Financial Goals for You in the New Year

February, 12 2017

So last week we talked about the importance of setting financial goals for your business and how it could create new business opportunities. This week, I want to talk about how you should also be setting financial goals for yourself in 2017.

Setting personal financial goals can not only change your life, but can improve the quality of life for you, your family and even your employees. That’s because having personal financial security can result in a more positive attitude, less stress and a happier outlook on life.

Are you drowning in debt? Are you worried about your children’s future? Or, maybe you are just trying to figure out how to pay the bills.  If you are facing any of these challenges, then it’s time to set some personal financial goals, such as:

  • DEBT FREE – According to recent statistics from the U.S. Census Bureau and the Federal Reserve, the average American family has $5,700 in debt. When it comes to credit cards, the figures are staggering with the national mean of $16,000 of debt per household. If your family falls into this category, it’s time to create a plan to get out debt. Pay down your credit cards. Paying more than the minimum due, will not only help you pay down debt, but also avoid high interest fees. Don’t miss credit card payments and avoid cash advances. Also from now on, charge only what you absolutely need and can afford.
  • HAVE AN EMERGENCY FUND – Last week I told you that once you become debt free, it’s important to have emergency savings for your small business. The same is true with your personal life. Having a three month emergency fund is an important personal financial goal. We know accidents happen, so once you’re debt free or close to it, make sure to start saving in case of an emergency.
  • COLLEGE/RETIREMENT FUND – Have you been putting money away for your children’s future? Have you been thinking about your own retirement? If you haven’t, now’s the time to start. Creating a college fund for your kids or a retirement account for you and/or you and your spouse means future security, but can also mean tax savings. That’s because the money you put into those funds now won’t incur taxes. Speak to your accountant or bookkeeper about opening one or both of these funds if you haven’t already. And if you don’t have a bookkeeper, then e-mail us at Brigade Bookkeeping and we’ll look into it for you.
  • STICK TO A BUDGET – No one likes to limit themselves, but creating a budget and sticking to it is a great personal financial goal for 2017. If you tighten the reins now, you could amaze yourself with the amount of money you save. That could also result in having so much saved in your emergency savings account, that you could create a savings account for the fun things you want to do in life, like getting a fancy new sports car or taking a world class vacation. A “fun fund” sounds like a great idea, but you can’t get there if you don’t have a budget in the first place and stick to it.

We’re only in the second month of 2017, so reaching a personal financial goal is still attainable by the end of the year. If you can’t go for all of these goals, then just pick one and by the end of the year, you’ll see how much reaching a goal can truly change your life. Good luck and go for it! If you have any questions, feel free to email me.