At the end of every year, the majority of us create a new years resolution that will stick for an entire 365 days, and because we are all disciplined, we keep strong and accomplish our year-long goal. Yea, ok — been there done that. Instead, it’s more of how long did the resolution actually last if at all. 6 months, 1 month, 1 week? We get it, making new routines and change is hard especially when the experts say it takes about 20 days for a new routine to stick.
That’s where your friends at BR Telco come in. We are committed to helping you stick to your financial goals for 2022 and beyond! Wait, you thought this was going to be about helping you keep that gym membership or no coffee resolution? Sorry honey, you can keep your 5 am workouts and no caffeine to yourself. We want our extra sleep and afternoon starbies!
So let’s get started. Here a list of our top favorites for setting accomplishable financial goals.
Be Realistic
This is absolutely the most important mindset to have when creating your financial goals. If you start with an aggressive goal you might beat yourself up once you realize it’s not attainable and quit. The entire purpose of your goals should be small and easy to accomplish so in the long run you save more money. A small goal of just $50 a month adds up to $600 at the end of the year.
Cancel A Few Subscriptions
A few years ago everyone was about cutting the cord and subscribing to a smaller TV service. Fast forward a few years and it seems everyone has enough subscriptions that equal or cost more than your old TV bill. Pick one or two you think you can live without and put the savings from this goal to the above. Can’t live without it? Ok, that’s fine. Instead, what about canceling BarkBox or your mystery product subscription? There’s money to be saved and you have more of it tied up in annual subscriptions than you think.
Pay Off Your Credit Card Debt
This should be a no-brainer but when you don’t pay your balance in full each month, interest is added and your bill goes up! You can always set up auto-pay so you never miss a deadline. Plus, when you make your payments on time, your credit score will go up. Having a good credit score is crucial when applying for home and auto loans.
Less Take Out And More Home-Cooked
Buying your lunch instead of packing a lunch adds up quicker than you think. Buying your lunch a few times a week might only be a simple $10 per purchase. However, just three times a week adds up to $30, and monthly adds up to $120, which quickly adds up to $1,440 a year. We get it, you have to eat. But what if you could cut that in half for a savings of $720? That’s a difference between getting lunch one to two times a week instead of three times a week.
Set Automatic Deposits
Sometimes the most difficult part of doing something new is starting. If you are having trouble hitting that submit button to put money away into a savings account, you can set up automatic deposits. This can be set up in most checking accounts to be a recurring deposit. Likewise, most jobs offer a percentage-based direct deposit from your check. Add a second account with 2% to 5% of your paycheck dedicated to a savings account.
The great thing about creating smaller goals is they get checked off more easily than long-term resolutions. Let 2022 be the year you accomplished your goals instead of sticking to a resolution. Create a list or calendar that’s easily visible so that you can be reminded of the accomplishments and milestones you’ve made during the year. Seeing your progression and how much you’ve saved will be the motivation to keep going all year.
