Just as we have personal goals, and professional goals, we should also have financial goals in life.
Personal goals usually involve how we spend our time with friends and family, health, fitness, reading to grow our minds, learning new skills and hobbies.
Professional goals involve working toward a promotion, getting certified, building a resume, making professional connections.
Financial goals is what this page focuses upon, and includes ways to save for a vacation, make more money, how to budget, how to reduce debt, how to plan for the future, how to be prepared for the worst case scenarios that happen unexpectedly in our lives.
Many of our financial questions, woes, and expectations can be answered and developed through efficiency and organization. If we look at what is coming in and what is going out in an organized and systematic way, we can have more financial control and actually set to meet financial goals in life.
There is a Downloadable page where other checklists and guides can be printed to become more efficient and organized with various aspects of our lives.
Being disorganized with finances can lead to:
· Unpaid bills
· Not being able to make larger purchases in life and therefore suffering the consequences
· Purchasing of unnecessary items
· Wasted time
· Wasted energy
· Unnecessary stress and unwanted pressure
There are people who lose gift cards and rebates that could save them money. Some experience out-of-control spending that gets out of hand.
It is difficult to sit and look at the financial situation at hand because ignorance can sometimes feel less stressful. Not facing the facts, though, will not solve the problem. In fact, it will create an avalanche effect where the problems will multiply and become unbearable at some point in the future.
Having organized personal finances will help relieve stress and help you get on track to success. Organizing personal finances will help you:
If you answered YES to any of these questions, keep reading!
Housing prices have soared over the years, but income levels have not kept up accordingly. In other words, if incomes have increased by 5% over the past five years and housing prices have increased by 20%, then it is far more difficult to afford a home based on typical middle-class salaries.
In a June 2020 article on Forbes.com, it was noted that it could take up to 21 years to save for a 20% down payment to purchase a home. The 20% down payment is what most lenders prefer that buyers bring, but because it is so difficult and time-consuming to save, there are some other options.
· Do you have a plan for how much money you are going to spend each month?
· Do you feel like you can use more organization with your personal finances?
· Do you think you would achieve more of your financial goals if you had a better handle on your income and expenses?
If you answered “yes” to any of these questions, keep reading.
What is a monthly budget?
A budget sets a financial plan for you. It helps you estimate how much revenue you will get and how much you will have to go out in terms of expenses. The idea is to have the total revenues (income) balance the total expense. Savings and retirement can also be included in the expense category.
A budget must be thought of and developed BEFORE money is received or paid. It is a plan – spending and saving goal, limited to how much you expect to earn. A budget helps you to balance what comes in and what goes out. Budgeting can be done monthly, quarterly, or yearly. Most individuals do their calculations monthly, whereas organizations tend to do them on an annual basis.
Dealing with money issues, calculating income and expenses, dealing with finances cause a lot of stress for millions of people.
Do you have a lot of expenses and feel the financial crunch each month? Are your personal finances creating too much stress for you? Do you need to save money but find it impossible with your current salary?
If you answered yes to any or all these questions, this article would offer 10 helpful ideas.
If you are like millions of people out there, you are finding yourself in two situations, financially: 1) You are either not making enough to make ends meet and have to rely on credit or saved money to survive and pay bills each month; 2) Or you are making enough to make ends meet but left without any discretionary income at the end of the month.
1) You are either not making enough to make ends meet and have to rely on credit or saved money to survive and pay bills each month;
2) Or you are making enough to make ends meet but left without any discretionary income at the end of the month.
Discretionary income is the money you have left each month after paying for all necessities, such as monthly bills, taxes, food, gasoline, vacations, luxuries, special gifts, donations, etc. you do not have discretionary income left to spend at the end of the month, you are living just to survive.
If you answered yes to any or all these questions, please keep reading! You will get some ideas and resources to choose a few SMART goals that you can use to save money and meet your financial goals!
Whether you want to achieve short-term financial goals or long-term financial goals, saving is key to success. Short-term financial goals include saving money for a family getaway, paying off a small credit card fee, or making a minor repair to your home. Short-term goals can be achieved in less than one year, whereas long-term goals take longer. They usually require a more persistent and consistent plan of action to be achieved - more planning, organizing, and self-discipline. Long-term goals include:
Are you trying to save some money but having difficulty with the process? Do you have significant financial goals to achieve and need some strategies to make them happen? Do you want to get some ideas and tips on living below your means?
If you answered yes to any of these questions, this article will help!
Saving money could be challenging. Living below your means could be even more difficult! What is living below your means? Intuit Mint says, "Simply put, to live below your means, you must not spend more money than you earn. So, if you spend less or equal to the amount of money you make each month from your job and other sources of income, you're below your means." For example, if you make $3,000 per month, you can only spend $3,000 or less than that amount. If you make $5,000, then that's your threshold each month.
Living below your means sounds easy, but in reality, it is difficult. A lot of folks are not taught how to save money so when they grow up and become adults, they follow the same unhealthy spending patterns as their parents. People do not track their expenses carefully and do not budget, therefore overspending each month. It's difficult to not purchase things that you see others can purchase because human beings often like to "keep up with their peers." It's a form of peer pressure to prove to others that you have more money than you actually do. Other reasons include:
Subscribe to receive the monthly resource guide and newsletter filled with ideas on time management, organization, efficiency, and goal-setting.