Did you set any New Year's resolutions this year? We're sure you know the feeling– January 1st comes around, resolutions are made, and by the time February hits, let’s just say life happens! This year, let’s make our financial goals stick! Here’s how:
- Have a Reality Check: Before even creating your goals, take a look at where you currently are. Take some time to scroll through your budgeting and bank apps (we know, that’s not fun), to understand your financial baseline. Is there an area you’ve spent more than you thought? Where can you realistically cut down?
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Set SMART Goals: You remember SMART goals, right? You learned it in high school. Who knew it would be useful in your adult life? Your goals should be Specific, Measurable, Attainable, Relevant, and Time-Bound. This means that instead of making a goal to “save more money,” -- you make a goal to save $50 a month until December for holiday shopping.
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Set your priorities: Try not to overwhelm yourself with a large number of financial goals for 2024. Remember, you’re likely to be more successful if you have a few goals that are a priority. Life can be overwhelming enough!
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Say no: Impulse spending can kill a budget. Find something you really want to buy? Add it to your cart and think about it for a week. If you still really need the item after a week, buy it! Another option is to implement a no-spend week or month. Challenge yourself to only purchase the necessities for a set period. You might be surprised at how much money you save!
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Utilize budgeting apps: A great budgeting app to use is YNAB (You Need a Budget). This app teaches the principle that every dollar needs a job. It helps you categorize your income and assign it to specific spending needs or savings goals. It offers a free trial, then the price is $98 per year.
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Build accountability: Find a friend or family member to partner with for goal setting and support.
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Use the resources Central Willamette offers: CWCU offers many financial literacy programs, and they’re all free! Learn everything from the basics of budgeting and saving to investing and retirement.
As you go through 2024, remember that your financial goals are within reach! By taking control of your finances, setting goals that work, and utilizing the resources available through your credit union, you can make them happen.