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5 Financial Goals for 2017
If getting your finances in order is one of your New Year’s resolutions, you’re in the right place. If it’s not on your agenda for 2017, it needs to be. The longer you wait to get your finances in order, the harder it will be to reach your financial goals.
Not sure where to get started? Here are some goals to you started:
- Set up a budget that works. Every family is unique; what works for one family won’t work for all of them. It doesn’t matter if you prefer the pen and paper method, like spreadsheets, or are partial to apps and websites. Choose a system that works for you and your spouse, set it up, and make a commitment to sticking with it.
- Schedule monthly budgeting meetings with your spouse. Set a regular “appointment” time every month with your spouse to sit down and review your budget. It doesn’t matter if it’s the first of the month or the end, just do it. It will go a long way toward communication, and seeing eye-to-eye on your money issues.
- Work towards living on less than you earn. This may mean that you have to wait to make some purchases or you need to downsize your home so your mortgage doesn’t monopolize your budget. But living on less than you earn will make a big difference towards your financial freedom.
- Make a plan to pay off debts. Debt is a heavy burden to carry. Even when you earn a good income, it’s always there in the background. It’s time to hammer out a plan to pay off your debt as soon as possible.
- Plan to save for something big. Whether it’s paying for your child’s education, a down payment for a new house, a big vacation, or something else, when you budget savings for a big purchase into your monthly budget, you will reach your goal faster and not have to put out the large expense all at once.
What are your financial goals?
Everyone’s situation is different, make a budget plan that encompasses your goals and income. Talking about money can be stressful in a marriage, but it’s a necessary conversation. Once you start the discussion and work together to make a plan, your communication about your overall finances will improve and you’ll feel like you’re on the same page when it comes to your goals.