You Can Do It! Stay on Track with Your Financial Goals
Did you set any financial goals or resolutions for the new year? If so, each month is the perfect time to see if you’re staying on track with your financial goals.
Set SMART goals
Hopefully, you set goals that were SMART: Specific, Measurable, Attainable, Relevant and Time-bound. Regular evaluations throughout the year allow you to see how you are coming along on the goals and what adjustments you should make to stay on track.
Maybe you did not make any goals for the new year but want to make positive changes in your financial life. The time to start is now! Start by reviewing our section on setting SMART money goals.
Here are a few money goal ideas for the year:
- Build up your emergency fund.
- Pay off debt.
- Contribute more to your retirement accounts, including your IRA, TSP or 401(k).
- Save for your next family vacation.
- Save for your child’s college education.
Evaluate your goals, frequently
Review the progress toward your goals. Specifically, evaluate if you’ve made headway in your desired timeframe.
For example, if your goal is to save $2,000 in an emergency fund this year, you should be putting aside about $168 per month to meet that goal. Divide your goals into smaller, manageable pieces that fit into your monthly budget.
It is important to check your progress, so you can see what is working and what needs improvement.
Expenses may vary month to month but using your budget will help keep you on track to your goals. You may find that certain categories of spending are not staying within the budget. Being aware of this information allows you to re-focus efforts and adjust to meet long-term goals.
Regular check-ins also allow you to get back on track more quickly and adjust to meet the goal.
It is encouraging and motivating to see yourself getting closer to your goals. The seemingly little things you do day to day and month to month make a huge difference over time.
Take control of your finances
The time to take control and manage your financial future is right now. It is a great idea to set goals and resolutions at the beginning of the year, or any time. It is just as important to check in on your progress toward your goals on a monthly or quarterly basis.
Visit our Money Ready guide today and make a plan to achieve your financial goals!
Are you ready to join the mission?
MilSpouse Money Mission® is a Department of Defense resource that offers FREE personal financial education specifically geared toward spouses. There is a Money Ready guide for various stages of financial life, a MilLife Milestones section to help you through the big moments in your military journey, a blog, spouse videos, quizzes, calculators and more!
Join the mission to lead your family to a stronger financial future. Get started, here! Connect with us on social media and share this post.
MilLife Milestones
an Update
5 Financial Resolutions to Start the New Year Off Right
You don’t need to wait until January to take a fresh look at your finances. Get a jump…
Read MorePersonality Quiz
Next Blog
You Can Do It! Stay on Track with Your Financial Goals
Did you set any financial goals or resolutions for the new year? If so, each month is the perfect time to see if you’re staying on track with your financial goals.
Set SMART goals
Hopefully, you set goals that were SMART: Specific, Measurable, Attainable, Relevant and Time-bound. Regular evaluations throughout the year allow you to see how you are coming along on the goals and what adjustments you should make to stay on track.
Maybe you did not make any goals for the new year but want to make positive changes in your financial life. The time to start is now! Start by reviewing our section on setting SMART money goals.
Here are a few money goal ideas for the year:
- Build up your emergency fund.
- Pay off debt.
- Contribute more to your retirement accounts, including your IRA, TSP or 401(k).
- Save for your next family vacation.
- Save for your child’s college education.
Evaluate your goals, frequently
Review the progress toward your goals. Specifically, evaluate if you’ve made headway in your desired timeframe.
For example, if your goal is to save $2,000 in an emergency fund this year, you should be putting aside about $168 per month to meet that goal. Divide your goals into smaller, manageable pieces that fit into your monthly budget.
It is important to check your progress, so you can see what is working and what needs improvement.
Expenses may vary month to month but using your budget will help keep you on track to your goals. You may find that certain categories of spending are not staying within the budget. Being aware of this information allows you to re-focus efforts and adjust to meet long-term goals.
Regular check-ins also allow you to get back on track more quickly and adjust to meet the goal.
It is encouraging and motivating to see yourself getting closer to your goals. The seemingly little things you do day to day and month to month make a huge difference over time.
Take control of your finances
The time to take control and manage your financial future is right now. It is a great idea to set goals and resolutions at the beginning of the year, or any time. It is just as important to check in on your progress toward your goals on a monthly or quarterly basis.
Visit our Money Ready guide today and make a plan to achieve your financial goals!
Are you ready to join the mission?
MilSpouse Money Mission® is a Department of Defense resource that offers FREE personal financial education specifically geared toward spouses. There is a Money Ready guide for various stages of financial life, a MilLife Milestones section to help you through the big moments in your military journey, a blog, spouse videos, quizzes, calculators and more!
Join the mission to lead your family to a stronger financial future. Get started, here! Connect with us on social media and share this post.
