will discuss 10 personal finance goals that you can accomplish this year. Let’s get started!
Personal Financial Goals
-Create a budget and stick to it.
New year, new you, right? This is the time of year when people everywhere swear they’re finally going to get their finances in order. And while there’s nothing wrong with setting financial goals, many people struggle to stick to their resolutions.
If you’re determined to make this the year that you get your finances under control, here’s one tip that can help: create a budget and stick to it. A budget will give you a clear picture of your income and expenses, and help you track your spending.
But simply creating a budget isn’t enough. You also need to be committed to following it. That means making tough choices, like giving up your daily Starbucks habit or dining out less often. But trust me, it will be worth it when you see your bank account balance start to grow.
-Start saving for retirement.
Setting aside money for retirement may not be the most glamorous Personal Finance Goal You can Accomplish This Year, but it is one of the most important. Just like you need to put gas in your car to keep it running, you need to start saving for retirement now if you want to have a comfortable retirement later.
It may seem like a daunting task, but there are small steps you can take to make saving for retirement easier. For example, contributing to a 401k or IRA account is a great way to get started. If your employer offers matching funds, be sure to take advantage of that benefit.
Another way to start saving for retirement is to create a budget and make sure you are automatically transferring a fixed amount of money into your savings account each month. By taking these small steps, you can make significant progress toward your retirement savings goals.
-Save for a rainy day.
Many of us have been told since we were young to “save for a rainy day.” But what does that even mean? In the most literal sense, it means to set aside money in case of an emergency. But there’s more to it than that.
When you save for a rainy day, you’re creating a cushion that can help you weather any number of financial storms. from job loss to medical bills. It’s a way of taking care of yourself and your family, and it’s one of the smartest things you can do for your future. So how much should you save?
That depends on your goals and circumstances, but most experts agree that setting aside 3-6 months’ worth of living expenses is a good place to start. So if you haven’t started saving yet, now is the time. Make this the year you finally take care of yourself and build a rainy day fund.
-Get out of debt.
If one of your New Year’s resolutions is to get out of debt, you’re not alone. In fact, according to a recent survey, getting out of debt is the most popular financial goal for Americans in 2020. But if you’re like most people, the thought of getting out of debt can be overwhelming.
After all, where do you even start? The good news is that there are some simple steps you can take to start getting out of debt today. First, take a look at your spending and see where you can cut back.
Then, create a budget and make a plan to pay off your debts. Finally, stay disciplined and don’t incur any new debt. By following these steps, you’ll be on your way to becoming debt-free in no time.
-Build your credit score.
Your credit score is one of the most essential numbers in your life. A good credit score can help you get a loan, purchase a car, or even rent an apartment. A bad credit score can make it difficult to get approved for any kind of credit. That’s why it’s important to do everything you can to build your credit score.
There are a lot of myths out there about what does and doesn’t help your credit score. But the truth is, there are some simple things you can do to give your score a boost. Here are a few personal finance goals you can accomplish this year that will help you build your credit score:
1. Get a credit card and use it responsibly.
2. Make all of your payments on time, every time.
3. Keep your balances low.
4. Check your credit report regularly and dispute any errors you find.
5. Use a mix of different types of credit, such as revolving credit cards and installment loans.
By following these key tips, you can gradually improve your credit score over time. And as your score goes up, so will your chances of getting approved for the best loan terms and interest rates. So don’t wait – start working on building your credit score today!
-Create (and stick to) a financial plan.
Personal finance is often an afterthought. We work hard to bring home a paycheck and then fritter it away on frivolous expenses without a second thought. However, if you don’t take the time to develop a financial plan, you’ll never be able to achieve your long-term financial goals.
This year, make a resolution to get your finances in order. Start by building a budget and sticking to it. Track your spending for a month so you can identify areas where you’re overspending. Once you have a handle on your spending, start looking for ways to cut costs.
For example, if you’re spending $100 a month on entertainment, see if you can reduce that amount by going out one less time each week. If you’re eating out several times a week, start cooking at home more often. Small changes can make a huge difference in your overall financial picture. So don’t wait – get started on your financial plan today!
-Automate your finances.
Personal finance can be a tricky thing to handle. There are so many moving parts, from savings to investment accounts to debt repayments. Trying to keep track of it all can feel like a full-time job and that’s before you even start trying to make progress on your financial goals!
That’s why automating your finances is such a great idea. By setting up automatic transfers to your savings and investment accounts, you can take the guesswork out of saving for the future.
And by setting up automatic payments for your debts, you can free up cash flow each month so you can focus on other financial goals. Automating your finances is a great way to simplify your life and reach your financial goals.
-Be mindful of your spending.
One of the most important things you can do for your financial well-being is to be mindful of your spending. This doesn’t mean you have to deprive yourself of the things you enjoy, but it does mean being aware of where your money is going and making intentional choices about how to use it.
One simple way to be more mindful of your spending is to set a personal finance goal for yourself. Maybe you want to save up for a big purchase, or perhaps you want to build up your emergency fund.
Whatever your goal may be, taking the time to think about it and setting a plan will help you be more mindful of your spending and better equipped to make financial decisions that are right for you. So what are you waiting for? Get started on your personal finance goal today!
-Make Investing a priority.
One of the best things you can do for your future is to make investing a priority. It may not seem like the most exciting way to use your money, but investing early and often is one of the smartest financial moves you can make.
By starting now, you’ll be in a better position to reach your long-term financial goals. And, if you’re not sure where to start, there are plenty of resources available to help you get started. So what are you waiting for? Make investing a priority today.
-Start (or continue) your side hustle.
If you’re like most people, you’re always searching for ways to improve your financial situation. Why not make this the year that you start (or continue) your side hustle?
A side hustle is a great way to earn extra income, and there are tons of options out there to suit every interest and skill level. From becoming a pet sitter to starting a blog, there’s sure to be something that fits your lifestyle. And the good part is that you can do it on your own schedule!
So if you’re looking for a Personal Finance Goal You can Accomplish This Year, look no further than starting (or continuing) your side hustle.
There you have it! These are just a few Personal Finance Goals You can Accomplish This Year. No matter what your goal is, remember to be mindful of your spending, automate your finances, and make investing a priority. And if you’re looking for an extra challenge, start (or continue) your side hustle. With a little bit of planning and effort, you can reach all of your Personal Finance Goals this year!