Now is the perfect time to review your finances and set yourself up for financial success in 2023. Each Wednesday for the next 3 weeks, I will be sharing a tip or task to help you reevaluate your budget, assess your spending habits and expenses, review how you manage your money, and set new goals to build a better financial future.
To kick off our "3 Days To Getting Your Finances In Order For 2023" Challenge, let's start with day 1!
DAY 1: SET A SAVINGS GOAL
We all know that saving money is important, yet very few of us put money into our monthly savings accounts. If saving money has been a challenge for you in the past, here is my suggestion. Make a realistic savings goal for 2023. Your savings goal needs to be specific, measurable, achievable, relevant, and time-bound (known as the SMART goal method). Here's an example of A SMART savings goal:
Specific: Instead of setting a goal to "save more," get specific, like "put $5,000 into my emergency fund".
Measurable: With your goal of saving $5,000, you can track your progress and celebrate small milestones.
Achievable: Think of your goal in smaller chunks! To save 5k in a year, you'll need to deposit about $417 monthly into your savings account. Is that realistic and attainable for you?
Relevant: Are you saving for homeownership? Do you have a big vacation planned for 2024? Choose a savings goal relevant to you, your lifestyle, and your dreams.
Time-Bound: Choose a deadline for your savings goal to help you stay motivated and on track!
The SMART goal method is an effective and straightforward way to create an action plan and determine the steps you need to take to achieve your goal!
Don't forget to check in next Wednesday for Day #2 of the "3 Days To Getting Your Finances In Order For 2023" Challenge!
Posted by Paul Lamba on
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