Setting financial goals for success is essential if you're focused on maximizing your income and saving. The good news is that you can employ intelligent strategies for savings and investing and begin achieving your financial dreams in Georgia.

So start setting these specific financial goals to change your life significantly this coming year. It doesn’t have to be challenging to start, either. Here are seven financial goals you need to set for the new year.

7 Types Of Financial Goals To Set This Year

Although some goals should be adjusted based on your current situation, there are some types of financial goals that you should always have in your life. These goals ensure your finances are in order and give you a fallback plan in emergencies.

1. Live Below Your Means

The most important of the types of financial goals for anyone to set is to live below their means. Living below your means is when you spend less than you make. When you do this, you have more money to save, can pay off debt, and don’t have to use your credit card as often.

Creating and following a financial budget ensures you live below your means. If you design your budget correctly, you should not spend every dollar on physical items and bills. Instead, money should be set aside to pay off debt and build up savings.

2. Save At Least 20% Of Your Income

Almost all successful people and financial advisors recommend saving at least 20% of your income. These savings can help you out on a rainy day or can be used to purchase big-ticket items, such as vacations or gifts for loved ones. 20% should be the minimum.

If you can save more than 20%, then do that. Even if you don’t feel you can save money, always try to set some aside and strive for the 20% mark. Saving at least 20% of your income should be one of your financial goals.

3. Planning For Retirement

It’s always best to start saving for retirement as soon as possible. Even though retirement is a form of savings, it should be kept separately from your 20% savings. So, create a retirement account for a particular spot for your retirement money.

As you get closer to retirement age, it’s a good idea to sit down with a retirement or a financial advisor. They will be able to walk you through the specifics of retiring and how much you need to save. It is one of the types of financial goals worth setting sooner rather than later.

4. Having An Emergency Fund

Setting an emergency fund is another goal to add to the list of types of financial goals. An emergency fund is money you can use in emergencies, such as medical emergencies, sudden job loss, home repairs, or auto repairs.

With this fund, you don’t have to dip into your savings account to pay off these big-ticket items. Most financial advisors recommend having at least one month’s living expenses in your emergency fund. Instead, try to have three months’ living expenses for a better emergency fund.

5. Be Debt Free

Being debt-free is the ultimate goal in the list of financial goals. Aim every year to be as close to debt-free as possible. Some years, you should make that goal a reality, but you might not be as lucky in other years. Even when it’s not likely to be debt-free, focus on lowering your debt by paying off high-interest debts first.

6. Improve Credit Score

Your credit score has a lot of sway on your current and future life, as you probably know. So, always aim to improve your credit score. Even if you already have a great credit score, try to maintain the score by making good decisions.

Keep in mind that improving your credit score can take a long time. It is a long-term goal on your list of financial goals. If your credit score is in the poor category, it may take years to improve it. Focus on the long haul and celebrate small victories to stay motivated while working.

7. Learn More About Financial Goals

Finally, the last financial goal to set every year is to learn more. This goal may sound weird, but it is one that almost all the most financially successful people do. Learning more about finances and investments gives you more tools and resources for improving your financial state. Remember, the financial world is constantly advancing, so you should, too.

 

 

Need Money Fast? Try To Pawn Car Title Today

If you don’t have an emergency fund yet, you know precisely how difficult it can be to pay off emergencies. If you are in an emergency and need money fast, Georgia Auto Pawn, Inc. may have an option that can help – you can pawn a car title!

We offer quick auto title pawns worth up to $15,000. It works by having your lien-free vehicle title used as collateral for your loan. You pawn a car title if it is in your name and free of outstanding liens or judgments.

You can pawn your car title even if you have poor credit. You don’t have to come to the store if you’d rather not. You can either come to the nearest Georgia Auto Title Pawn, Inc. near my location, or we can visit you to finish the inspection.

We will inspect your vehicle during the application process to determine how much money you can qualify for if we approve you. If approved, you can leave your appointment with your car. You may even get the cash on the same day or the next bank business day at the latest.

Get Your Financial Goals Set Up Today

Get your finances on the right path this year with these financial goals. With these goals in place, starting the next year off on the right foot doesn't have to be complicated. If you need to pawn a car title for emergency expenses, apply for one of our loans today by filling out our online inquiry form.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.