5 Short-term Financial Goals to Achieve This Year
Are you up for a challenge? The five financial goals below are designed to be achieved quickly to help you bust old habits and take control of your money. Each goal can be reached in a month! Will you make it? Pick one and start building wealth while having fun!
1. Save $1,000 Right Now
Make a point of saving $1,000 immediately. This money will become your emergency fund, very useful for unforeseen expenses. You want the equivalent of at least six month’s income, but $1,000 is a good start. You may be surprised at how quickly you can save that money. Try saving bonuses or tax refunds and cut back on fun or entertainment money. The money should add up quickly.
2. Budget Every Month
Having a monthly spending plan ensures your money is getting spent wisely. It also points out weak areas where you can focus and cut back to save more. Even if you do not stick to your budget 100%, it will give you awareness of your finances like never before.
3. Catch Up on Late Payments
Make it a goal to catch up on late payments now. It can be stressful when you are always falling behind. Find a way to earn extra income or sell some things to settle your payments. Late fees are also a problem. They quickly add up! Plus, you are much better saving this money instead of paying late fees.
4. Pay One Debt Quickly.
If you are looking at a long list of debt, it can surely be overwhelming. It may take years before you settle everything. But right now, you can choose one debt to pay quickly. Maybe you pick the smallest one and focus all your efforts to eliminate it. Once done, you can use the money you freed up towards tackling another debt. It sure feels good to clear up small debts, and it creates momentum that will help you settle your bigger debts.
5. Challenge Yourself to Have a Spending Fast
This means not spending any money outside of essentials like grocery, rent, or gas. Spending fast can be really helpful if you are trying to break old shopping habits or you want to raise money for an emergency fund quickly. This challenge can also show you how little you need and how far your money can go if only you focus and stay disciplined.