13 Financial Goals That You Can Achieve Fast This Year!

Setting financial goals are very important when planning a productive and successful year.

Outlining clear goals and working towards achieving these goals are important to your financial life.

Since there are so many financial goals that one can set,

You want to focus on setting goals that you can achieve faster and quickly.

These are called short term financial goals,

Some financial goals examples include; budgeting, investing, getting out of debt etc

Let’s get started and take a look at some very important financial goals to set for this year

and how you can get started on achieving them right away.

15 Financial Goals You Can Achieve Fast This Year

1. Start Budgeting Every Month Before You Spend Any Money

This is something that everyone needs in their life (myself included) hehehe,

It’s very easy to get your income or salary and just start spending it,

without tracking where your money is going or how much is being spent,

What happens is that at the end of the day,

You are at loss for words wondering where your money went because it seems like you haven’t really spent money on anything at all.

Budgeting is very easy, it simply means writing out expenses that occur monthly and planning for them ahead of time,

Be it recurring expenses, or even “once in a while” sort of expenses,

Allocating money from your income to it, helps you solve problems easily and track exactly where your money is going.

Another good reason to budget is that you can always compare the original prices of items to their promotion prices and then purchase items when there is a promotion.

Starting a budgeting as a habit is very important for financial success and also very easily established.

Use this free budget planner next time when planning your next budget.

2. Get Out Of Debt (Create & Stick To A Debt Repayment Plan)

Debt is something that is not always talked about …but can affect your finances exponentially.

Sometimes, it isn’t really something that you can avoid,

Problems come up along the way that require urgent attention and all you can do is borrow money to solve them.

If you are in debt,

Then one of the best goals you can set for yourself this year is to plan for a way to pay off debt.

This simple guide on how to pay off debt will help you sort through your problems with paying off debt and focus on repaying them slowly.

3. Start Saving Money Monthly

This is one of the most important goals that you can set for yourself,

Make it an objective to pay attention to your spending this year,

monitor your expenses to find out where all your money is going and try your best to cut your spending habits.

It can be anything from stopping monthly subscriptions like Netflix, shopping subscriptions etc.,

change your cell phone plans or changing your cable packages.

The goal is to basically cut down on things,

especially things you know that you can live without so that you can save more money in the long run.

You can also put a specific amount of money aside every month for your savings.

It doesn’t have to be quite a lot of money,

Dave Ramsey, a financial expert recommends that you put aside 10% of your monthly income as savings every single month to have a tangible amount at the end of the year.

4. Invest In A Financial Course

Many people don’t know how to handle money, the mind set behind it,

what to use it for, how much to spend, how much to invest or even what to invest in and that is okay…

A lot of people are like that, what you want to do is to not remain like that…

You want to grow from where you are this year and learn how to handle money,

learn how to change your money mindset and invest in courses that teach you how to use your money to get to where you need to be in life.

There are so many financial courses, eBooks and podcasts online that you can take to help you grow your financial knowledge and take control of your financial life,

Always take your time to expand your knowledge, trust me, your finances will thank you for it!

5. Start Investing Monthly As Part Of Your Financial Goals

Investing has always been on the list of things to do for some people,

probably because it is one of the most popular ways to become rich in the long run.

The average person would like to invest but have no idea how to, or even where to start.

Investing your money simply means putting your money to work for you,

by buying stocks and shares or bonds or basically anything that appreciates,

you earn higher when they are sold off, this way you receive a higher return on investment.

I wrote a blog post called “a guide to investing for beginners” that helps you start investing even if you are a beginner with no money.

You can choose to invest for the long term or short term,

there are so many options, so don’t get discouraged!

Start building up your investment portfolio right now!

6. Stick To A Monthly Spending Plan

Sticking to a monthly spending plan is essential,

even after designing or creating your budget, you may still find it very difficult to stick to that budget or plan.

This is usually because it is not properly planned,

To successfully stick to a spending plan,

you need to make sure that you have considered every possible situation or scenario and also made allowances for them in your budget.

For example,

you might decide to keep an extra $100 aside in case of any emergencies you might have for that month,

that way, you avoid going into your savings.

