Creating Financial Goals for the New Year

Join our #CreditChat on Periscope, YouTube Live, Twitter, and Snapchat every Wednesday at 3 p.m ET. With the new year quickly approaching, we discussed how to create your new financial goals.

The panel included: Anthony Copeman: Founder of Financial Lituation; Rod Griffin: Director of Public Education at Experian; and Christina Roman: Social Media Specialist at Experian.

We also featured financial tips all week on Snapchat.

Questions We Discussed:

Q1: What are some important financial goals we should set for the New Year?
Q2: What is the first thing you should do when establishing goals for the New Year?
Q3: How detailed should we be with our New Year goals?
Q4: How does a budget factor into your goal-setting?
Q5: What are some best practices to help you stick to your new goals?
Q6: How can you measure the success of your goals along the way?
Q7: How often should you revisit your goals?
Q8: Should you enlist the help of an accountability partner once you have set your goals? If so, who would be a good choice?
Q9: What are some common mistakes people make when establishing financial goals?
Q10: Any final tips for setting goals for 2018?

5 Tips to Help You Set Realistic and Measurable Financial Goals for 2018

1. Review your current financial situation to get a good idea of where you should focus your goals for 2018.

Do you have a budget? Do you have an emergency fund? Are you saving for retirement? Are you spending less than you are bringing in? These are all good questions to ask yourself when reviewing your finances.

2. Set specific goals that you can track along the way.

It’s not enough to say that you want to establish an emergency fund in 2018. You should be as specific as possible. Example: In 2018 I would like to save $1,000 in an emergency fund. To do this, I will have to save at least $84 per month.

3. Create a budget that will help you meet these goals.

Your budget is the road map for your finances. Once you have your goals established, review your cash flow and create a plan that will help you achieve them. You can use a spreadsheet or an app for this.

4. Have visual reminders of your goals.

Keep a photo of your goals on your photo, write them on a white board at home, put them up at your work desk, or keep them in your car. Having a copy of your goals nearby will help you focus on the bigger picture.

5. Monitor your 2018 financial goals progress.

Set up check-in times with your goals. You can do monthly, quarterly or mid-year check-ins, but the more the frequently you check in on your goals, the more focused you will be.