Financial Goals for 2018: Tips to Reach Your Economic Resolutions This New Year01/11/2018 06:00AM | 2860 views
By Shirley Gomez
Every year people make resolutions related to fitness or financial fitness. But how many people actually keep them and what are the top New Year’s resolutions? The most popular financial goals include saving money, paying down debt and spending less. However, most people fail to achieve them because they don’t plan ahead.
The New Year’s ball dropped and the last drop of champagne was sipped as everyone rang in the New Year. Now it’s time to do what everyone does best this time of the year (besides getting ready to file taxes), reflect on the past year and make resolutions that you can hopefully keep.
Every year people make New Year’s resolutions, whether they’re related to fitness or financial fitness, but how many people actually keep those resolutions and what are the top New Year’s resolutions? The most popular financial goals include saving money, paying down debt and spending less. However, most people fail to achieve them because they don’t plan ahead.
To avoid missing your financial goals this year, Lisa Greene-Lewis, CPA and TurboTax Expert, shared with Latin Times a few tips to help you stay on track.
Tips to Reach your Financial Resolutions for this New Year
- Understanding Your Why
Getting out of debt and saving more can do wonders for your finance, but if the numbers are your only motivation, you’re more than likely going to be discouraged when things get tough. Take a few minutes and figure out just why you care about this goal. Do you want to escape debt because it’s forcing you to stay at a job you hate so you can make the payments?
Do you want to save more because you’d like to take more trips so you can travel and explore? Do you want a cushion so you can get part-time work and have more time at home with the kids? The way you describe and frame your goals can tremendously change the likelihood of achieving them.
- Be Specific with Your Goals
Once you know what you want and why you can start getting into the how. How much debt are you in? How much do you want to save? When you identify a specific number to work with, it’s easier to keep track of your progress.
- Have a System in Place
After you’ve created your process, see if you can automate your finances in that direction. Set up your automatic bill pays and transfers towards your goals. You also can change your habits and adjust the course of your finances next year. It’ll increase your chances of success.
5 Financial Goals for 2018
Looking for inspiration for next year? Here are 5 goals that can have a huge impact on your finances.
- Have six months of expenses saved for emergencies.
- Create a budget that you can stick with for the whole year.
- Make savings automatic.
- Pay off your at least one of your credit cards.
- Start a side hustle.