The start of a new year is more often than not the start of new plans for new habits. Most people “resolve”
to get healthy physically, but in a recent Fidelity study one-third of Americans will vow to get healthy financially.
Whether you find yourself wanting to save more, spend less or pay off debt, here are the top four ways you can lead by example and have winner’s bragging rights to go along with it.
1. Know what you want and why. Do you want to save more so you can go on that 3-week bucket list vacation to Bora Bora? Do you want to spend less so you can retire early with the peace of mind of having a cushy savings account? Do you want to be able to pay cash for your kids’ college adventures
Whatever your why, get clear on it and stay focused. A vision board is a great way to keep your goals in front of you and your dreams alive.
2. Do your homework. Not only is tracking your income and your expenses the best way to begin your financial workout, it’s the ONLY way you’ll know the health of your current money situation. Make a list of all your monthly expenses and then make some room for the unexpected ones as well (as listed in an article coming soon!), and proceed to Step 3.
3. Make your budget your buddy. “Budget” is not only NOT a four-letter word, it’s a word that will be your best friend once you’re finally sipping those virgin umbrella drinks in Bora Bora.
There are a lot of great online budgeting tools and apps available these days to help you start tracking and stay on track with your income and expenses, but good ol’ pen and paper is still an option as well. Choose what works best for you, keep it close to you at all times and use it daily.
4. Have accountability. It doesn’t matter if your trying to eat healthier this year or budget healthier, you’ll still need someone you trust to support you through the process. Just be careful who you pick as your financial accountability partner though: you don’t want someone who’s three credit cards deep in debt giving you money advice if you’re trying to pay off all your own cards.
Having a professional who specializes in wealth management and who solely has your success as their goal is always an option. Click here to set up a time for us to chat about how we can get you on that plane sooner rather than later.