5 Realistic Money GOals

AMANDA CHRISTENSEN

Here's the thing...new years resolutions are hard.  It's hard to make a resolution in January and still feel passionate about keeping it come May. Where financial goals are concerned, I'm more successful setting monthly goals, not yearly i.e. a savings goal in January, a spending goal in February, a debt payment goal in March, etc. Today I'm sharing 5 realistic, monthly money goals to implement in the first 5 months of 2019. 

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1. January: Pay Yourself First. One of the most common financial phrases is, “pay yourself first”. In other words, make the first “bill” you pay every month be a portion of your paycheck into your own savings account. There are countless reasons why regularly contributing money to savings is a good financial strategy. Anyone who has had to draw on their savings during a financial emergency will tell you the peace of mind of having some funds stockpiled is worth the sacrifice! 
2. February: Spend with a Purpose. Let’s talk about spending discretionary income (income remaining after deduction of taxes, mandatory expenses and expenditures on necessary items; Investopedia.com). Instead of a focus on restricting spending, turn the perspective to spending discretionary income more meaningfully. Decide what is meaningful to you and commit to spend money on things that matter most. In order to do this, you may need to look at your current spending patterns and understand what is helping you reach their life goals and what is not. An outing with your kids, a date with your significant other, an act of service, some "me" time at the spa may all provide more purpose than filling your online shopping cart and, "click" more mindless spending. 
3. March: Examine Your Side Hustle. Nowadays it’s common to find people thinking outside the box to earn a bit of money on the side. There are numerous examples of people who make extra money “on the side” simply by sharing their talents with others i.e. photography, childcare, art, teaching a skill, baking, etc. Do you have a side hustle? If so, examine your efforts. What can you improve during this month in 2019? No side hustle? Maybe it’s time to consider something. Could you beef up your bank account with a side hustle in 2019?
4. April: Plan to Prosper. It's OK to say to yourself, "I expect to succeed financially!" A positive mindset is much more likely to lead to positive results and paired with positive actions we can really beef up our bank accounts!  For example, one common budget buster is food expenses. In fact, MarketWatch published a survey showing, “… that 45% of American cite food costs as their biggest budget buster, which proves that for one reason or another, eating out is a really easy trap for many of us to fall into.” So…plan ahead! Before you are exhausted and hungry! Stock up on freezer meals, take advantage of free grocery pickup, plan your meals for a week, set up a meal swap with a trusted friend or family member, etc. If you know that a great meal is waiting for you at home, the impulse to dine out will be less.  Try this for a month. I bet you’ll be shocked by how much you can cut down on food expenses with a little bit of planning.
5. May: Invest in Yourself. Whether it’s formal or informal education every bit of knowledge that we gather contributes to our human capital (the collective skills, knowledge, or other intangible assets that can be used to create economic value; Gary Becker, Economist, University of Chicago). Investing in ourselves can reap great rewards that spillover into our financial lives. I broadly interpret this phrase to include everything from learning a new skill to taking a mental health day. Investing in yourself will affect every aspect of your life-including your financial well-being.