Are you ready to get serious about finances and set financial goals for the new year? The beginning of the year is the perfect time to do this. Follow these tips and you’ll be on your way to saving more money this year than ever before!
Think outside of the box when setting New Year’s resolutions this year and set financial goals this year (and every year after this). Resolutions can be so much more than losing weight and eating better. Saving money and making good financial decisions should always be on your New Year’s resolution list too.
Saving money can be pretty easy if you plan for it. That’s right, you actually have to plan to save money. Otherwise you’ll probably end up spending your money each month instead of saving it!
In order to get your priorities straight, I suggest making a list of 3-5 financial goals. Use this printable to help you brainstorm. Download the PDF version here.
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Jot down three financial goals
For example, this is what I wrote down two years ago and I’m happy to repost that we accomplished all of these goals!
- Continue to pay off education debt
- Contribute to college funds for the boys
- Save up towards a van
Take some time to think about your goals
Keep the sheet somewhere you can see it and add to it as you think of new goals. I may come up with more goals or get rid of a goal. When I did this exercise in 2015, I added the following:
- Set up our will
- Save for a vacation
Make SMART goals
Finally, reformat your priorities to make them specific, yet attainable goals.
It’s always good to follow the SMART method when goal setting. Follow the SMART acronym:
- S- specific
- M- measurable
- A- attainable
- R- results focus
- T- time bound
Having a deadline for them is the easy part since you want to accomplish all of this by the end of the year. 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
Every year, I get super excited about our financial priorities because I love checking off stuff from my list.
Need a New Year’s resolutions worksheet? I’ve got that too!
Download it here: New Year’s Resolutions
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 the new year? Do you do a brainstorming session too?
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