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Money Minute
Quick Tips
Set Your Financial Goals for the New Year
Money Minute
Review what worked and what didn’t — then take action this year!
 

As we begin a new year, it’s a good time to reflect on the past year and to review your finances — you can take note of what went well, and recognize areas where you fell short. Celebrate your accomplishments. Perhaps you were able to lower your debt a little, or maybe you met your savings goal for the year. Then consider areas for improvement. Were you able to stay on budget? If not, review the specific areas where you overspent and see if you need to make changes to get back on track.

Once you have a sense of how things went in the past year, you can then focus your attention on your financial goals for the new year. This could be the year you work on building your emergency fund, or increase your 401k contribution by just 1% or 2%. In both cases, consider making it easier on yourself by taking advantage of putting away money automatically each month. If you’re working on your emergency fund, you can have your checking account automatically transfer a fixed dollar amount each month to your savings account. And if you want to increase your 401k contributions, just reach out to your HR or Finance department for instructions. Usually, it’s as easy as making a phone call to put through your request.

Either way, commit to taking action in the new year.




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