Now that the holiday season is officially over, it’s time to start looking at the year ahead. A new year is the perfect time to reassess our goals and think about where we hope to be, from better health to career advancement and more.
Chances are, you may have financial goals in mind as well. While they may not be at the top of your New Year’s Resolutions list, these goals can help propel you forward in life, whether you’re saving for a new car, planning your dream vacation or hoping to retire comfortably someday. Let’s break down a few ways we can start to make our financial goals a reality this year.
Write down your goals.
Whether your goals are short-term, mid-term or long-term goals, putting pen to paper is a helpful first step to achieving them. In fact, in one study conducted by the Dominican University in California, participants were 42% more likely to accomplish their goals when they wrote them down. Writing down your goals allows you to get clear on what you really want and can help you determine how you will get there.
Set SMART goals.
With SMART goals, you can begin to set a plan in motion. For example, a goal of “saving enough money for a down payment on a home” is a great one to pursue, but it doesn’t tell you how much you need to save or how long you have to do so. As you craft your goals, do so with the acronym SMART in mind. In other words, make your goals Specific, Measurable, Attainable, Realistic, and Time-bound. How much do you plan to save? What does the timeline look like? How much do you need to save per paycheck to achieve it? Are there lifestyle changes you will need to make? Get as specific as you can, and then break your goals into manageable steps.
For assistance in creating SMART financial goals, check out this free printable worksheet.
Take time to reassess.
Your goals may change over time, so it’s important to reevaluate those goals regularly to make sure they still line up with your wants and needs. You may need to make adjustments based on new priorities or changes in income. Know that your goals don’t have to remain stagnant. They can change as you do.
Work with a trusted financial professional.
Figuring out how to achieve your goals can sometimes feel like a daunting task. If you feel overwhelmed trying to create a plan, talk to a trusted financial professional from your bank or credit union and see what is recommended for your specific situation. Let your financial institution serve as a resource for you.
At Addition Financial, we love helping our members live their best lives while saving money. Check out our blog for more useful articles, podcast episodes and other resources. If you’re on the hunt for a new financial institution, Addition Financial is a credit union founded by educators with strong roots in Central Florida. With branches in six counties and growing, Addition Financial is part of the Presto! ATM network for added convenience, and has offered continuous service throughout the pandemic and Saturday hours at nearly all branches. Plus, you’ll earn $100 just for opening your first checking account with Addition Financial!
Valerie Moses is a Senior Relationship Manager at Addition Financial Credit Union, where she manages public relations and various Central Florida partnerships. When she is not at a community event or cheering on the UCF Knights, she can be found at her lifestyle and travel blog, Wellness & Wanderlust, along with her podcast of the same name.
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