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January 15, 2025

Level up your finances in the new year

Financial matters consistently rank among the top New Year’s resolutions. Maybe it’s saving more money, reducing debt, obtaining a higher-paying job, or buying a first home.

In this article, we’ll highlight how to set financial goals with intention, devise a plan to achieve them, and provide tools to accelerate your progress and boost your confidence.

How to set financial resolutions

When setting goals, financial or otherwise, it’s important to realize that success won’t happen overnight. Anything worth achieving requires a plan, hard work, and commitment.

Before you jump right into pursuing a new goal, take time to plan thoroughly. Use the following tips to help you get started:

Be intentional:

Ask yourself what goal is most important to you. Why does it rank high with you? Continue to ask yourself “Why?” several times to uncover your true goal.

For example, you might state your goal is to “save more money.” Why do you want to save more money? Is it for a specific purpose, like a new car or summer vacation? Are you tired of living paycheck-to-paycheck? Do you spend frivolously and impulsively? All these answers can help tailor your goal.

If you’re living paycheck-to-paycheck, perhaps your goal shouldn’t be to “save more money” but to look for a higher-paying job. Or maybe you need to reduce expenses to live more within your means.

Being intentional with your goals is the first step to identifying the process you need to take to achieve them.

Get specific:

You’re more likely to accomplish a goal if you are specific in what you hope to achieve. For example, instead of just saying, “I want to save more money,” work to identify the amount, reason, and timeline.

“I will save $5,000 by August 1 as a down payment on a new car.”

Remain realistic:

Setting unobtainable goals will only cause you to give up quickly. If you want to save $5,000 in a few months but only have $100 leftover monthly, you’ll likely ditch the goal after the first several weeks.

Review what you want to accomplish and the timeline you set for yourself. Just as it’s extremely difficult to lose 30 lbs. in a month, you don’t want to set the bar so high that it’s impossible to reach.

Devise a plan:

Once you have intentionally set a specific and realistic goal, it’s time to create a course of action. How can you accomplish this goal within the timeline you set? Often, there are multiple means to advance a goal.

For example, assume you set a goal to save $250 each month for 6 months. However, you only have $150 leftover monthly to save. Look for opportunities to make it possible by reducing your expenses. Also, if you have outstanding loans, improving your credit score could allow you to refinance at lower rates and reduce your monthly payments.

Explore all opportunities surrounding your desired goal. Then, create an actionable plan to ensure it’s achievable.

Hold yourself accountable:

When working to improve oneself, it can be challenging to hold yourself accountable. You might fail to follow your plan after a few weeks, find it too challenging, and ultimately throw in the towel. There’s no downside other than letting yourself down, which may or may not be a significant motivator.

Instead, find ways to hold yourself accountable. Teaming up with a friend or family member is a great way to start. If you have a gym buddy, you’re more likely to go so that you don’t let your friend down. It’s the same with financial goals.

Prepare for setbacks:

The final step in setting goals is to plan for setbacks. Perhaps a financial emergency arose, and you couldn’t put any money into savings that month. Whatever hurdle you’re facing, create a plan beforehand to overcome it. If you cannot meet your saving goal that month, how can you make it up? Is it possible to move your timeline out a bit further? Are there any additional expenses you can cut? Can you take on extra hours at work to make up for the difference?

Remember, your goal is progress – not perfection. There will be setbacks, but how you approach them is what matters most.

Tools to achieve your financial goals:

You don’t have to work alone when trying to achieve financial goals. There are many tools and programs in place that can give you a leg up or a head start. Here are a few examples of how TruMark Financial can bolster your financial resolutions:

Debt consolidation:

Debt consolidation is one of the easiest and quickest ways to put more money back in your pocket. People often assume debt consolidation is only for those with significant credit card debt. However, that’s not true.

Debt consolidation allows you to transfer high-interest credit card to a lower-rate credit union credit card. The process immediately saves you money with lower interest payments. Plus, you’ll only have one monthly payment to manage – simplifying the process and improving your credit score simultaneously. Click here to learn more about our 0% balance transfer* offer.

Savings accounts:

When saving money, using the proper account can make all the difference. TruMark Financial offers a variety of savings options, including these popular choices:

  • Savings account: A general account that allows you to quickly and easily transfer money into and out of your checking account. It’s a convenient tool to use when beginning to build your savings.
  • Money market account: As your savings balance grows, a money market account allows you to earn greater dividends. It still allows quick access to your funds, but you’re typically limited on monthly withdrawals. The rates are usually tiered, meaning as your balance grows, so will your savings yield. These accounts are ideal for housing your emergency fund because they earn more, but you can access funds quickly if necessary.
  • Certificate accounts: Certificates force you to save by locking up your money for a designated timeframe. Most institutions offer certificates ranging from six months up to five years. The returns are guaranteed and are an ideal choice if you’re saving for a future goal or nearing retirement.

Automation:

The best way to ensure you stay on track with your financial goals is to automate the process. Consider scheduling automatic payments via Bill Pay to keep your credit score up and never miss a payment.

If you want to save regularly, payroll deductions and automatic transfers will be your best friends.

  • Payroll deduction automatically transfers a set amount from each paycheck into your emergency fund, providing a completely hands-off approach to saving.
  • Automatic transfers function like payroll deduction; however, you choose the date the transfer takes place. It could be the first of the month, a specific day, etc. – you’re in control.

We’re here to help!

Obtaining your financial resolutions in the new year stems from your ability to set intentional goals that are both realistic and specific. From there, you can devise a plan to tackle your objectives and add tools to simplify the process. Remember, your goal is progress, not perfection.

Click here learn more about our financial tools available to help you achieve your goals. You can also stop by any of our branch locations or call 1-877-TRUMARK to speak with a team member today.