The world of finances can be a confusing and often overwhelming one. You want to be setting money goals that you can reach, but if you’re like most people, you’re unsure of where to start. Several personal finance blogs posted helpful articles this week that can help set you on the right track towards financial success. Read on for tips on setting and achieving your money goals!
American Express recently released a study showing how Americans are saving their money. While around 57% store their savings in a bank, the remaining percentage prefers to keep the cash in their homes (which actually doesn’t sound that smart to us). Gen Y Planning points out that the majority of millennials (around 75%) are saving for travel. However, overall, Americans are planning on saving less this year than they did in 2014 ($11,292 vs. $12,464). Don’t worry if you’re saving for multiple things at once - just set your priorities and work to accomplish your goals!
One of the most important money goals you can set is to create an emergency fund. This post from Get Rich Slowly will help you see how crucial it can be for your finances to have a rainy day fund. It can also help if you’d like to increase your cost of living (like living in a nicer place).
Want to become more financially comfortable? Good Financial Cents suggests these 10 goals to help you get there, including getting completely out of debt, planning for early retirement, having an emergency fund (see above post), and creating multiple income streams. The post also recommends trying to live on less than you earn and getting away from being too comfortable with spending (an ‘addiction to stuff’). If you set these goals for yourself, you’ll well be on your way to financial security.
It can be hard to move forward with your finances if you’re stuck struggling to pay off debt. Enemy of Debt offers 6 steps to help you get rid of debt, including figuring out exactly how much you owe, creating a repayment plan, and getting assistance from a credit counseling company if you’re in pretty deep. These recommendations can help you finally pay off your debt once and for all!
Now that the New Year is officially over, most of us have long forgotten about our resolutions. So, Modest Money posted this blog to help remind you of your goals. They say the first step to achieving your money goals is to be completely money conscious. This means knowing exactly how much you’re making and keeping an accurate account of your expenses. Then, you can work on balancing your budget and paying off your debt. They definitely advocate tracking your spending, since it’s always a helpful way to manage your money!