If you’re like most of us, you probably made some financial goals at the beginning of the year (along with a few New Year’s resolutions about dieting, exercising and losing weight!). The 10th annual Fidelity Investments survey of New Year financial resolutions, or a resource not hosted on the Members 1st website. found that 32% of people made 2019 financial goals, up from 27% the year before.
But as we swiftly enter the middle of the year, have you been able to stick to the budget goals you made in January? Whether you have or haven’t, here are a few simple ways to help keep both you and your finances on track mid-way, as well as throughout the rest of the year:
Use a budget tool:
Making a working budget is not as easy as it seems. So, if you did that already, congratulate yourself for taking the first big step! But if you didn’t, don’t beat yourself up … now is the perfect time to do it. There are several websites that offer free spreadsheet templates you can use to build your budget, including consumer.gov, NerdWallet and Mint. You can also find mobile budgeting apps for your phone, such as EveryDollar and YouNeedABudget.
Be realistic:
Trying to save too much or spend too little can be frustrating and de-motivating when it comes to financial goals, sometimes causing you to get off track and possibly stop all together. Instead, it’s more important to just simply start saving, even if a relatively small amount. By sticking with a realistic savings goal month after month, not only will small amounts add up to make a big financial difference, but watching your savings grow is extremely satisfying!
Remember your ultimate goals:
If watching your savings grow doesn’t keep you motivated – and help curb the urge to splurge on short-term, pleasure-based purchases – try keeping a picture of the car you want or your dream vacation in a high-visibility area, such as the fridge. It will help you think twice about the financial choices you make day to day and keep your focus on your ultimate goals. Check out our Pinterest page for lots of inspiring photos – and feel free to print one as your inspiration!
Give yourself rewards:
Another way to stay motivated is to reward yourself along the way to your goal. One way to do this is by breaking your total savings goal up into smaller goals. Once you reach certain milestones, allow yourself a small treat for a job well done!
Get help if you need it:
If you’re struggling to help paint a clearer financial picture, don’t be afraid to ask for help from a friend or family member – or from your credit union! Members 1st offers higher-yielding interest rate options to help your savings grow faster than they would at a traditional bank. Did you know we also have a financial advisor on staff ready to assist you? Another great benefit of being a member. (And if your family and friends are not credit union members, they can learn more by visiting our website or yourmoneyfurther.com – maybe they are the ones who could use a little help!)
To find out how Members 1st can help you meet your savings goals, call or stop by one of our offices.
Mattis office: (314) 487-5628
Festus office: (636) 931-7144
Toll-free: (877) 487-5628