2018 Financial New Year's Resolutions

It is time to start thinking about making your resolutions for 2018. This should be the year when you make lasting changes in the way that you handle your finances. It is time to get serious about how your money and to create a solid plan that will help you reach your ultimate goals. It is important to think about both long-term and short-term goals as you make your resolutions this year.  It is also important to set goals that are achievable so that you will continue to work on them throughout the year. 

Create a Financial Plan

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Make this the year that you sit down and create a solid financial plan for yourself. If you are married, this needs to be something you work on together. Your financial plan should address things like when you want to buy a home, when you want to retire. It can also include things like taking your dream vacation, buying a new car or savings for you children’s college education. Your financial plan is like a road map that you can follow to reach your goals. The more detailed it is, the easier it can be to reach your financial goals. You may need to make adjustments to your plan as your life changes. That is to be expected, but if you have a solid plan that you have been following, it can be easier to make those changes.   More

Set Specific Savings Goals

One thing that can really help is to set specific savings goals each year. It is important to regularly set money aside both to cover to bigger purchases and to build wealth. Determine at least one savings goal, and attach a dollar amount to it. Then you can come up with a way to put that much into the bank each month. It can help to have a tangible reason that you are saving money, especially when you start out. If you need to make a chart to track your goal you can do this now.  More

Get Out of Debt

If you have a lot of consumer debt or a student loans hanging over your head, make this the year that you get out of debt. It really depends on the amount of debt you have, but you may be able to completely pay off your debt in less than a year. It may take some major sacrifices like working an extra job or selling some items, but it will be worth it in the end. Break this goal into smaller goals and then work to pay the debt off as quickly as possible. It can be liberating to be completely out of debt. More

Get Control of Your Spending

Your budget is the most effective tool that you have for managing your finances. It is so important to follow a budget each month. Your budget allows you to choose how you spend your money. You need to find the software or budgeting method that works for you and really stick to your budget. This will open up doors and make it easier to reach your other goals. Take the time this year to set up a monthly budget, and to follow it. You will be amazed at how much you can accomplish if you can just master budgeting. More

Think About Your Job

Take the time to set some goals for your job this year. It is important to always be working on your career, and thinking about where you want to end up. If you love your job, you may want to stay there, but it is still important to stay on top of your field and to stay marketable the entire time. If you can do this, you will be able to show that you ar e an asset at work. This can make it easier to manage mergers or to move onto the next job when the time is right.  More