New Year, New Financial Goals

5 Tips on Setting Financial Goals for the New Year
January 1, 2023

Financial Habits | Envision Your End Goal | Give Yourself Flexibility | Set Realistic Goals | Track Your Progress

As we wrap up another year, there’s no better time to refresh your financial goals. Check out these 5 simple tips that will help you to set and meet your financial goals in the New Year!

1. Know your Financial Habits

Knowledge is key. You need to know where your money is coming from, where it’s being spent, and where it’s being invested.

See the big picture and determine where you can improve. For example, if you’ve noticed that you are taking money from your savings account each month, it may be time to focus on saving versus spending!

2. Envision your End Goal

Where do YOU want to be at the end of the year? Do you want to have a savings goal you’d like to meet, or would you just like to commit to sticking to your budget?

Knowing your goals will allow you to stay focused and disciplined in staying the course for all 365 days!

3. Give Yourself Flexibility

Unexpected expenses can occur, budgets can be deviated from, and plans can require alteration. It’s important to set goals expecting to fail along the way.

Giving yourself the flexibility you need will help you to remain disciplined and minimize the loss of progress that these setbacks usually bring. Remember to get right back on track- hold yourself accountable!

4. Set Realistic Goals

Failing is inevitable, but set realistic goals to avoid it as much as possible. You can’t change long-term habits overnight. Instead, set goals that require small changes over time.

If my New Year resolution is to start reading 2 hours a night when I haven't touched a book in 6 months, it's highly unlikely it will last. The same can be said about financial habits. Start small and build good habits.

5. Track Your Progress

Studies have shown you are 42% more likely to meet your goals if you write them down and track them. Track your goals on paper, through a computerized spreadsheet, or using one of the many free budgeting apps. Seeing progress will only motivate you to keep going.

Celebrate the small victories and move on from the failure along the way!