The weekend challenge is designed to help you get ready for the next year. The weekend challenges will start over with the New Year, but they begin by looking at your overall financial institution. This weekend you need to come up with some goals that you want to set for the New Year. You need solid goals that are attainable that can help you achieve that you want out of life.
First, choose a goal for your budget. If you have not been successful at budgeting in the last year, you may want to set a goal to follow a written budget each month of the year. If you are already successfully budget, you may want to set a goal to help you decrease spending in specific categories or to cut spending across the board by a certain amount, so that you can find more money to do the things you want to.
2. Reduce Your Debt
If you are carrying any debt this year, you need to choose a goal that will help to reduce your debt load over the next year. The more money you can find to put towards the debt, the more quickly you can move on to other goals that will allow you to build wealth. In addition to setting up a debt payment plan, you need to find ways to apply additional money towards the debt. This may mean taking on an additional job or finding even more ways to cut your spending. Remember the more you sacrifice now, the better off you will be in the future.
3. Job and Retirement Goals
You should always be thinking ahead when it comes to both your career and your retirement. This year set some employment goals that will help you be ready to qualify for your next job or promotion. You should also set a goal to increase your retirement savings this year. Once you are contributing fifteen percent of your income, you will be able to comfortably stop worrying about retirement, and being focusing on other areas of your life.
4. Plan for Any Life Changes
Generally, you know at the beginning of the year if you are going to have a major life change like getting married, buying a home or starting a family. Take the time now to look over the goals you have just set to make sure that they are helping you prepare for these events as well. You can make adjustments to your budgeting goals to save up for a wedding or a down payment on your home. You may want to make long-term goals to prepare to go back to get an additional degree or to move to your dream area to live. These changes take time and you can achieve them more easily if you plan out each step you need to take in order to reach your dreams.
5. Write Down and Post Your Goals
Now that you have a general idea of what you want to accomplish, take the time to write down each of your goals. You need to post them somewhere you will see them each day and really look at them. It can be easy to tune out the goals or focus on something else if you do not have a constant reminder of what you want to accomplish. It also helps to find an accountability partner to work with. If you are married, your spouse makes a great partner. Otherwise you may look to a friend or roommate that you trust to help you stay on track to reach your goals. It helps to find someone who will encourage you instead of teasing you about wanting to change.