Making Your Financial Resolutions
With the New Year comes new goals for yourself, and for improving your financial situation. There is always room to grow, so make sure you’re setting yourself up for success and starting off strong.
Deciding to make a financial goal is the first step to becoming better off in 2019. This means you need to set a manageable number of goals for yourself or your family, and you will need to stick to your resolution and track your progress. You probably know an area you can improve on, but making a measurable and realistic goal around it can be harder. Here are some easy steps to follow to make sure you can keep up with the goal you're setting.
- Decide what this year will focus on. If you have a long list of goals, try to prioritize what is most important for you and narrow down your list to the top 3 or 4. These might be saving more money, or sticking to a budget. Get creative but stay on track, make sure your goal is realistic for your lifestyle and income.
- Find out how you are going to measure your progress. Let’s say you want to save more, will you measure this monthly, or by paycheck or another factor? Setting a goal is the start, but this goal will probably be relevant for a large portion of the year. Finding a consistent way to track it will help you stay focused and know your progress over the full duration. There are several different ways to keep track of your spending and budget, so if you want to pick up a new management method in the new year, try Ledger! Ledger is a financial management tool that will help you manage everything from your credit cards, loans and checking/saving accounts, and will save you tons of time in 2019!
- Set milestones. If you’re saving for a big trip or purchase, setting milestones can assist you in staying on course for the final goal. You could save for different parts of the trip, like the plane ticket or hotel purchases one at a time, so you can buy in phases that are more manageable.
- Write down your goal. Make sure your goal stays visible, this will keep it at the front of your mind and will help you remain accountable. If you’re saving as a couple or a family, make sure everyone is involved and knowledgeable of the final goal. This will create accountability, which will make it harder for you to forget or push your resolution aside.
Having a realistic and measurable financial resolution will make you better off at the end of the year, but only if you stick to it! There are many lofty goals you might have for the future, so start now and check some off your list this year. You could be paying off debt, or saving for something big, and it all starts with your decisions today.
If you need help setting a goal, or want to talk to an expert on the keys to saving, check out one of our 17 locations! We can help you set up automatic savings and other features that will help you better manage your money.
Lincoln Savings Bank, Member FDIC
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