New Year, New You, New Money Moves

Desmond McCain

New Year, New You, New Money Moves

Another year has come and gone, and now 2018 is upon us. Time flies! For some, it may have been a rather expensive holiday season. I know personally, after Black Friday and Christmas shopping, I’m usually “tapped out,” the buyer’s remorse has set in, and I look at my budget and can only shake my head. Another year where I went overboard. However, this is the perfect time to reset financially: set new financial milestones, get your budget in order, and prepare financially for the coming year. With that said, there are several ways to get ready financially for 2018.

WRITE DOWN your Financial Goals
Nothing like the effect of getting your goals out into the universe that makes them seem all the more real. Write down your financial goals, from small, easily attainable goals to those that no one in their wildest dreams could ever imagine you would accomplish. Get them on paper, post them somewhere where you will see them every day, and visualize them. Examples of goals that I have written down in the past are, make 30%-35% more this year than I did the last, or reduce my spending on items I don’t need by “x” amount of dollars. For the outrageous, I may say make $5 million this upcoming year. Although outrageous, because I wrote it down and I see it every day, I’m going to make moves to get there. Shoot for the moon! Even if you miss, you will land amongst the stars!

Get Organized
Don’t wait till 3, 4, or 5 months down the line to get organized. The best time is now. Procrastination will only perpetuate overspending and a lack utilizing your resources to produce more down the line. Also, what’s the point of writing down your goals if you don’t get organized enough to accomplish them? The best way to get organized and best prepared to achieve your financial goals is to create your budget. Check out one of my prior posts on how to create a budget here. Creating a budget will get you on the right track.

Tax Season, like Winter, Is coming here

Tax season is around the corner, so make sure you have your financials in order. You may or may not receive a tax refund so plan for both scenarios. And this year, don’t blow your tax refund on a night out or depreciating assets such as clothes or shoes. Take a crack at one of your most outrageous financial goals you wrote down earlier. Do something crazy and wild. ..like INVEST your tax refund.
Start the Year off Paying Yourself First

Lastly, to get your year off to the ultimate start, PAY YOURSELF FIRST. Go ahead and set some money aside for you. This will hopefully jumpstart you into the habit of always paying yourself first as you move throughout the year. I’m a huge believer in this concept and the fact that this is the best way to accomplish your financial goals. It prevents you from spending money you could otherwise use to invest down the line and put to good use, rather than pay it on a “depreciating asset.” I mentioned it briefly above, but here, wanted to give a little more emphasis! Set some money aside now, continue to do it throughout the year, and watch it snowball.

I wish you a prosperous 2018, and I look forward to sharing more with you throughout the year!

Have more questions? Let’s connect

IG: @DezzTHeCPA

Twitter: @DezzTHeCPA

 

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New Year, New You, New Money Moves