2012 New Year Financial Goals
The New Year is usually the best time to set goals, and because it is the start of another year, finances usually rank number one in the list of New Year’s resolutions. After a good deal of splurging and spending during the holidays, people don’t usually realize the aftermath of excessive spending until after the holidays are over. So, a new year comes, and you promise to start the year fresh and renewed, and that includes your finances. What could be some financial goals to consider?
Financial Goal #1: Have a Good Amount of Personal Savings
Well, this may seem cliché, but yes, this makes one of the top-ranking in the list of financial resolutions. People normally attempt to save at the start of the year but usually end up failing in this plan. You need to get really serious and committed to fulfilling this goal. It is said that ten percent of the income every month is ideal enough for a regular savings. Why not give it a try?
You can open a personal savings account where you can keep a portion of your earnings monthly. During emergency needs, you are worry-free of financial problems since your savings are literally there to save you. Moreover, it avoids the hassle of having to use your credit card, which may incur interest charges.
Financial Goal #2: Manage and Minimize Debt
People are so prone to post-holiday debt problems and if you think about it, this is definitely not a good way to start the year. Yet, you need to face your holiday debt and settle it. Start by developing a strategy to clear out your liabilities whether credit card or loan debt. Various debt settlement options are available such as debt consolidation, refinancing, and balance transfer. Go for one that is favorable to your budget of paying every month. From there, make it a goal to really refrain from incurring debt and focus instead on paying it off until you get it all settled.
Financial Goal #3: Think of Your Retirement Plans
You may think that retirement plans are only for employees who are nearing the retirement stage of their career but it is not. Even at your young age, you can already plan for your retirement. Consider this part of your long-term financial goal as you start the year. Check with your employer for retirement plan offers and enroll for one that will match your contributions. When you plan for retirement, you are only giving yourself and your loved ones a secure and stable future.
Adding financial goals in your resolutions for the New Year needs downright seriousness and commitment. Act on your goals slowly but with consistency and you will reap good results as another year ends.