It’s the start of a new year and usually there is a lot of focus on new years resolutions. Typically I find this fades off in the first week or two. Personally I hate telling people my goals so I always give people some generic bull shit about ‘getting more exercise’ or ‘eating better’. After the first week all the hype has died down and I start focusing on my real goal for the new year without all the pressure/discussion.
Mid-January, thats the best time to start a new years resolution. All the hype has died down and you can really focus on a goal for the new year. Looking for a good goal? Why not try a financial goal this year?!?
The best financial goals are specific, measurable, attainable, realistic and have a clear time frame.
If you’re struggling to find a financial goal then let me help you. Here are some great financial goals for this year.
Great Financial Goals For Everyone:
The 52 Week Savings Challenge:
This goal has you saving $1 more each week. On week one you save $1, on week 2 you save $2, on week three you save $3 etc etc. This is one of my favourite savings related goals because it starts off slow. The challenge builds each week and gives you time to adapt your budget to make it work. Do this for an entire year and you’ll end up saving $1,378! Nice!
Build An Emergency Fund:
Financial emergencies happen all the time. Money is tight and then comes a car repair, a home repair, medical bills or something else unfortunate. Having an emergency find helps you avoid using a credit card or expensive short term loans. Even $1,000 or $2,000 in an emergency fund will help you avoid most short term financial problems. Don’t have enough money? Consider donating blood once per week. Over the course of ~20 weeks you’ll have yourself a decent emergency fund.
Open A Savings Account:
One of the best things I ever did was open a separate savings account. This savings account is for my emergency fund and for my regular savings. Having a savings account separate from my checking account helps me avoid using savings for frivolous purchases. Plus my savings account is with an online bank which pays a better interest rate.
Pay Off Your Debt:
Try to pay off your debt this year (or at least part of it). Being debt free takes a tremendous amount of stress out of your life (trust me! it was amazing). For those with large amounts of debt you can make this goal more achievable by focusing on the smallest debt first or on the debt with the highest interest rate.
Find A Source Of Side Income:
Having some side income has many benefits. Having some side income will give you more income for savings or debt repayment. It will also give you some relief in-case your hours get cut at work or you get laid off. There are tons of ways to make some side income. Start a small business. Start a blog. Make money online. Get a part time job etc etc.
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