3 Financial Goals for 2017
2017 should be the year of Financial Goals.
There is no time like the present to start your Financial Overhaul. Since the New year means more time to make opportunities for yourself, then its time to start January 1 and do not hesitate.
3 Financial Goals to Start 2017 Right!
Goal #1- Make a Budget
Have you made that budget that you have been promising you were going to do for the last 5 years?
If you haven't, then get started! Here is my budgeting post!
Why is it important?
Starting 2017 off with a budget, will lead the way to healthy financial year for you and your family. Budgeting is the foundation to having success in the other Financial Goals; it will help you feel in control of your finances instead of your bills being in control of you.
What steps to take?
Start by reading my budget post mentioned previously.
Then start to figure out what steps work for you and your family. Not all budgets are created for every family. If you are really good at saving on groceries, but going out and having a few drinks is your downfall then recognize that and modify. One technique that I have found to be helpful is having a gift card with the money that you want to spend that period pre-paid. If you have 100 for entertainment outside of other categories, then get a Visa Gift Card with only that amount. Once you have spent it, then no more. Some use the envelope system for this (Dave Ramsey suggests this). I however do not have the time nor the energy to carry around a large sum of cash.
Another thing that works is trying to allow for certain days that you can do certain activities. If you like having drinks after work, then schedule it for a certain day. Its like a diet and cheat day. If you allow your self to indulge every now and then, than you most likely won't binge. Same thing with your budget. Allow yourself some time to have fun. If you are constantly trying to say no, then eventually you will just get tired of fighting, well that is how I work at least.
Goal #2- Stop Using Credit Cards
If you don't use credit cards, then move to #3. If you do, then ignore the first sentence!
Why its important?
Credit Cards are a useful tool, but you have to follow their rules, or they can get you in a heck of a lot of debit and financial issues. You should only use your credit cards if you can pay it fully off by the end of the month. If you can't do that, then you don't need them. You are living above your means.
What Steps to Take?
Do not cut your credit cards up! Once you can use them wisely (I say this because I have had to learn how to do this) then you can use them to build your credit. Or you may have an actual emergency where you need them. ( an actual emergency does not consist of a pair of shoes that you are dying to have, it is life or death type thing).
What you should do is put them in a lock box in the back of your closet and put the keys in another location. I have heard of people actually freezing their cards as well. Whatever it takes so they are not accessible at all.
** a good friend made a good point that needed to be added. Credit usage helps with your FICO score. So using them wisely and staying under 30% and paying off the balance will increase your credit. But if you are in the spend all the money mode. Stop using them until you can get a control of your finances!
Goal # 3- Make a Goal List
If you saw my post on Monday, then you know I think Goals are the bees knees (yes, I just used Bees Knees). I think Goals keep you centered and Focused. For 2017, I want you to make a list your Short Term, Medium Term and Long term Goals.
Why is it important?
See three sentences from above. I love Goals. They are not for everyone, and some of you reading this will say that you are a free thinker. Well that is okay too, but you probably don't like my website very much. I like to be spontaneous, but not when my money is involved.
What Steps to Take?
Start by making a list of your short term, medium term, and long term goals. (I also really like lists).
Short term- What financial goals do you want to accomplish in the next 6 months to 1 year. Goal #2 should make the top of the list! Saving for an emergency list should also be there.
Medium Term- What financial goals do you want to have accomplished in 5-10 years. Do you want to have your debt paid off? Buy a house?
Long term- These are the Goals that you will want to accomplish in 15-30 years. Paying off your mortgage and retiring are the types of goals that this should be.
Finally, write How you plan to accomplish each Goal next to each one?
If paying off your debt is one, then look at certain methods, Dave Ramsey comes to mind. Also, I will be writing an Ebook about my financial plan!
Don't Worry I have Included a FREE 2017-financial-goal!
If you live this post then you will love our 2017 Working Mom Goals