New Year's Resolutions... for your finances
As we reflect on 2022 and 2023 is full of possibilities, many of us are thinking of our financial situation and making New Year’s resolutions.
Below are 3 examples of popular financial goals:
1. Start an Emergency Fund: Life is unpredictable and it’s important to be prepared.
2. Pay off Debt: What would you do with that money you’re using to make a payment?
3. Save for Retirement: Prepare now to live your best (future) life.
So we set financial goals, but how can we actually achieve them? The answer is to make them S.M.A.R.T Goals, which increases your chance of achieving them.
Specific: Be clear on what you what to accomplish and ask yourself how this goal will put you in a better financial situation.
Measurable: Quantify your goal in numbers so you can evaluate your progress.
Achievable: Make sure to take achievable steps and don’t set your expectations too high.
Realistic: Are the steps to achieve your goal realistic for your current circumstances?
Time: Setting a time frame to achieve this goal will encourage you to stop procrastinating and keep yourself accountable.
Taking control of your finances by making a plan for your money is the best way to achieve your goals and set yourself up for a more secure future.