Annual Financial Goals

The new year always seems to arrive faster than we think. But it’s never too early or too late to think about your goals for the year—there’s no rule that you have to make all your resolutions on 01-January! Figuring out your yearly goals can be an ongoing process.

The idea of setting goals for the year isn’t meant to lock you into a rigid mindset of success or failure; it’s simply meant to help you reflect on what you want out of life and create steps to get yourself there.

The best goals for the year will depend on where you are in your financial journey. It's always good to see where you stand and update your goals if needed.

*Emergency Fund*

A perfect first financial goal to have because this is the savings that will allow you to weather a job loss or other surprise expenses without going into debt. The recommended amount you should have in your emergency savings is 3-6 months of basic living expenses, but if that seems overwhelming, work on saving your first 1000 and build from there!

*Monthly Budgeting*

A foundational financial goal because this is what allows you to get a full picture of how much you’re making, how much you’re spending, and where there might be a chink that can be managed.

*Side Hustle*

We could all use a little extra cash, to pay debts, increase savings, achieve a financial goal, or retire earlier. No matter what it is, starting a side gig can help speed up your goal timeline.

*Retirement Planning*

The sooner you start saving, the sooner that coveted financial freedom will be within your grasp.

*No Spend Challenge*

While you pay for the essentials like rent, gas, utilities, groceries, and other necessary things, this is a chance to identify bad financial habits and go from usually a couple of weeks to a month, in which you eliminate all non-essential spending.

Do whatever, however, whenever you want and can, but be sure to break up your financial plans into achievable modular short-term, mid-term, and long-term goals. You should also outline the financial goals so that they are measurable and tracked for progress. Also, be sure to set weekly goals to help you make the big goals easier to achieve!