Follow These 5 Money Goals to Make the Most of Next Year

Follow These 5 Money Goals to Make the Most of Next Year

The New Year is not far off. It is time to set good financial goals once more. Start small and be realistic – this strategy will keep you on track and focused on the prize. Below are some simple money goals to take on in the New Year. Follow them and make a big impact on your financial life!

1. Start to budget.

This is the most important thing you can do to build wealth. It does not matter how much you earn – manage it well and you will succeed financially. Try several budgeting systems and stick with what works for you. Do this and you will certainly reduce your spending and build savings steadily.

2. Pay down your debt.

Unless you get out debt, it will be very hard to take control of your finances. Find a way to reduce the amount you pay in interest. You can either set up a debt payment plan, sell items to pay off your debt, reduce your spending, or get a temporary second job. It may take some effort but nothing beats being debt-free!

3. Save.

Start by saving at least 10% of your income each month. Place this in addition to your retirement contributions, if you can afford it. Establishing good saving habits now will open doors for you during your retirement years. Some simple ways to save include cooking more at home, reducing your grocery bills, saving on utilities, and setting a monthly savings goal.

4. Raise your financial knowledge.

Actively learn about money and finances. Read financial books, research online, and discuss with trusted family members. Seek experts that can provide more insight into specific areas of financial matters or take personal finance classes to improve your financial knowledge.

5. Begin investing.

The best thing you can buy with your money is more money. This happens when you invest. Your options include starting an investment portfolio and investing in retirement through a 401(k), a 403(b) or an IRA. Find investments that match your current comfort level when it comes to risks and grow your money successfully in the New Year and for many more years to come.

Ian Schindler