Financial goals, priorities, and planning can be one of the more stressful aspects of “adulting”. There are always bills and credit cards and somehow life always has an unexpected expense just around the corner. New tires? Plumbing repair? Holidays or birthdays right around the corner? It seems that there is always an unexpected expense lurking around.
Bills and Savings
Managing your money is all about the in-come versus the out-go. In order to meet your financial goals, you have to either increase one side of the equation or reduce the other.
Are you trying to reduce your fixed or flexible expenses in the new year? Maybe you hope to take a closer look at your overall spending. Is this the year you pay down your debit? And in the midst of all of that, do you need to work on your savings account?
For better financial organization, it’s all a matter of balance — budget planning, expense tracking, debt reduction, and savings tracking.
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Set your financial goals and priorities starting today!
Frequently Asked Questions
What are your financial priorities?
Do you need to focus more on savings, retirement planning, college tuition, debt reduction? While we can never really remove all of the financial stress from our life, knowing what to focus our efforts on can go a long way to reducing that stress.
What is the importance of financial goals?
According to Financial over Fifty, there are 9 benefits to having financial goals. These include strengthening your motivation and commitment to your financial health, improving your money mindset, and building confidence for your future.
What are some financial goal examples?
- Reducing credit card debt – You can choose to either focus on paying off the largest interest rate card, the smallest balance, or the largest monthly payment. Either way it will eventually put money back into your wallet.
- Increasing the percentage of retirement contributions – The statistics are mind-boggling when you look at the difference that can be made by at least contributing the percentage that your employer will match.
- Building a savings cushion – Home repairs, property taxes, car maintenance all require funds. and in the grand scheme of financial priorities, it is “healthier” to be able to pay cash instead of using a credit card. Ultimately using a credit card can end up making that expense 15-25% more expensive once you factor in the interest you will pay.