Setting New Financial Goals for the New Year

Posted on 01/05/2009

Hoping to get in shape in 2009? Why not work on your financial fitness? Setting new financial goals for the New Year doesn’t have to be difficult. And neither does sticking to them. Take a few minutes to read these tips and get going—the clock on 2009 is ticking!

Step One: Name Your Goal
What do you want to achieve financially in 2009? Perhaps you’re hoping to buy a new set of wheels, save for junior’s college education, put away money for retirement or buy a new home. Whatever you’re hoping to achieve, write it down.

Step Two: Prioritize
If you have more than one financial goal, list them in order of importance. For instance, paying off credit cards probably trumps saving up for a new Mercedes.

Step Three: Set a Date
Remember pulling all-nighters before big exams? Deadlines can be great motivators for achieving goals. Setting a date for completion will also give you something to look forward to.

Step Four: Break It Down
No, breaking it down doesn’t mean you’re going to be getting your groove on. Breaking it down means creating action steps that will help you achieve your financial goals. These steps should be very specific. Hoping to pay off your credit card? Decide how much you will be putting towards the card each month and list action steps that will make it happen. For example, I will put $200 towards my Visa card each month. I will achieve this goal by cutting my cable services, which will save me $100 a month. To make up the other $100 I will work overtime once a week.

Step Five: Tell Your Friends
Goals are always easier to keep when you’re being held accountable. Spread the word about your dream to be financially fit. Tell friends and family members that you need their support.

Step Six: Get To Work
Start right away! A Year from now you’ll wish you had.

By Alison Storm

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