Did you make any financial resolutions this year? I’m a little late for the resolution train, but I’ve been thinking a great deal about setting some financial goals and I finally sat down to do it. Of course, there’s nothing easy about that process, so I’m here to offer you some help. My hope is that sharing my goals will help you as you work on your financial health.
My Financial Goals
We spent the last year recovering from financial trouble, so becoming financially healthy again is high on our priority list. I’ll admit that when it comes to money, my husband is much better at staying focused and maintaining structure. I’m determined to improve in this area, so my first resolution of the year is making wiser financial decisions. And, here are a few more:
- Cut the amount of money we spend on eating out in half.
- Pay off my car loan.
- Rebuild our emergency fund.
- Create a passive income source.
I’ve written each goal down with a target date and specific steps I can take to accomplish each one. I’m also tracking my savings goals on paper and I’ve got it hanging on the wall so I can stay focused.
Making Financial Health a Priority
A recent Capital One survey found that only 1/3 of Americans felt they accomplished their financial goals in 2015, but many people are thinking about how to change that this year. If you’re a part of that “many,” here are a few steps to take toward improving your financial health.
- Set specific, measurable goals.
- Develop realistic action steps for each goal.
- Look for proven tools to help you achieve those goals.
- Visually track your progress (on paper or with a digital tool).
- Commit to saving.
- Commit to living within your means and doing what you can with what you have.
Don’t minimize the importance of step #3. The right tools will keep you focused and motivated on achieving your financial goals. Below, you’ll find a few tools we use (and recommend) as Capital One customers.
- 360 Savings from Capital One. This saving account offers no fees, no minimums and great interest rates to help you reach your savings goals faster.
- Automatic Savings Plan Tool. Users can maximize savings by having a fixed amount of money automatically transferred from their linked checking account to their online savings account, giving them a higher interest rate.
- My Savings Goals Tool. Use this clever online tool to help track savings progress and stay motivated as you pursue your goals.
These 3 tools make it much easier to plan and monitor our savings goals. And, for those of you who also like putting pencil to paper, I’m sharing the 2016 Financial Goals Planning Sheet and a Savings Goals Tracker I’m using. They’ll be in this week’s Insider’s Newsletter, so if you’re not already on the list, sign up now.
I hope these tips help keep you moving toward your financial resolutions and, if you’re a Capital One customer, I also hope you’ll take advantage of the tools they’ve made available. I’d like to chat with you about your 2016 financial resolutions. Let’s talk about in the comments below or on Facebook and Twitter!
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.