A new year is often looked at as a new beginning. For 2020, we not only have a new year, but a new decade as well. Looking back over the past 10 years can be an eye-opening experience; at least it has been for me. Perhaps you’re shocked at where the past decade has taken you. Maybe you’re not happy with where you are today. Or just maybe, you are completely satisfied. Whichever your answer is, now is the perfect time to figure out a few financial goals to plan so 2020 is an amazing year for you and yours.
If you ask me, planning financial goals is a lot like setting regular goals – a must have. For most people, having something to work toward gives them that little boost they need to get things done.
Without something to work toward, we can all be pretty lazy creatures who get lost in the shuffle of daily life.
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Financial Goals to Plan
That little push is the very reason that financial goals work. Your goals do no care what your current financial status looks like.
You could be living paycheck to paycheck and having trouble making ends meet today and your goals don’t care.
As I’ve already said though, your mind does care.
And that push that planning financial goals gives you is more than enough to help you both meet your goals and to manifest the results you want from them.
Financial Goals to Set in 2020
That little push is the very reason that financial goals work. Your goals do no care what your current financial status looks like.
After all, those results are why we are all here and hard work is the only way to get the results we want.
#1 To save more money
Obviously, the first financial goal you set should be to save more money. This goal is actually two fold.
First, set a goal to save money on your daily expenses. This might mean finding a few new frugal tips to help you save or simply cutting back on a high cost expense each month.
You could also use a service such as Trim to help lower your expenses. If you’re not familiar, you can check out Trim HERE.
The more you can reduce your spending, the more money you’ll save.
The second part of this financial goal is to actually fill your savings account. It does you no good to reduce expenses if you aren’t saving the money you’re not spending for a rainy day.
I would also recommend taking a look at your actual savings account. If you do no have a high yield savings account, it may be a good idea to switch to one so your money earns more interest for your family. CIT has a great high yield savings/money market account you may want to take a look at.
#2 To make more money
If you’re in a bad financial situation, making more money is almost a necessity for you if you want to save more money.
You could do this several ways. The obvious one is taking a second job. While it is an option, let’s be real about the fact that most of us simply don’t have the time. If you feel that this is a good option for you, make certain you can spare the time – and sleep – that you’ll lose.
You could also pick up a side hustle. These tend to require less of your time making them great for people who are already time strapped.
HERE is a great list of side hustles to get you started.
If those don’t work for you, think outside the box. Can you earn the extra money you need working sites such as InstaGC and Swagbucks? Both are fairly easy to earn from and are a great way to earn free cash online.
You can check out InstaGC HERE and sign up for a Swagbucks account HERE.
How about starting a blog just like this one? Blogging has provided a full-time income for thousands of people myself included. If this interests you, I have a complete tutorial HERE that will show you how to create a blog.
#3 To build more wealth
So many of us get caught up in the idea of saving money that we forget we’re supposed to be building wealth too.
Since you – like me – very likely won’t have thousands of dollars to invest a first, a micro-investor like what Acorns offers can be the answer.
Like with all micro-investors, Acorns takes a small percentage of what you spend and invests it into an FDIC insured account. In other words, it rounds up your spending and invests it. If you spend $7.50, Acorns will invest $0.50 to make the total charge $8.00.
If you’re interested in taking a look at Acorns, you can do so HERE.
#4 Lower your grocery bill
It may seem odd to set a financial goal of lowering your grocery bill, but groceries are usually one of the biggest expenses in a family budget.
It makes sense to try everything you can to save money on groceries.
This one is especially important if you’re already living paycheck to paycheck.
Swagbucks and InstaGC can be a huge help too. In fact, I used to use them both to get over $200/mo in groceries totally free out of pocket!
#5 Lower your electric bill
Like the cost of groceries in your home, planning a financial goal to lower you electric bill is just as easy.
You could lower it with something as simple as shutting off lights and fans when you’re not in the room or you could do something more extreme such as what THESE extreme frugal tips offer for lowering your electric bill.
#6 Reduce waste in your home
Another huge cost that most people don’t realize is costing them is the amount of waste they have.
This could be wasted money, wasted food or any other form of waste. We simply don’t think about how much we are wasting in our daily lives.
If you’re looking for ways to reduce waste, our family began a huge mission on this exact thing at the beginning of 2018. HERE are a few easy ways to reduce waste to get you started.
#7 Be and Live healthier
I know. It sounds strange to include your health in a list of financial goals to plan, but they are tied together.
Simply put; if you are unhealthy, you will spend more money to be healthy. Instead, work on living healthy, consider starting a gluten free diet and work on controlling out of control health issues.
#8 Lower your phone bill
These days, it is necessary to have a cell phone, but it is no necessary to spend hundreds on it each month.
Instead, opt for a far more budget friendly cell phone option when you set your financial goals for the new year.
If you need help, a few budget friendly options are:
#9 Reduce Your Entertainment Costs
Without something fun to do, we would all go mad, but that doesn’t mean we need to blow our budgets each time. Instead, finding a few options for frugal fun is best.
When you are planning your financial goals for the new year, set one that not only includes something fun each week, but a goal to do that fun thing as cheaply as possible.
This is another place Swagbucks and InstaGC can help. Both offer free gift cards for restaurants, gas stations and more that can help lower your oop cost for fun.
#10 Help your kids to save money
Wouldn’t it be great if our kids were born knowing all the life skills they need to be responsible adults?
Wishful thinking, right?
In the new year, make it a priority to teach your kids to manage money. If they aren’t sure how to do so, they won’t make it as adults.
This is especially important if you have teenagers like I do.
If you aren’t sure how to get started, HERE is a post with a few tips for learning how to teach kids to manage money.
#11 Learn a new skill
If you are serious about learning how to save money in the new year, you’ll want to e sure you have the skills you need to do so.
Frugality relies on skill. There is no way to get around that fact.
THESE 33 skills are great for starting with. They all save you money in one way or the other.
#12. Raise Your Credit Score
Credit is necessary in life. Housing, jobs and more all rely on having a good credit score. If your credit score is low, you could find yourself having issues in more than one area of your life.
Did you enjoy this post? You may also like these:
This is why I recommend really working to raise your credit score in 2020 if it is currently low.
A super easy way to raise your credit score is with Self. Originally called Self Lender, it has helped me raise my credit score almost 100 points in 9 months – all by itself.
You can check out my Self Lender review HERE and check out the program HERE.
#13 Pay off Debt
Finally, when you’re setting your financial goals for 2020, make sure to include paying off debt in them.
I know. It sounds as if I’ve conrdicted myself.
I promise. I’m not.
What I am saying with #12 and #13 is that you need a good credit score, but you need to be responsible about it.
Take the debt you need to help raise your credit score, but keep it manageable and pay it off as soon as you can.
Doing both together will benefit you more than you think.