As we begin a New Year, many will vow to reshape their financial plans in hopes of saving more money and meeting their financial goals. 
Unfortunately, many who try their best to stick to their New Year’s resolutions do not meet their goals.
Here are some great tips for creating a plan that will set you up for success in the New Year.
Start Small When It Comes To Saving
If saving more money in the New Year is one of your main objectives, do not set goals that will only cause you more stress.
Paying off your debt will be the easiest and fastest way to achieve a bigger savings fund.
Start by paying off smaller debts first, which will leave you with more money to pay off the bigger debts that may have become a burden on your finances.
Create an Emergency Fund
After paying off your credit card debt and other short-term debt, the next step is creating an emergency fund that will help protect you in the event that you may need extra money at any give time.
We have no say in what life throws our way, but we do have control over how we prepare for it.
By allocating some money each month to an emergency fund, you will be able to safeguard against falling into debt in the event that you are not able to work or secure a steady paycheck.
Plan to save up 3-6 months’ worth of expenses as an emergency fund.
Save for Larger Investments
After you have paid off your short-term debt and built up an emergency fund, start saving for larger investments. This might be a down payment on a car or home, or contributing to a college or retirement account.
What you save for is unique to every person and depends on the goals you want to achieve. We encourage you to consult with a Financial Professional to help you make the right decisions.
If you have any questions on how to stay on track with your financial goals in the coming year, contact us at 800-835-3400.