Have you made your financial goals for 2017? It’s not too late.
Here are 5 financial goals for you.
New Personal Savings Account
Do you have a joint savings account? That’s amazing! Many Americans do not have any safety net or cushioning in the bank so you’re ahead of the curve.
Now, consider opening your own separate savings account. It does not need to be secret from your spouse, but it should be distinct and autonomous.
Whether you are paid from an independent source or the home income is shared, all couples need to maintain their own savings vehicles for things like retirement, unexpected emergencies or even surprise gifts.
A single savings or investment account for a couple is not enough. Check out this list of military credit unions for a breakdown of the best interest rates for savings accounts.
New You Tip: Socking away as little as $10 every week will net you $520 by the end of the year.
2016 has come and gone and so should last year’s budget. It’s important to update or create a 2017 budget to reflect your current reality and not last year’s numbers.
Have your living expenses gone down?
Have you or your partner received a raise or promotion?
Accurately tracking your spending and planning for savings will increase the likelihood of you sticking to your 2017 finance goals. Even if the numbers don’t paint a pretty picture, it’s important to be clear of your financial footing.
New You Tip: List all of your expenses and split them into pay period specific categories, then subtract your income for each in order to create an accurate budget.
Budgets are NOT set in stone. They should be adjusted to meet your needs (and spending habits)!
New Emergency Dollars
Did you know most Americans can’t afford any financial emergencies, let alone a single disruption in pay? We need to save more money! And that takes planning.
Start small with a $1,000 goal and build from there. Six month’s worth of living expenses is the goal. To start, look for areas of discretionary spending to divert into your savings account. Every little bit helps.
New You Tip: Set up automatic drafts to your savings account every pay period.
New Credit Report
What’s in your credit report matters. Our credit scores affect our financial lives whether we are aware them or in the dark.
The auto loan rates you are offered, your ability to purchase a home, and whether or not your spouse can get additional security clearance can all be impacted by your financial practices.
Check your report to ensure everything listed is accurate. Knowing your credit score can help you better set goals for achieving a stellar credit rating.
New You Tip: Protect yourself from fraud by staying vigilant of your credit report! Always dispute inaccurate items on your credit report.
New Financial Knowledge
Read a personal finance book. It doesn’t have to be full of investment jargon or banking language. There are hundreds of relatable books on personal finance and financial freedom. Taking the time to brush up on knowledge, grab tips, and glean inspiration can set you on the path to financial security in 2017.
New You Tip: Subscribe to a money or investment magazine.