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.
Personal financial organization can be achieved! It needs to become a priority, especially if the stress of not being organized is creating problems in the household. Financial organization will lead to
· More efficiency with saved time and energy
· Better mental and physical health
· More productivity
· More wealth
· Stronger buying power
· More savings
· More preparedness for emergencies
· Stable family life
· Allow for more giving and donating
· Allow for more generosity towards others
· Increase happiness
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:
· Make better decisions about investment choices
· Help save money
· Decrease debt
· Get out of debt
· Increase wealth
· Improved mental and emotional health outcomes
· Better marriages and relationships
· Save you time
Follow these 20 easy steps and strategies to become more financially organized starting today! The steps and strategies provided are actionable and can help right away.
If you answered YES to any of these questions, this article is perfect for you to 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. For example, lenders are offering a 3%-down-payment option or a 5% option if buyers qualify. But even 3% or 5% can be difficult to save in a short time.
In June of 2020, median home prices in the United States were at $295,300. To save for a 3% down payment, buyers have to come up with $8,859. A five percent down payment is $14,765. There are other costs associated with purchasing a home. Having just $8,859 is not enough to purchase and get in. There are some costs the buyer is responsible for paying, and lenders typically prefer that you have 3 months' worth of money in your savings or checking account as a cushion.
· 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; this article may help.
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. The most common reasons why people do not establish a spending plan is:
· Restrictive or limiting nature of budgets
· Hating math, or working with numbers
· Not knowing how to prepare one
Are you trying to buy your first home or condo?
Is it difficult for you to save enough money for the down payment?
Are you looking for strategies to save money to take this big financial step in your life?
Do you know someone who is trying to purchase a home but struggling to save?
If you answered YES to any of these questions, this video is perfect for you. It is based on an article written by Ruzanna Hernandez on organized and efficient ways to save money for a down payment.
In this video, you will see a step-by-step process for creating your very own template for doing your monthly budgeting. This process will help you become far more organized and efficient with your personal money management. Budgeting is forecasting how much money is going to come in and how much money is going to go out of your household each month.
Subscribe to receive the monthly resource guide and newsletter filled with ideas on time management, organization, efficiency, and goal-setting.