Setting financial goals can help you achieve things you might’ve never thought were possible. When thinking about your goals, there are a few things to take into consideration:
· Are your goals realistic?
· Why are you setting this specific goal?
· Can you measure this specific goal?
Asking yourself these questions before setting your goals will provide you with a clear vision for your path to financial success.
And get this… By simply writing your goals down, you’re 42% more likely to achieve them.
So, get out your pen and paper. You can follow along with these seven financial goals, or just pick the ones that matter most to you:
1) Create a budget and stick to it – Writing out your budget each month will allow you to assign a task to each dollar you earn. In doing so, you’ll know exactly how much you can spend each month. Check out Pinterest for a great selection of printable budget sheets.
2) Reduce your debt – You can reduce your debt by putting any extra money you have towards your monthly payment, selling items that are of no use to you anymore on sites like Offerup and eBay, or picking up a side hustle like babysitting, dog walking, or house cleaning using apps like Rover and TaskRabbit.
3) Don’t create new debt – In addition to reducing your debt, you shouldn’t create any new debt. That means not using your credit cards or making any big purchases, like a car, unless you can pay in full.
4) Save up an emergency fund – Your emergency fund should be an amount that is attainable for you and your current situation. Having an emergency fund is essential should any unexpected expenses arise. You can use a calculator like NerdWallet’s to determine how much you should set aside for emergencies.
5) Invest – Your SOLE Paycard works with investing apps like Acorns. With Acorns, you can invest small amounts of money you won’t notice, and the app will automatically diversify it to 7,000 different stocks and bonds which can earn (or lose) you money. The earlier you start investing, the better, as it gives your money time build up and to ebb and flow with the market.
6) Save for retirement – If you work for a company that offers 401K matching, you should be taking advantage of it – it’s free money! Example: Your employer matches up to 3% of your monthly earnings. So, if you contribute 3%, which equals $50 each month, your employer will also contribute $50. It’s. Free. Money!!! Your 401k is something you can take with you to any job – it doesn’t go away if you leave your current employer (just like your SOLE Paycard)!
7) Ask for a raise – Come prepared for this discussion by considering the following questions: How long have you been in your current position/with the company? How has your value to the company increased? What is the market value for your current position? You can look up market value for your specific position at payscale.com or salary.com.
What financial goals would you like to achieve this year? Let us know in the comments!