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Seven Resolutions to Kickstart Your Financial Goals

December 23, 2019 • Education

According to a recent study, 54% of Americans say they typically consider resolutions concerning their finances. Here are a few ideas to help you improve your financial health and set your sites on a more prosperous future!

1. Set a savings goal

You can choose any one of these as your own, or all of them — or create a few of your own.

  • Save $2,000 for an emergency fund.
  • Invest 50% more money into your investment account than in 2013.
  • Increase income you can invest in a 401k or IRA.
  • Save enough to purchase a new laptop, TV or appliance you’ve had your eyes on.
  • Save enough money to live for 3 months without worrying about bills

2. Pay off debt

Whether you’re carrying debt in the form of credit cards, student loans, car loans, or mortgages, this is one that can make a huge difference in your ability to plan for the future. Pay down the largest debt first then move on to the next one and chip away at it until you’re debt-free.

3. Spend less money

Seems pretty obvious, right? But what we really mean is you’ll almost always spend less when you’re intentional about how, when and why you choose to spend money. Don’t be impulsive! Whenever you’re tempted to make a purchase or acquisition, ask yourself some tough questions. Do you really need it? Do you need it now or can you wait? Is there a less expensive option? Expose your spending habits to some rigorous examination and our guess is that you’ll wind up saving bunches.

4. Develop a long-term goal plan

We all know life’s milestones are just over the horizon. Create a plan that includes saving for retirement, for college, unexpected health care expenses, and more. Make a list, set your goals and start working your plan. Our team is here to help walk you through your options and help you set your plan in motion. Meet with one of our free financial coaches - make an appointment.

5. Make/stick to a budget

This goal, like number 3 means getting intentional and disciplined when it comes to budgeting for your monthly expenses, long term investments, and financial goals. Make your plan then stick to it. There are lots of tools available to help you get there like our free online budgeting tool, Track Every $. It's conveniently located in the menu bar when you log in to your account! Give it a try next time you check your balances.

6. Change your work situation

We spend a lot of time “working to live.” So, putting yourself in a situation where you’re happy and productive is one of the most important things you can do to make your life happier and healthier. When we’re happy at work we’re more likely to succeed, advance and in the end, earn more money. Take a minute to think about where you are, where you’d like to be and how you can chart a course to help make your work situation work for you.

7. Get Healthy

Nearly everyone’s made a resolution to lose weight, cut down on fast food and garbage calories, or join a gym. But consider this — doing almost anything that improves your health will make you less likely to spend money on doctors, hospitals, and prescription drugs. It’s also a great way to encourage a happier, healthier, and longer life (during which you may earn and save more money.)

Get Started Today

Before making any decisions about your finances for the new year, consider reviewing your current financial profile. Create a master list of all your income sources and debts - you can utilize our free budgeting tool, Track Every $ to help with this! Talk with our team about what financial planning tools are available to you! You’ll be glad you did.

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