Setting goals is a normal thing to do when the New Year starts. Most people decide to eat healthier and go to the gym more frequently, and some people resolve to spend less money and put more into savings. Other goals include refocusing on work tasks so promotions are not out of reach, or spending more time with family. Whatever the goal, professionals agree the best way to have success with goal setting is to take certain steps to achieve those goals. The first step is usually to make a list of what you want to accomplish, and then implement a plan to reach your goals. But there are also many steps along the way, and there are also bound to be missteps. In order to get to the end of the year with more success than failure with your intentions it is beneficial to have a guide.
Ten tips for setting money goals for 2018 include:
- Identify the reason behind your goal, with money it may be that you want to save for a car or down payment on a house, or to get out of debt. Knowing the why behind the goal will help you remember what you are reaching for.
- Come up with a system to get organized. You can create spreadsheets, use notebooks, or handwrite all expenses down on a legal pad. The key is to find what works for you and put that method to use.
- Look at your budget frequently. Once you have organized where your money is going, you need to look at what you’ve organized in order to keep on track with a budget. When you write things down but don’t refer back to them, they become less important.
- Look for ways to save money on every day needs, by changing out a restaurant dinner for one cooked at home to clipping coupons.
- Make adjustments to your spending when you notice excess, or identify opportunities for savings.
- Pay off debt as you become able to do so.
- Stay on top of your credit score. With so many data breaches lately it is critical to know what is on your credit report, and to notify credit reporting agencies of any errors.
- Start a savings account.
- Put more into your 401(k).
- Take stock of what you have spent at the end of every day, or monthly, to make sure you have not gotten off track.
When you have clear goals for your money, it is easier to reach those goals. If you are unsure of where to start, or believe you do not have the funds needed to make it from paycheck to paycheck, a good place to start is by filing bankruptcy. Bankruptcy will give you a fresh start, so you can set goals that are attainable.
For more information about how to get out of debt and save for the future, contact us at www.DsouzaLegalGroup.com. We will help by coming up with solutions that work for you.
