The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • Submit an Article
  • Books
  • Categories
  • Coaching
  • Book Lynnette
  • Money Coach University™
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • Submit an Article
No Result
View All Result
The Money Coach
No Result
View All Result

5 Tips to Help You Achieve Your Financial Goals in the New Year

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Family Finances
Reading Time: 2 mins read
financial goals
7
SHARES
123
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

How well did you meet the financial goals you made on January 1 this past year?

If you’re still struggling to keep that budget in order or you had to deal with some major financial emergencies this past year, now would be a great time re-evaluate your financial standing and set some new goals for the year ahead.

Achieving all of your financial goals may not be possible, but working on a few, specific goals can help you get on a better financial track.

Taking a few steps now can prepare you for a much better financial forecast throughout the New Year.

Here are five tips that can help you achieve your financial goals in the New Year:

1. Create a Q1 budget with very specific goals.

Setting some long-term savings goals is great, but you won’t really know if you can achieve them until you break down the steps and set some milestones for yourself.

Focus on just the first quarter for now and set some very specific targets. How much do you want to have saved for travel, leisure expenses, and other luxuries by the end of March?

Do you have enough set aside for taxes come April? How much do you think you’ll be spending for the first three months of the year? Prepare your own financial “forecast” for just three months so you can set some specific, tangible goals.

2. Start cutting costs.

As spending season subsides, now would be a great time to start scaling back and get into the habit of saving.

Find ways to save a few extra dollars here and there, and tally everything so you can see how well you did. Set a weekly budget and savings goal so you can start trimming extra expenses as you go.

Cutting costs now will make it easier to keep going as the New Year unfolds.

3. Get your finances organized.

Organize your bills and create a master list of all open accounts and balances so you have a good idea of how many accounts you actually have.

You’ll need separate lists of your assets (bank accounts and investments), and your liabilities (credit cards, personal loans, bank loans, and other debts).

Plan on reviewing this master list throughout the year so you have an accurate idea of where you stand financially.

4. Run a “what if” analysis.

Would you be able to make ends meet if you lost your job, got into a serious car accident, lost your investment account, or even lost your home in a fire?

Consider a few different scenarios – without worrying excessively about the future – and make sure you’re working towards padding an emergency account to cover your bases in the New Year.

5. Share your goals with someone you trust.

Accountability plays an important role in reaching many of your personal goals – including your financial ones. Share some of your goals with someone you trust so you can “check in” with them periodically throughout the year.

Share your success story when you reach certain milestones, and admit to your faults or some bad financial habits you’ve indulged in as often as you can.

Sometimes knowing that you’re answerable to somebody else can prompt you to stay focused and on track with meeting your financial goals.

Tags: Financial goals
Previous Post

3 Signs You’re a Financial Train Wreck Waiting to Happen

Next Post

Gift Cards: The Funny Hidden Messages Behind Giving and Receiving Gift Cards

Related Posts

Auto repair shop. Cars open bonnet parked in garage for repair and maintenance service. Car check up at service station. Car waiting for inspection in auto repair shop. Car maintenance and checklist.

How to Find Auto Repair Shops That Offer Payment Plans

by AskTheMoneyCoach

Car repairs can be expensive, and unexpected breakdowns can put a strain on your budget. But don't worry, there are auto repair shops that offer payment plans to help you get your car fixed without breaking the bank. Keep reading to find out how to locate these mechanics and get...

Banks vs. Credit Unions pros and cons written on a blackboard.

Credit Unions vs. Banks: Which One is Better For You

by AskTheMoneyCoach

When it comes to managing your finances, you have several options. Two of the most popular are credit unions and banks. Both offer financial services, but there are differences between the two. In this article, we’ll compare credit unions vs. banks and help you decide which one is better for...

extra cash

Ten Proven Ways to Make Extra Cash

by Guest Contributor

People are always searching for different ways to make some extra cash. With the cost of living rising and bills piling up, it can be hard to make ends meet. Luckily, there are plenty of creative and easy ways to generate additional income without having to work long hours or...

Small business african female owner smiling while turning sign for opening of cafe. Happy afro-american waitress entrepreneur in apron present sign on door

Buy Black: 20 Powerful Reasons to Support Black-Owned Businesses

by Lynnette Khalfani-Cox, The Money Coach

In February, you’ll see a lot of people on social media and elsewhere urging you to Buy Black and purchase goods and services from Black-owned businesses. And that’s great! Let’s normalize supporting Black entrepreneurs beyond Black History Month. But as the co-owner of a Black-owned firm for two decades (TheMoneyCoach.net LLC,...

AskTheMoneyCoach.com

4 Ways to Save or Make Money Without Leaving Home

by Lynnette Khalfani-Cox, The Money Coach

With remote work gaining in popularity and inflation hitting everyone's budgets, more people are staying home these days.  But how can you stay home and still make or save money? Here are four ideas to help you keep some cash in your wallet -- or generate extra money, all without...

bury a loved one

What to Do if You Cannot Afford to Bury a Loved One Due to COVID-19 

by Lynnette Khalfani-Cox, The Money Coach

Currently, the average cost of a funeral is between $7,000 and $10,000. While life insurance can help cover some of the expenses, not every insurance plan includes burial assistance. 

make a will

COVID-19 Reminds Us Of the Need to Make a Will or Trust

by Lynnette Khalfani-Cox, The Money Coach

Like most things these days, you can make a will online. But the question really is: should you create an online will versus having a will drawn up the traditional way – by using a lawyer?

Load More

Popular Posts

  • Car repair

    What to Do If You Can’t Afford a Car Repair Bill

    1517 shares
    Share 607 Tweet 379
  • What to Do if Your Spouse Stole Money From You

    1300 shares
    Share 520 Tweet 325
  • What to Do If You Can’t Afford to Leave Your Spouse

    1262 shares
    Share 505 Tweet 316
  • Here’s Why I Pay My Kids For Good Grades (And Maybe You Should Too)

    1123 shares
    Share 449 Tweet 281
  • What Do All Those Strange Codes In My Credit Report Mean?

    894 shares
    Share 358 Tweet 224
  • Which Credit Report is More Important: Equifax, Experian or TransUnion?

    855 shares
    Share 342 Tweet 214
  • Do This Now If Your Wages Were Not Reported

    849 shares
    Share 339 Tweet 212

Categories

  • Bankruptcy
  • Budgeting
  • Building Wealth
  • Careers
  • Couples and Money
  • Coupons and Deals
  • Covid-19
  • Covid-19 Video
  • Credit Cards
  • Credit Reports
  • Credit Scores
  • Crypto
  • Debt
  • Entrepreneurship
  • Family Finances
  • Featured
  • Identity Theft
  • Insurance
  • Investing
  • Loans
  • Paying for College
  • Personal Finance
  • Press Releases
  • Real Estate
  • Retirement
  • Saving Money
  • Scams
  • Student Loans
  • Taxes
  • Uncategorized

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

RSS / Sitemap /Submit an Article / Privacy Policy / LynnetteKhalfaniCox.com

No Result
View All Result
  • Books
  • Categories
  • Contact Lynnette
  • Get Coaching
  • Book Lynnette
  • Money Coach University™
  • Home
  • Subscribe to Newsletter
  • Submit an Article

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist