Setting Financial Goals in the New Year
The New Year brings resolutions and goals for many, this is also a great time to set financial goals.
The first step in goal planning is to consider what you want to accomplish. This can be done short-term and long-term goals. Don’t limit yourself, consider setting both.
Short Term Financial Goals:
- Saving for a Special Event or Vacation
- Paying off a Credit Card or any Personal Debt
- Starting an Emergency Fund
- Consolidating Debt
Long Term Financial Goals:
- Investing in a Retirement Fund
- Saving for your Children’s Education
- Buying a Home
- Learning more about Financial Investments
Additional Things to Consider:
- Prioritizing your financial goals from most to least important. Everyone has different needs that need to be met, therefore priorities may vary. Which financial goals are most important to you?
- How much money will you need to save for your goals and how long will it take to achieve them?
- Set up automatic transfers or direct deposits to any saving accounts you may have.
- Save money when possible. This includes reducing unnecessary spending, using discounts/coupons/rewards when available, and creating a monthly budget.
- When opening a new account for new savings, which account suits your needs? BankFlorida offers Money Market Accounts with tiered interest rates that allow you to earn more as you deposit more into your account.