Whether it’s to make an extra $5,000 this year or start investing, the best thing you can do is to set a money goal for yourself every year.
Every high achiever and success guru knows this. Warren Buffett, Tony Robbins, money goal setting is a huge part of their success.
So to get your finances on the right path in 2020, here are some financial goals you should consider setting for yourself:
1. Get Your Credit in Check
Understand what your credit score is and what is affecting your credit. If your credit score is not where you’d like it to be, start taking steps to improve it.
2. Get Your Taxes Done Early
Each year, so people make the mistake of waiting until the last minute to get the necessary tax documents together. Avoid the stress and hassle and set a goal to have your tax documents fully prepared as soon as possible.
3. Set a Budget
Regardless of how much money you currently have, setting a budget is always essential. A budget allows you to exercise discipline and keeps you mindful of where your money is going.
4. Set a Savings Goal For This Year
Set a savings goal for the year. Be realistic, but challenge yourself too.
5. Pay Off Bad Debts
High interest from credit card debts and personal loans decrease your worth at a compounding rate, rather than grow it. Paying off these debts should be your priority, and this year is as good a time as any to become debt-free.
6. Use a Financial Planner
Did you know that you are 42% more likely to complete your promises to yourself if you write them down?
Beyond that, writing your goals down, line by line, and looking at them daily or weekly leads to increased motivation.
After all, "Where your attention goes, your energy flows". So focus your attention on those goals!
Celebrate Each Win
Well, there you have it. There are some simple steps to get your finances in order in 2020. Celebrate each win, no matter how big or how small. Each day you’ll notice how much fun it starts to become when you challenge yourself to do something that you initially thought would be 'work'. The promises and challenges of getting your finances together will work for you and help get you focused on striving for financial success for years to come.