Welcome 2020! Embrace the New Year and Don’t Forget to Create Your Financial Goals

Say goodbye to 2019, and hello 2020!

The start of a new decade is upon us. Many of you have already created many personal goals such as eating healthier or working out more, but likely did not consider financial goals. It does not have to be this way. You are capable of achieving everything you set out to do, but it’s best to start with a plan.

There are many resolutions we can set our paths toward, however it’s more likely to work if you focus on one. Review the small list below to find some inspiration, but do not limit yourself there.

The key here is to find a financial goal that carries a significant meaning to you and once you find it, run with it. Perhaps, you are in deep credit card debt and have an urge to pay it all off. Although the goal would be to get yourself out of credit card debt entirely, your goal can be as simple as paying off one card of the five you may have. Whatever works for you to get the ball rolling is the most important takeaway here.

Add one of the items below to your written goals for 2020.

Let’s get to it!

1.1. I will pay down my credit card debt

Or, more specifically

1.2. I will completely pay off my (insert company name here) credit card

Or, even more specifically

1.3. I will pay $5,000 toward my (insert company name here) credit card by December 31, 2020

Or even more specifically than that

1.4. I will pay $5,000 USD toward my (insert company name here) credit card by December 31, 2020, by paying $416.67 USD every monthly pay cycle

You get the point, I hope. The more specific you can become with your written goals, the more likely you are to achieve them.

2. I will pay (your committed, yet reasonable, dollar amount) toward my mortgage

3. I will save up (specific dollar amount) for a vacation in (your desirable destination)

4. I will completely get out of all my smaller debt this year

5.1. I will save up for a down payment on a new car

5.2. I will rent out my current car once I purchase a new one

Overall, your key takeaway should be to commit to simply one financial goal. Commitment and the level of detail is extremely important to pulling this off without repeating the same mistakes we make every new year’s resolution: failing to follow through. 

We fail to follow through simply because the goal was not strong enough for us to want to achieve it, or lacked a proper strategic plan. Simply saying, “I want to go on vacation this year of 2020” won’t do you much good.

Write it down, expand on this one single goal that means a lot to you, and if you’re not sure what the costs/details are, do some research! It’ll only serve you better.

Be proud you’ve made it this far and I know deep down inside you desire a resolution you very much want. Get started on making it happen now. There’s no time for tomorrow.

I believe in you!