It’s almost the end of February! Have you stuck with your resolutions for 2018?
If you’re like most people – 80% of resolutions fail by the second week of February – you’re bored with your resolutions as the holiday pace wears off and winter seems to wear on.
Like many people, your new year intentions likely included improving your finances. Now is a great time to take another look. A good motivator (especially during this time of the year) is to begin envisioning what your summer vacation and financial situation will look like.
ASSESS YOUR SITUATION
- Take a look at your January – April bank statements from the previous year.
- Where is your financial pace compared to what you wanted to improve from last year?
- What was a positive financial decision in January to replicate next month?
- What were your budget-blowing decisions in the first quarter of last year?
- How can you avoid these this year?
ONE QUANTIFIABLE STEP AT A TIME
Achieving goals takes time and planning. Goals are reached by outlining steps. Each step in your financial goal can and should be measured. For instance, to pay off your holiday credit cards by May, what’s the total to pay off, and how many months do you have to achieve your goal? Take into account your interest rate when making your payments. Total debt/number of months in your goal + following through each pay period = goal success. Stick to it, and remember that a summer vacation is part of your reward!
REVIEW YOUR PROCESSES (AND PROGRESS!)
Having a written monthly budget or journal is an essential tool to helping you stay on track (and celebrate progress). Each line item, each step, each reason is part of your journey toward your goals. Start by taking your monthly income and deducting the payments you’ll need to make each month. From the remainder, decide what needs to be put aside for expenses like gas and groceries. Put the rest away for savings or use it to pay down other debts. If you want more control, narrow your budgeting to a weekly max spend. Controlling your budget on short term can sometimes be more attainable than looking at a month-long plan.
FIND A FINANCIAL PARTNER
Cornhusker Bank has all the tools to help you achieve your financial goals – we are committed to your success! You can check out our online Education Center or “Your Goals” tab at our website. Personal Solutions tab provides more info about savings, Certificates of Deposits, and money Markets. You can contact Cornhusker Bank by mail, phone, and email. Our 24 hr Account Line is always open! 402-434-2275.