Can you believe 2016 is only days away? Now is the time to set your financial priorities for 2016!
I’m going to focus the next few days on giving you great tips for setting yourself up for financial fitness in 2016. Today’s tip is all about setting financial priorities for the New Year.
In order to get your priorities straight, it’s best to make a list of 3-5 financial goals. Use this printable to help you brainstorm. Download the PDF version here.Get a free financial priorities worksheet printable to help plan 2016! Click To Tweet
I like to think about these goals over a period of time. For example, I’ll jot down something like this:
-Continue to pay off education debt
-Contribute to college funds for the boys
-Save up towards a van
Then I think them through for a couple of days. I keep the sheet somewhere I can see it, and I continue to add to it or take away from it. I may come up with more goals or get rid of a goal. When I did this exercise, I added the following:
-Set up our will
-Save for a vacation
Finally, reformat your priorities to make them specific, yet attainable goals. Having a deadline for them makes it even better. Mine ended up looking like this:
-Wipe out the remainder of Tom’s student loans by the end of 2016
-Contribute at least $600 for each boy’s education this year
-Save up at least half of what is needed for a used van, so we only have to finance half of it.
-Set up our will by end of January
-Save $700 for a Disney trip in April
I’m pretty excited about our financial priorities. This is going to help keep me in line this year. I’m going to keep mine in a place that I can see it every day so I’m reminded of our big financial goals. This worksheet goes well with the New Year’s resolutions worksheet!
Here’s a recap on how to set spending priorities for the New Year:
- Come up with a list of 3-5 financial goals
- Think it over, expand on them, or take them away.
- Turn them into specific, attainable goals with a deadline if possible
What are your financial goals for 2016? Do you do a brainstorming session too?