It’s a new year and we’re all looking forward to the fresh start that January 1 brings. Eating healthier, working out regularly and finding a better work-life balance are all high on the list as we enter the next year. It’s important to remember that self-improvement resolutions don’t just start and end with your fitness, however. Now is also the time to get your financial life in order. Unsure how to follow through on your financial goals? Here’s the best way to stick to your financial resolutions this year.
No one is expecting you to meet with your financial planner Orlando once a week, however being more diligent about consulting your personal financial expert will be beneficial. Checking in, creating structured plans and adjusting strategy are just a few of the ways that more frequent meetings with your financial expert will help you achieve your financial goals. They’ll keep you on track and focused, plus, the fickle financial world is much more easily navigable with an expert’s help.
Instead of trying to focus on a broad idea like “getting out of debt,” be specific in your objective; “I want to pay off my car.” When you’re dealing with big picture, broad stroke ideas, you must have smaller, more tangible goals that will eventually lead you to successfully accomplishing your big picture plans. Specificity creates a smaller, more achievable goal that will be easier to stick with and accomplish.
Keeping your goals realistic is also incredibly important. If you want to buy a house, you should focus on that. But if you know you currently can’t afford it and it won’t really be something you’re doing until 3 years from now, it isn’t a good goal. Instead, make your goal a target that you know you will be able to hit. “I want to save $10,000 towards my new house this year,” is a much better goal. Remember, if you’re doing an excellent job saving and you achieve your year end goal early, the result is just more money towards that goal.
At the beginning of a new year many of us are gung-ho about making lifestyle changes and staying ahead of things in the months to come. This new lease on life can dwindle when priorities get shifted around. Your financial success cannot be moved lower down the list if you’re to be successful. So, track your progress, consult your financial advisor, and check in with your spending targets bi-weekly or whenever you get paid. Plot your progress in a spreadsheet or use an app to ensure you’re saving and spending what you should be. If your financial goals remain at the front of your brain throughout the year, they will no doubt, stand a much better chance of being reached.
Change happens. Emergencies occur. Having rigid financial goals is futile. They should be set based on your current lifestyle and mindset, but those too, will change. These goals are important to have but they need to have built in flexibility. It’s crucial that you be willing and able to adjust your strategy or budget and know that even if you get off track, don’t give up on them, just reassess your needs and refocus.