How are your financial goals coming along? I know many of us made New Year’s resolutions to save more, cut back on spending, or make a big purchase. Are you on the right track? If not, here are a few tips to help you reach your goals by December 31.
1) Create an action plan. After writing your goals down, create an action plan with short, mid and long-term benchmarks. These allow you to visual your progress and stay motivated to continue.
2) Evaluate your current budget. After doing a thorough analysis of your monthly budget begin to incorporate your action plan. Remember to be reasonable! Don’t subject yourself to Ramen noodles if you usually eat filet mignon. But do figure out what is most important to you.
3) Evaluate your progress. Create a monthly or quarterly cycle to evaluate your goals, action plan and budget, and determine if you have been successful. If yes, keep going and if possible, turn it up a notch! If no, reevaluate your approach and try something different.
Remember: Everybody wants change but only a few are willing to work at achieving it!