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How to Set Practical Financial Goals for the New Year

financial goalsWhat are your resolutions for the New Year? Many people choose a goal that will lead to some sort of improvement, such as weight loss, more exercise, or eating healthier. Another consideration for your overall well-being is your financial health. And setting a financial goal for the New Year can help you get 2022 off to a great (and profitable) start!

How to get started setting a financial goal

So, where do you start? New Year’s resolutions are easy to set, and just as easy to break if you choose a difficult goal. Instead, choose just one or two things to work on, and break them down into small steps that don’t feel overwhelming. Consider the following steps to managing your finances, and pick one that would work best for you this year:

  • Track your spending. It sounds easy enough, but you may not realize how much you spend on little things that quickly add up. For example, stopping for a coffee every morning is only a few dollars a day. But multiply that by 30 days a month, and you’re spending some serious cash. Writing down everything you spend can be an eye-opener for ways to easily cut back.
  • Start saving a little each paycheck. If you’d like to build up your savings account, set short-term goals to reach. For example, let’s say you’d like to save $100 each month. Then, divide that by the number of paychecks you receive in a month, and plan to deposit that amount into your saving account. Start small, because if you cut too far into your living expenses, you’ll end up needing the saved money back.
  • Set up automatic transfers. If your bank offers it, set up automatic transfers to be pulled from each paycheck into your savings account. You won’t notice the money is missing, and meanwhile, your savings are growing like magic each time you get paid.
  • Invest in your future. If your company offers a 401(k), take advantage of it. And if you’re already paying into your 401(k), increase your payment by a percentage point or two. You may not notice this small amount, but it will make a big difference in your retirement savings.
  • Pay down high-interest debt. The key to paying off debt like credit cards and student loans is to start with the debt that has the highest interest and make more than the minimum payment. Then, once this debt is paid off, take the money you were paying towards it and apply it to your next source of debt. Have trouble paying your debts? Check out a debt consolidation company for help getting back on track.

Don’t give up!

Remember, everything is achievable when you work on it little by little. The key is not to give up, but to stick with it. When you choose small, achievable resolutions, they’ll be much easier to keep until you find yourself successful in reaching your goal!

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