New Year's Resolutions

It’s the start of a new year and with that comes the tradition of making New Year’s Resolutions. When you are making your resolutions and setting your goals, don’t forget your finances. Financial goals are just as important! Maybe you have already made your financial goals and instituted a plan for achieving them. If that’s the case – congratulations! Now would be a good time to review your goals and check your progress. If you feel at a complete loss – here are some ideas for financial goals:

Build your emergency fund: a good target is 3-6 months of living expenses, but start with just a month if that is too overwhelming.

Dump your debt: start paying as much as you can afford on your lowest debt amount. When that is paid off, use that amount to pay off the next largest debt.

Save for that future expense: don’t forget your car, washing machine, etc (you name it) doesn’t last forever. If you know that yours is getting close to the end, save for the next one so you can pay cash!

Plan for retirement, college, vacations: Determine what is important to your family and make a plan to pay for it!

Create and live by your budget: if you don’t have one, make a goal to create your budget and then use it.

The key is to prioritize your goals, make a plan, stick to it and review your plan periodically. Just as with any goal, it won’t get accomplished if you don’t set the goal, write it down and review your progress. Good Luck!