10 Awesome Budgeting Goals and How to Meet Them in 2018
Guest Post from Hayden Stewart a contributing author and media specialist for CreditShout
New year, new you, right? So many people make goals about weight loss, improving relationships, career goals, and finances for New Year’s resolutions. Now that it is late February, how many of your goals are you still working on?
Most people find it difficult to meet their New Year’s Resolutions. Often times, people lack clear direction or don’t know where to start.
Improving personal finances is a big one for a lot of people and budgeting is one method that people improve. So, what can you do to manage your budget and have your bank account look entirely different in 2018?
Here are ten ways to improve your personal financial life in 2018
1. Stop Living Paycheck to Paycheck
I know, it sounds hard. You have so many bills, and the problem is that you just don’t make enough money. For most people, this simply isn’t true. Having a paycheck to paycheck mindset probably means that you are living beyond your means and you need to cut back. Until you can learn the difference between wants and needs, you will always overspend.
Related Post: Want or Need: How To Control Your Spending Habits
2. Budget for Long-Term Needs
Someday you will want to retire, and in order to do that comfortably, you will want a retirement plan. There are even apps that will let you enter in information to help you understand how much you will need to save each month to reach your goals. One of my favorite retirement planning programs is Personal Capital. Their analytics make it super simple to begin your retirement planning.
3. Don’t Go into Debt for Things that Depreciate in Value
A common example of this are automobiles. Instead of buying that new car, try buying something that is a few years old. Cars depreciate in value very quickly over the first few years, and they continue to lose value as the years go on. Instead of buying things that will lose value, invest in things that are an actual investment, such as a house or education that will find you a better paying job.
4. Take Temptation Out of the Equation and Save Automatically
Think about it: If you never had access to it in your checking account in the first place, you won’t miss it. If your employer gives you the option of direct deposit, you might be able to simply elect to have some of every paycheck deposited into your savings account.
If you struggle to save you may also want to consider using an online savings tool link DIGIT. Using online tools to save a little bit of extra money is a simple way to take temptation out of the saving equation.
5. Put Your Goals into Writing
By putting your spending goals on paper, you will be able to hold yourself accountable for your daily, weekly, and monthly spending habits. Unless you put it in writing and create a plan to achieve your ideas, they are just dreams.
6. Build Your Credit
When you manage your budget, it’s more likely that you will be able to build a better credit score. Also, as you build your credit score, you will be able to get lower interest rates, which will cut costs on your budget. You can use simple programs like Credit Sesame to begin monitoring your process.
7. Focus On Small Milestones
It’s easier to keep to long-term goals when you set smaller incremental goals. By having smaller milestones, you will be reminded that you are on the right track toward your financial and budgeting goals.
8. Learn More About Money and Finances
There are several ways that you can learn more about finances including taking a class or buying a couple of books on personal finances and reading them. These two options are both wise investments that will pay several times over in any money that you paid for the class or books.
9.Think About the Rainy Day Fund
You never know when you will incur an unexpected medical bill or lose your job. You need at least a couple of months worth of money to ensure that you will be taken care of should the unexpected happen. Having an emergency fund will also keep you from racking up credit card debt.
10. Get Out of Debt
It might seem difficult, but getting out of debt is an all-important step in having more financial freedom and making your monthly budgeting and financial goals easier to attain. As an example, you could sell things that you no longer use as a means of paying down a credit card bill.
Budgeting Goals Matter
Budgeting and finances sometimes feel like more of a burden than something that would inspire a New Year’s resolution that will actually stick. However, if you follow these ten goals, you’ll be well on your way to finally sticking to your resolution this year.
About the Author
Hayden Stewart is a contributing author and media specialist for CreditShout. He regularly produces content based around financial, credit and business solutions that business’ and individuals face on a regular basis.
Email: [email protected]
Telephone: (901) 672-7243