Have you thought about your financial goal? After each year, we seem to be witnessing new year faster than usual; when we think about it, 12 months is not that long, and most of the time it is new years eve, and we haven’t gotten to reach our financial goals as we thought we would look at the beginning of the year. It is important to know that it’s never too late to start again; you do not have to wait till January 1 to start all over again. If you messed up, do not wait till next year to get in line; re-start the day after; it does not matter.
We always feel that the new year is for a new beginning (it can be) but think of every day as a new beginning of making everything right. New year resolutions should not block you away from your goals for a whole year, where you miss opportunities.
If you are lost in all of this speech, I will make it easier. This article will discuss some yearly financial goals (that you can undertake at any point of the year). Keep in mind that everything listed here is general, so you may need to adjust them according to your financial situation.
1. Emergency Fund
This is one of the most important goals here on this list. If you are new to the concept, let me introduce it to you; an emergency fund is a kind of saving; however, you are not saving for a specific goal; you are saving for times of financial distress.
For example, if you lose your job or have large expenses that you haven’t planned, like a medical emergency. I always recommend having the equivalent of your salary times 6 in your emergency fund, so if you lose your job, you have 6 months to look for another. You do not have to hurry or worry about the expenses, thanks to the emergency fund.
2. Budgeting
You should get started if you haven’t. This is one of the best things I have come across, and since I’ve mastered the art of budgeting, I am financially free. It is not an easy thing, you will fold more than once, but with determination, you will do it.
Do not give up as soon as you fail once; retry every time. There are a lot of budgeting methods available now, and you can adapt them to your situation.
3. Side hustle
A side hustle is such a comfort. You start a side hustle not to get rich; you start a side hustle to help you with your monthly salary. There are hundreds if not thousands of side hustles available that you could choose from.
A side hustle can be put in your emergency fund, saving for a specific goal or paying down debts.
4. Challenge Yourself
Many financial challenges will push you to your limit and train you to get into saving (even though it is the hard way). Even if it may seem hard, it is very rewarding.
I would suggest you start with the ‘no-spend challenge’. You can start slow, make it a week, then add up the weeks to months as you go on. Of course, you will still need to pay for transport but cut off all unnecessary expenses, such as avoiding eating out, not going out in clubs, buying new clothes, and so on…
5. MarkDown Goals
Conclusion: There are short-term and long-term goals, and I would recommend you think of both. To attain your goals, you should have your goals first. Whether for Christmas gifts or education, setting up goals will help you.
These goals are based on general rules, but they will vary from person to person. It is up to you to determine what works best for you and achieve them. Setting goals should be a priority for everyone because we still have plans no matter what situation we are in. In the comment, let us know your biggest goal for this year…