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5 Most Crucial Money Goals 2016

Catalina 6 months ago - in Money

Since the new year is officially here and the holiday season is officially over, it’s time to get your finances back on track. Settling down to the disturbing realities of the new year isn’t easy. But your financial situation isn’t going to improve itself while you’re splurging on the things you don’t need. This year, break up with your bad money habits and try and achieve the following money goals:

1. Live within your means

This was the hardest money goal in my life. Before I could realize how to live within my means, a number of hard financial situations needed to happen. I wanted to live my life to the fullest and this ‘fullest’ meant purchasing things I couldn’t afford. I only acknowledge this looking back, when I survived huge bills and enormous debts.

If you had financial issues in the past year, it was probably because you didn’t live within your means. In 2016, master the art of budgeting, and track your money flow at least once a month. Whether you use a free app to help you create and stick to your budget or you write down your monthly expenses, both methods are perfect.

2. Consider securing financial stability for your future

Have you already started to save for retirement? Think too early? Nope, ladies. If you want to enjoy a prosperous life in your 70s, you have to think about it today. 2016 is the perfect year to start caring about your future. Whether you contribute $5 or $50, you ensure you’re building wealth for your future. The more you contribute, the more money you will have to spend in your 60s or 80s.

Read also – 8 Efficient Ways to Invest in Your Future

3. Repay the money you owe

Use this year to get rid of all your debts. Consumer debts, student loan debt and credit cards – you need to forget about all of these words for good. Stop borrowing money from your friends and parents. If you have a relatively little paycheck, trim your expenses and look for the ways to make more cash. There are many ways to make extra bucks each month like writing a blog, selling things you don’t need anymore, tutoring or babysitting.

4. Be ready for financial emergencies

Life is unpredictable and you don’t know what will happen tomorrow. Unfortunately, we need money in almost every situation – be it a health issue or a car repair. Saving some cash each month for financial emergencies will help you reduce stress, focus on the problem and avoid running into debts. Don’t dip into your savings when you feel depressed. Even if you will buy those heels, they will make you happy for a few minutes only.

5. Don’t dwell on money

Statistics show that people think about money more often than about the most important things like family or love. This type of obsession has ruined many people’s lives, which is why I included this weird yet useful money goal in my list. I do understand we need to budget and increase our incomes. We need to buy food and clothes. But worrying about money and things you can’t afford is a waste of your time. In 2016, don’t let money control you. Be grateful for what you have. This way, you will finally break your habit of splurging and focus on your lifestyle instead.

No one enjoys budgeting and saving. Financial success isn’t that important though. We don’t have to be rich to live a happy life. We pay a lot of attention to those pieces of paper, forgetting about the most crucial things. Live 2016 without worrying about money and hopefully these tips will help you remove some financials problems from your life. What are your money goals 2016?