Setting Goals for a More Financially Fit New Year
Money may not buy happiness but not managing your money well can certainly bring you a lot of extra stress. With the new year just around the corner, most of you are probably looking at making fitness related resolutions. Losing that 10 pounds is definitely on my list of resolutions but I’m going to be flexing my financial muscles a bit too. Be kind to yourself in the new year and set some financial resolutions that will help you have a more financially fit year and get rid of some excess stress.
A recent Capital One survey found that only 1/3 of Americans felt they accomplished their financial goals in 2015. After the year we’ve had dealing with unemployment and surprise medical bills, I can honestly say we were not in that 1/3 but I’m hoping next year will look differently.
Keep Christmas Spending Under Control
I’ve always thought it was kind of funny that the time of year we all make resolutions comes right after the time of year when we eat too much and overspend. It makes it hard to start the year off on the right foot financially when you end it making not so great choices with your money. Set a budget for your holiday shopping and stick to it. You’ll thank yourself for it in January.
Cut out Unnecessary Expenses
Take a good look at your monthly spending habits. There are probably a few things you can cut out. We cut out our TV a few years ago and haven’t looked back. Now when we want to watch something we use a few streaming services that are way cheaper than we were paying for satellite TV before. Can you cut out one
Have Specific Goals
It’s hard to judge how successful you’ve been when you don’t know what you are reaching for. Are you hoping to build your savings account? Pay off debt? Save for a large purchase? Whatever your goals are, write them down and make them specific. It will make it easier for you to see progress and you’ll have an easier time keeping yourself motivated.
Track your Progress
Now that you know what goals you are reaching for, you can track your progress. I love seeing when I make progress towards a goal. The Capital One ‘My Savings Goals’ tool is a great way to help you track progress and stay motivated. It lets you set customized nicknames for each goal, track progress, and celebrate each milestone.
Make Sure your Savings Account is Working for You
I’m a big fan of working smarter, not harder. Be sure your savings (and your checking) accounts aren’t charging you any unnecessary fees and have the best interest rate available. 360 Savings from Capital One offers no fees, no minimums and provides great interest rates that can help you get to your savings goals faster. I love that they make it easy for you to save too with their ‘Automatic Savings Plan’ tool that regularly transfers a fixed about of money from your checking to online savings account.
Keep Goals Reachable
Nothing frustrates me more than reaching for a goal that is overwhelming. Be realistic when you set your goals. You want to stretch yourself but not make your goals unreachable. Often I’ll set mini-goals so I can celebrate when I reach those milestones. It makes larger goals see more reachable.
What financial goals are you setting for the new year?
Get more information about the Capital One Venture Card and 360 Savings from Capital One to help you plan a better financial future for 2016.
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.