You also need to avoid temptations that make you spend money,

things like having a debit card ready to be used, or going to the mall are potential situations where you might be tempted to spend money.

So try to avoid those scenarios.

7. Start Tracking Your Expenses

Tracking your expenses are very important, for example….

If you have tracked your monthly expenses in a sheet or an expense tracker application,

you can review them at the end of every month or year to know what you spend most of your money on.

This way you can decide on how important that thing is and even cut it off completely or reduce it if it isn’t important.

Knowing where most of your income is going can help you keep a level head and know if you should keep investing in a certain thing or give it up.

So start tracking your expenses today, you wont regret it!

8. Save Up An Emergency Fund As Part Of Your Financial Goals

When most people think of saving money, they don’t really think about an emergency fund,

But truthfully told, an emergency fund is something that everyone should have,

Personal finance expert Dave Ramsey says that every individual should have at least $1000 saved up as an emergency fund in case of any emergencies or surprises.

This is to avoid being taken by surprise or resulting to spending from your life savings when something unexpected happens, example, a job loss or an accident.

Dave recommends that you save about 3 to 6 months worth of expenses to your emergency fund so that you are fully protected.

9. Start Saving For Retirement As Part Of Your Financial Goals

Many young people don’t really think about retirement early,

the average individual starts considering saving for retirement at the age of 40.

but it doesn’t have to be like that, you can start saving for retirement at anytime, so why not start now..

Start putting money aside every month that goes towards your retirement fund,

Just like your savings, it can be a certain percentage of your income earnings.

You can also automate your savings to make sure a certain amount of money is deducted from your monthly earnings and goes towards your retirement.

At the end of the year, you will be surprised as to how much you have saved already.

10. Take A Course To Advance Your Career & Make More Income

Most of the time, we focus on only saving money instead of also earning money.

This year, make it a goal to create multiple sources of income for yourself,

It may involve you switching jobs, talking to your employer about giving you a raise or even taking the necessary courses or certifications required to advance in your current position and get a promotion.

This will greatly improve your income and in turn increase the amount of money you are able to save monthly.

So don’t relent, start planning how to increase your income now…

11. Calculate Your Net Worth

A few years ago, I didn’t even know what this meant, a lot of people still don’t and honestly I don’t blame them at all…

When you are struggling to gain your monthly income and juggle all your expenses,

calculating your net worth may be the last thing on your mind.

Nevertheless, it is very important,

You see, when you calculate your net worth, you are able to see all the assets you own and your liabilities as well…

This way, you know which ones to improve upon and which ones to reduce…

It is always important to build up and acquire more assets instead of liabilities for your net worth to improve.

So take a sheet of paper and calculate your net worth by subtracting your liabilities from your assets, then work on setting goals that help you improve it.

12. Get Your Taxes Done Early

Whether you are a student or a business owner or even an entrepreneur,

there are all kinds of taxes that need to be filled and settled by you…

Ignoring or procrastinating your tax payment can lead to uncomfortable situations.

Which is why paying your taxes correctly and on time are essential.

Depending on where you live and what you do, the amount you pay when filing your taxes can differ,

For more help on how to file your taxes, read this full guide on how to file your taxes correctly.

13. Use A Financial Planner To Track Your Financial Goals

This is probably the most important financial goal you will ever set,

A lot of people find it difficult sticking to a financial planner,

it’s usually an on and off situation when it comes to using financial planners

Honestly, i was the same way too for a very long time,

However,

Sticking to a financial planner and being able to track your expenses and income and also calculate and plan your savings should be an essential part of your personal finance goals.

And can sometimes be the difference between having a good financial plan or not.

Here are some really great personal finance planner for you!

Take Away

There are so many financial goals you can set this year that will help you improve your finances..

This list should help guide you in setting your financial goals,

Don’t be discouraged if you are not able to accomplish or stick with all the goals you have set for yourself this year.

It takes time to build up a habit, so just keep pushing and don’t give up, over time you will achieve your personal finance goals.

Did you like this post?

Please leave a comment telling me what you liked about it and what financial goals you have yet for yourself for this year and how they are going so far…

I would love to hear from you!