Now that we’re fully into 2020, how are your New Year’s resolutions coming along? If you’re like many people, the chances are you had some financial goals you wanted to fulfill, but this is obviously easier said than done. Bills and unexpected expenses come up, and they can easily throw you off track. In some cases, you may not even know what you’re aiming for, and may have a goal like ‘becoming financially secure’.
To help to regain your focus and give you some clear monetary goals to aim for, today we’re going to explore four of the best financial goals to consider that can help you find security and thrive financially.
Debt is one of the biggest financial burdens, and not paying your debts off as soon as possible can leave you feeling stressed, unmotivated, and as though you’re stuck in a rut. The longer you leave your debts, the more interest you’ll pay, and the more it will cost you. The best thing to do is to clear your debts first before aiming for anything else.
Take all your debts and add them together to see how much you fully owe. Now work out how much you can afford to pay each month and how long it will take you. Perhaps you can pay more off sometimes, or maybe even take a second job to clear your debts to treat yourself to that feeling of freedom this year.
2. Get Savings Behind You
Having savings is a great way to bring security into your life, and it doesn’t matter when you have unexpected bills come up because you know you’ll have the money to afford them. As a rule of thumb, no matter what kind of income you have, always put 10% of this into a savings account, and you’ll see it rapidly build up over time.
3. Increasing Your Income
It’s the start of the new decade, so why not kick the next ten years off with the plan to maximize your income and get paid the value you deserve. Regardless of whether you work for yourself or for a company, try to figure out ways to maximize how much you’re earning so you can pay off debts, find security, and afford to live the life you want to live.
4. Optimize Your Spending Patterns
Budgeting is so important when it comes to wanting financial freedom, and it’s important to make sure you’re monitoring where your money goes and how you’re spending it. By working to a budget and spending time to work out how much you’re spending, you can easily save money for bigger purchases, add more to your savings, and cut down your chances of spending your money on frivolous things that don’t actually bring you joy or happiness.
If you’re looking to secure your future and bring optimal financial freedom into your life, there’s no denying these are the four main considerations you’re going to need to be thinking about. Stay motivated, keep your end goals in mind, and you’ll soon feel the joys of being responsible financially.