The new year is a great time to take control of your finances and set money goals. According to a survey from the Pew Research Center, 61% of Americans who made New Year’s resolutions had a goal that was money-related. However, daily life can often get in the way of achieving these goals.
To improve your odds of success, it’s important to prioritize and plan ahead. Consider taking high-impact actions like freezing your credit to guard against identity theft, looking into umbrella insurance for added protection, and creating a basic estate plan.
Money goals for the new year
Focus on money goals that align with your values and the things that matter most to you. Think about expected costs in the next 6-12 months and set money aside each month for planned expenses and longer-term goals. To hold yourself accountable, keep a system in place to remind you of your goals.
This could be a handwritten list, online calendar reminders, or enlisting the help of others through household money meetings or an accountability partner. Remember that taking action now can have a greater positive impact than waiting for the perfect decision. Financial planner Eric Roberge notes, “Going to extremes in any one thing, at the detriment of other things that are important, doesn’t work long-term.”
By accepting that you won’t have time to complete every task perfectly and creating a system to prioritize and plan, you can improve your chances of achieving your money goals in the new year.
