It may be almost February, but I tend to take some extra time to really get into my new year’s resolutions and goals. I think it’s that post-holiday slump that I get into, which I find hard to work my way out of.
It’s now mid January and I’m really excited to get started with making progress on my goals. I have a number of financial goals for 2014, and I think they are all worth while.
All of the goals that I’ve made for this year take me one step closer to becoming richer. Whether that’s financially or in my personal life (having a richer career, richer relationships), that’s the end goal.
Here are a few financial goals to help you take a step in the right direction.
Find A Way to Bring in Side Income
Side income is such a great way to grow your wealth. While there certainly is power in cutting expenses, rarely will one become a millionaire by cancelling their cable. Side income, however, is very helpful.
When I first started making more money on the side, I realized a new passion of mine. If you can find a side hustle that you love to do, it won’t feel like work.
There are plenty of ways to find extra income in 2014.
Invest Your Cash
Investing (or, if you know nothing about investing, learning about investing) is a great goal to have for this year. Get started with finding places to invest your money. Whether you look into P2P lending, investing on the stock market, or investing in websites or real estate, you are taking a step in the right direction.
Bonus tip: invest all of your side income that you’ve been making because of your goal.
Make a Budget & Stick to It
Budgeting is important, even if it is sometimes a bit of a drag. If you don’t already have a budget, make one and work toward sticking to it this year. You may have to make some adjustments as the year wears on and things change, but that is expected when it comes to budgeting.
If you already have a budget, make sure you review it before committing yourself to it for the year. Dust off that old budget spreadsheet and get back in the game.
Start Paying Down Debt
Hopefully you aren’t in debt, but if you are, start paying it down aggressively. Pick a realistic number to pay down before a certain time (ie $5,000 by the end of the year, or all credit card debt gone by the time you ring in 2015) and just start.
Take some steps to ensure you aren’t accumulating more debt, like swapping the balance on your credit card to a 0% deal. This will help you save tons of money on interest while you get your bearings and start paying your card down.
If you have already started tackling your debt, make 2014 the year that you pay it off!
Do you have any financial resolutions for 2014?
Money-wise and even relationship-wise, aiming for financial progress really brings a lot of benefits. I’m now looking into making more investments with my extra money. Not too big of investments but at least are additions.
Side income is a HUGE part of my goals for this year! I’m hoping it’ll simultaneously restock our savings account and chunks come out for the wedding.