By Delta Jones-Walker, Gary Crusader
Have you found yourself year after year struggling to meet the benchmarks you’ve set to achieve financial success? Well, it’s a perfect time to start setting financial goals for 2018 with a mindset to be successful this time. Remember, all of our financial circumstances and goals differ and so will our approaches. Here are six tips that can help you start laying your money-based ambitions:
- Determine your goals
What does success look like to you? Some may say becoming a millionaire while others may say eliminating debt and having a comfortable retirement nest egg. Take the time to map out what your financial goals are and then set realistic timeframes to reach each goal.
- Commit and be persistent to achieve financial success
Any time you look at the stories of those who are financially successful, the common thread is their persistence. The goals you’ve set must be taken seriously, and consistent actions should be taken to ensure that you meet your deadlines. Some examples include paying bills on time and putting away some type of savings (great or small) each payday.
- Spend less than you earn
How many times have we heard the term “living above your means?” Quite often we spend on items of convenience without realizing that there is room to trim the fat. Make a list of your monthly expenses and identify areas where money can be saved. For example, cut back on a few trips to your favorite restaurant, and watch those extra dollars roll into your savings account. The next time you get a raise, pretend that you did not, and put that extra increase in a separate account or invest it!
- Create a budget and stick to it
One of the most important ways to achieve financial success is to create a budget. This is your roadmap that must be followed every payday and in between. Pay your bills, and whatever monies you have set aside for entertainment, be sure not to go over your limit.
- Pay off credit card debt
One of the most crippling financial burdens is credit card debt. With such high interest rates, paying the minimal monthly amount will keep you in financial bondage. As much as your budget will allow, pay above the monthly required amount and even try to pay on it each payday. Soon, you will see a light at the end of the tunnel, and you can then direct more dollars to saving and investing.
Afraid to jump in the stock market? Don’t be. Just be sure to get some advice from a financial advisor to determine what your risk tolerance is. There are many types of investments to choose from, and your advisor can identify opportunities that align with your financial plan.
The journey to financial success can have its ups and downs. The key is never giving up. A great way to jumpstart the process is to take a financial management class or meet with a financial advisor to set some goals. Either way, it all starts with you!
Connect with Delta Jones-Walker and Atled Financial on Facebook, Twitter: @Atled_Financial and LinkedIn! To schedule a complimentary consultation or a presentation to your group or organization, call 219-513-3710 or email email@example.com and mention this column. Topic ideas for this column are welcome!
*Securities and advisory services offered through Woodbury Financial Services, Inc., member FINRA/ SIPC. Insurance services offered through Atled Financial Group 717 B Main Street Schererville, IN 46375, which is not affiliated with Woodbury Financial.