New Year, New Financial Goals: Roaring into the 20s
Welcome to 2020! It’s a brand new year. If things in the past have not been the best, use this time and this opportunity to reset your financial goals. We’ve put together a few tips to help start your year on the right financial foot.
1. Write Down Your Goals
Research shows that writing down your goals helps you achieve them. If you have a savings goal or a financial goal try writing it down. This can be anything from “save $1,000” to “buy a house”. Whatever your financial goal for the year is, write it down so you can keep it in the front of your mind all year.
Writing down your goal will also help keep you motivated in tough times. If you’re debating making a frivolous purchase, remember your goal. If you have a minor setback, remember your goal.
2. Track Your Spending
Now that we have our goals written down, it’s time to put some things into action. The first step to reaching your financial goals is to track your spending. This may sound daunting, but once you learn where your money is going, you can better plan to save and reach your goals.
If you learn that you’re spending too much on food, try cooking at home. If you’re spending too much on gas, consider a different route or carpooling. Tracking your spending habits and patterns will help you learn how you spend money. Once you learn what you’re doing, you can correct any unwanted behavior.
3. Use Better Words
Words have power and meaning. Certain words carry feelings with them and those feelings influence our thought and ultimately the way we handle money. One way to stay ahead of the game is to speak about your finances in a positive way.
Instead of saying you’re broke, try saying you’re building. Instead of saying I can’t afford it or I’ll never have that, consider saying, I’m working toward it. Instead of scolding yourself for wanting something, remember your priorities and how happy you will be once you reach your financial goals.
4. Stay Inspired
It’s easy to deviate from your financial plan if you’re not reminded of it. Consider adding financial reading, education, or listening to your routine to help stay focused. It’s easy to see what others have, want those things, and fall away from your plan.
Reading a financial book once a quarter or listening to a finance centered podcast may inspire you and help keep you uplifted and focused on your goals.
5. Stay accountable
Using a friend, partner or family member to help keep you accountable is one of the best ways to reach your financial goals. Surrounding yourself with others who want to see and help you succeed is an important part of staying consistent in reaching your goals.
You should be able to lean on this person for support when making financial decisions. When you want to do something that doesn’t align with your goals, this person should be able to help you stay on track.
You Can Do It!
The start of a New Year is the perfect opportunity to take control of your finances. Use the time of year and the energy around it to spring board you to financial success. Stay focused and consistent and remember that you can do it!