fbpx

January 25, 2021 Uncategorized

Spread the love

Lots of people choose getting better control of their finances as a worthy New Year’s resolution. If that’s one of your promises to yourself this year, congratulations! You’re making the smart move to financial independence and stability.

As a Millennial financial coach, I always suggest setting small, realistic goals this time of year. Why? Because one of the most common reasons we break any of our New Year’s resolutions is that we can get a tad overzealous. Then when we fail to keep our promises, we beat ourselves up over our lack of discipline.

Stick to It!

One of the best reasons to invest in Millennial financial coaching is that a good coach helps you avoid reverting to old money habits. Because just like other popular resolves we make like eating healthier and getting more fit, a financial resolution is about goal setting. If you set smaller, achievable goals, you’re much more likely to stick to them.

Here are a few realistic resolutions you’ll feel good about making – and keeping:

  • Take some time to calculate your net worth. Total your outstanding debts and savings to get a clear picture of where you are, what you’re spending your money on, and where you can make changes.
  • If you have one, reset your retirement savings or fund at work to ensure you’re saving the maximum amount allowed each year. Of course, make sure you have enough to live on and make small indulgences, but over time you’ll likely find you don’t miss the extra cash as much as you thought you would.
  • Create a spending plan and be sure to pay yourself first! Experts say it’s one of the best ways to make saving money easier.
  • Think about which big ticket items you may need to invest in during the coming year.
  • Set up an emergency fund and contribute to it every payday. Three to six months’ worth of living expenses is a good goal. Some experts suggest eight months or more.
  • Update your money goals and work with your financial coach on finding ways to remove any temptations to spend money you’ve already saved.

Millennial Financial Coaching for the New Year

Any time is a good time to set financial goals but be careful about putting too many in place at this time of the year. Otherwise, you may find yourself discouraged, and that makes it difficult to carry your new money habits way beyond January 1st.

Ready to learn more about how Millennial financial coaching can help you reset your financial habits? Let me show you how to do it!

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top