10 Financial Goals to Set 2017 on Fire
We are a few months into 2017, are you sticking to any of the financial goals you set for yourself? When it comes to finances and budgeting, let’s be real, it’s hard. You have to discipline yourself to meet your savings goals. I want to help keep you on track this year; start by reviewing the last 3 months of your financial statement’s to track your spending habits. Below are 10 ways to get in gear with your financial goals. Remember, it’s never too late to start !
- Budget – Be sure you put yourself on a budget. You must know where your money is going in order to set financial goals.
- Savings – You should be saving at least 20% of your net income. Net is after taxes.
- 401k/IRA – Be Sure You are contributing to your retirement account, if possible try to max out or contribute the max for your employer match.
- Debt Payment – Try to double up on credit card/ loan payments, this will help reduce the interest build up
- Credit Utilization – Keep Your Utilization below 30% on your credit cards, Carrying high balances puts you in a high risk category & reduces your credit score
- Check Your Credit Report On A Regular Basis- Mistakes are sometimes made on consumer credit reports, be sure you are checking your report for accurate information and/or identify theft
- Reduce/Eliminate Expenses – Reduce & Eliminate unnecessary expenses or even those you can sacrifice to help build your savings/emergency fund.
- Refinance – If you have any loans which are high interest, try to refinance those loans this year.
- Invest – Even if you are new to investing, all it takes is one small step to get started. Maybe start out with $50-$100
- Plan – All Expenses (except emergencies) should be planned for. Start reviewing your spending habits, see what you can change, and make a plan for future purchases.
You may not be able to implement all at once, but try a few at a time and see where you are this time second quarter. Happy Budgeting