Getting your finances in order can be overwhelming. Everyone has big financial goals, whether its saving up for a home, getting out of debt, or buying your first investment property. However, these goals can feel completely out of reach when you’re just starting out. In order to stay motivated, make small financial goals that you can reach along the way. They’re quicker to accomplish and make those bigger goals attainable.
To get you started, here’s a list of 8 small financial goals to you can get started on:
1. Start an emergency fund. Even a small emergency fund can help you prepare for unknown expenses.
2. Start tracking your expenses. Knowing where your money is going each month is key to taking control of your finances.
3. Make a budget. This one goes along with tracking expenses. Make a plan to send your money in the right direction each month.
4. Cut your expenses. While making your budget, try to find one area you can cut down on. Whether it’s food or entertainment, reduce one area to make room for savings or to put towards debt.
5. Write out your goals. Writing out your long term goals makes them more tangible.
6. Get on the same page as your partner. If you share finances with someone, make sure you have the same goals in mind.
7. Start a fund for big expenses. You know birthdays are coming up or you want to go on a vacation. Getting your finances in order does not mean sacrificing your life, just plan for what’s coming so you don’t get yourself into further debt.
8. Determine if you should use cash or cards. Some people treat credit cards like free money and others can’t track when they pay cash. Figure out which is your weakness and strive to do differently.
What small financial goals do you have for the year? Let me know in the comments below!
