So, you’ve settled on making a financial resolution in 2018. Whether you want to build your savings, start budgeting, get organized or plan for your future, we’re here to help. With these tips and tricks, you’ll be able to keep your resolution and reach your financial goals this year.
Build on your current habits
It’s easier to form a new habit if it’s similar to something you’re already doing. Putting away money weekly instead of monthly is an easy step and, depending on the amounts, can help grow your savings faster.
Break down your goal into smaller milestones
When you’re staring at an entire year and a hefty financial goal, it’s easy to feel overwhelmed. Try taking your goal, be it saving more for retirement or writing down your budget, and breaking it down by month. Keeping up with your progress will allow you to see where you are in the process of achieving your goals for 2018, and meeting your short-term goals helps keep you motivated throughout the year.
Make it a team effort
Being held accountable is a proven motivator. Find a friend or a family member and help each other stay on track.
Set specific and achievable goals
It’s important to have a handle on your current financial situation before setting a goal. If you currently are putting $200 per month towards your child’s college fund, then making a goal of $1,000 per month is probably not achievable. Take a look at your monthly budget and income and make adjustments to reach a realistic goal.
Make a plan, then automate it!
The easiest way to accomplish a financial goal is to automate it. From increasing your 401(k) contribution by a percent to setting up transfers from your checking to savings after each payday, the less you have to think about it, the easier it is.
Ask for help
Getting started with your resolution can be the hardest part. Make an appointment with a local banker to look at your finances, set goals and make a plan. Find a local banker here.