We all set goals. However, how many times have you set goals as your New Year’s Resolution, worked on them for the first couple of weeks and then forgot about them?
This might have been a theme in the past, but here at Camino Federal Credit Union, we are here to support you on your journey to reach your financial goals. In this blog, we will discuss some tips to help you achieve your goals no matter where you currently stand.
Remind Yourself of What You’re Working Towards
What did you write down as your New Year’s Resolution at the beginning of the year? We know it may seem like a while ago, but it is important to keep those goals at the top of mind. Maybe your goal was to build your way to $1,000 more in your savings account or perhaps it was to pay off one of your credit cards.
Either way, this is a goal you are working towards for your own personal growth and by the end of the year, you will be happy you did it. Now that you have your goal in mind, let’s move on to the next step.
Create an Action Plan
Now that you have your goal in mind, we need to consider various factors and set a timeline. How much is your paycheck each month? Whatever it is, allocate a certain amount from it every month and put it away in a savings account.
You know what they say… out of sight, out of mind. Before you know it, it will become a routine and you will make it to the amount you need. The same goes for building your savings account. Have a small amount automatically transferred every paycheck to your savings account and you will eventually reach your goal.
Track Your Progress
How are you doing? Have you been taking money out of each paycheck every month and putting it in a savings account?
If you slipped and took money out, then you need to think about what you are spending most of your money on and allocate budgets for every category such as food, entertainment, bills, etc. and make sure you do not go over that set amount.
Check that You Are Staying In Budget
If you weren’t budgeting before, how are you tracking now? We aren’t always able to do everything we want to do and we want to make sure you are making good decisions.
Staying within your budget will help you see where you were unnecessarily spending and you will be able to use that extra money to not only save but to do more things that you love to do – whether it is going out with friends or going to your favorite concert.
You know yourself better than anyone, so what drives you? If you love Starbucks, but you have been refraining from purchasing it because it’s $25 you could be saving each week, then take the time and order your Java Chip Frappuccino. It is okay to treat yourself every once in a while, but it is important to not get in the habit of overspending.
Reaching your financial goals can be a challenge at times, but you just have to be disciplined. We are always here to support you through your financial journey. If you’re ready to work towards your goals, you can sit down with a member of our team, give us a call at (800) 835-3400, or stop by a branch. We are here to help you on your financial journey.