Set Financial Goals For the New Year

It's that time of year again, when we make some of our New Year's resolutions, or tell ourselves we are going to get on top of our finances, only to be left disappointed when the results don't show up right away.

The key to this is to really think about what you want your life and your finances to be like in the year ahead. That means figuring out what will make your day-to-day life better and what will make you a better person.

Read More: Daniel H. Cole 

Here are the three financial goals you should set for the New Year.

1. Figure Out How to Feel Financially Secure

We've all heard it many times before: Money can't buy happiness. That said, it can put your money worries in perspective and allow you to live a comfortable lifestyle, even if it isn't what you dreamed it would be. To feel financially secure, you must create a cash flow that allows you to cover your basic expenses and still leave you with a bit left over at the end of the month. A budget is the most important tool to help with this.

If you want to earn more money, take advantage of any available matching contributions from your employer. Matching contributions, while not often stated, can amount to a significant tax break. If you are self-employed, setting up a business account can allow you to grow your business without having to worry about all the administrative tasks of keeping a traditional business book. If you are trying to spend less, ask yourself how you spend your money now and how you could reduce your expenses without losing your lifestyle.

Of course, if your family is dependent on your income, making extra money to support them can help create a sense of financial security, as well. If your children are in college, you may want to delay their entrance to retirement savings and work towards funding your own retirement.

2. Plan a Family Vacation

The holiday season is a great time to take a vacation with your family and create some bonding time with your children. If you haven't already done so, you can save money by traveling close to home or finding out the best deals for an all-inclusive vacation.

Travelers could spend an average of $926 per person on an all-inclusive vacation in Cancun this year, according to data from Expedia. If you travel to other popular destinations, like Las Vegas or Orlando, the prices are a bit less. But if you are looking for a bargain, it may be worth it to take a road trip to San Francisco, where all-inclusive prices for a four-night stay start at $824 per person. It's easy to forget the beauty of your own backyard once you've had a taste of the glamour and excitement of the big city.

3. Get Your Investments Under Control

You may want to review your investment portfolio this year to make sure you are doing everything you can to protect your capital and increase your returns. And remember to save for the future, whether it's a college tuition for your children or a car, home, or even a vacation.

You may not be able to control the future, but you can control how you manage your money. By planning ahead, you can build your wealth and ensure your future is secure.

Read More: Daniel H. Cole

After-Christmas Sales

Now that you have some of your financial goals set, now is the time to start setting a plan for achieving them. Whether you're looking for after-Christmas sales, planning a vacation, or getting your finances in order, you can still find plenty of amazing deals.

Realated Links: 

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https://medium.com/@daniel.cole852/the-economics-of-bank-bailouts-180fc85da17

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