In 2019, I want to continue to improve my finances. Last year, I made some major strides by investing in my home (remodels) and paying off debt. I know you’re not all in the home-buying stage or you may be past that, so I’m keeping it simple. Today I’m sharing 9 financial goals to set for 2019.
So random – but I love sharing financial posts. I have a business degree, and I work in the financial services industry, so to me, finance is super interesting. I understand the in’s and out’s of investing, and I love to evaluate spreadsheets. I’m kind of a control-freak, so having this part of my life in order is a must.
Last year, I shared financial goals for 2018, and it was one of my most-read posts. It is so important to start off the year on a positive note when it comes to money. Many of you may have resolutions that incorporate your wealth, so here’s my advice on how to develop and keep them.
Actually Set Your Financial Goals
Wait, didn’t I just say that? Yes. But it’s important to evaluate where you’re at in life. Here are some examples:
- I want to grow my savings to have a 6-month emergency fund.
- I want to pay off my car loan.
- I want to eliminate half of my credit card debt.
Once you’ve set said goals, write out actionable steps that will help you achieve them. Divide them into mini-monthly objectives.
Keep a Budget Planner
If you don’t currently have a budget planner, this is what I use. This whole post talks about how I utilize mine – I like to have something tangible that I can view my finances right in front of me on.
Pay Everything On Time
We all can get behind, but it’s important to pay everything in advance/on time. In 2019, set up auto-pay options or set text alerts (my favorite for my car payment, Ford has this option online) to remind you about upcoming bills.
If you haven’t already begun (I started at age 21), ensure you’re setting aside AT LEAST 6% of your income in a retirement account. Maybe 2019 is the year you want to increase this – I know one of my personal goals is to increase my contribution amount by the end of the year.
Pay Off Credit Card Balances in Full Every Bill Cycle
I’d like to thank my friend Alexa for her encouragement on this one. I used to be the gal whose balance was $100, but I’d pay it in three cycles. The amount of interest I ended up with was unreal. Pay off your balance for store cards (I use this with my J.Crew or Ulta card) in full each bill cycle.
Open A Credit Card That Will Earn You Rewards
Speaking of credit cards, what benefits does yours have? Are you getting cash back? Are you accumulating points? If you don’t have a credit card currently, they can actually help with building your equity if you don’t abuse them. I’m an advocate for Chase’s rewards card and Southwest’s. I personally utilize a few store cards, and Ulta’s gets me the best deals.
Plan A Budget-Friendly Trip
I had this on last year’s list too! Sometimes, you need to reward yourself. Travel has become more inexpensive than ever. I just read an article about how place’s “off-season” isn’t really “off” anymore, it’s just a good deal! Think about this when planning travel times.
Save Your Bonuses
Do you instantly spend your quarterly, yearly, or unexpected bonuses from work? Start putting them into your savings to help build that emergency fund I mentioned above.
Pay Your Car Insurance in A Yearly or 6-Month Payment
Saving to pay your car insurance payments in either one yearly payment or two 6-months payments is going to save you a few hundred dollars. Think about this as a quick, easy win for your finances!
So, what financial goals are you setting for 2019? Hopefully these 9 suggestions can help you set them – or open your eyes to potential cost savings!