10 Dec Choosing Money Goals and Sticking to Them
It is time to start setting some significant money goals. These goals that you set for yourself will allow you to have more power over your finances. Whether you set five goals or one goal, they are goals you should try and stick with. We recommend keeping these ideas listed below in mind when beginning to create your financial goals for 2019.
A Well-Stocked Emergency Fund
If you haven’t already, you’ll want to construct an emergency fund as soon as possible. In case anything were to occur short notice that you might not be able to afford, you’ll have the insurance of a well-stocked emergency fund to help you. However how much you decide to put in the emergency fund is entirely based on your current situation. Whether you are still paying off debt or not making enough, it’s best to evaluate your present condition. If you would like to open up an emergency fund contact us at 843-549-5476.
Reduce Your Debt
We encourage anyone with debt to make a specific goal on how much debt they’d like to diminish by the end of the year. Of course, the ultimate goal is to pay off all debt, but it’s a long process. Make sure your goal is achievable and that you don’t produce any more debt in the meantime.
A Monthly Budget
A monthly budget is a hard goal to keep. Many people go over their budget, whether it be because you wanted to purchase a new, expensive item, renovate your home, etc., it’s easy to spend more than you’d like. A common rule of thumb is to spend less then what you earn. What you don’t spend should be put into a savings account. Start by creating a monthly budget and sticking with it. Make this a habit to start now and continue to stick with it in the future.
Plan For Early Retirement
It is never to early in life to begin saving for retirement. Starting a retirement plan early will potentially let you retire early. Although reaching for your retirement goal may take a bit longer than you’d like to, there might be some life-changing events that delay your future plans. Set up your 401k and start storing money there. If you have questions regarding retirement plans, give us a call!
Multiple Income Streams
Generating multiple income streams is a type of income insurance, which is a great money goal to have. A few possibilities of what some of the streams could be are, part-time cash flow, starting a side business, helping fund your retirement savings or helping pay off your debts. It is understandable that this might not be a goal you make a priority, but we suggest seriously considering it. Having several income streams could lead to many new potential goals that will be beneficial for you in the long run.
We hope these suggestions are valuable for you when starting up your new money goals and that sticking with them will be effortless! If you have any comments or need help launching these goals, we are here to help. Visit our website or give us a call at 843-549-5476.