The new year always seems to arrive faster than we think. But it’s never too early or too late to think about your goals for the year. Figuring out your yearly goals can be an ongoing process.
You might already have some of these goals checked off the list! However, it's always good to see where you stand and update your goals if needed.
1. Build or replenish your emergency fund
An emergency fund is the perfect financial goal to have because this is the savings that will allow you to weather a job loss or other surprise expenses without going into debt.
The recommended amount you should have in your emergency savings is 3-6 months of basic living expenses. But if that seems overwhelming, work on saving your first 50 thousand rupees and build from there!
2. Create a monthly budget
Budgeting is also a foundational financial goal because this is what allows you to get a full picture of how much you’re making, how much you’re spending, and where there might be leaks in the ship. There are a variety of different budgeting methods; learn about them here and pick the one that appeals to you most.
3. Start a side gig for extra income
We could all use a little extra cash, whether it is to pay debt, increase savings, achieve a financial goal, or retire earlier. No matter what it is, starting a side hustle can help you speed up your goal timeline.
Check out ideas for developing multiple income streams, like freelance writing and starting an online store on our website.
4. Invest to grow your money
2022 is the year to invest! Investing is the most effective way to grow your money. Nurture Your Income provides easy and safe investing with a negligible amount. Sign up at our website to get started today!
5. Try a no-spend challenge
Have you heard of no-spend challenges? They're a period of time, usually, a couple of weeks to a month, in which you eliminate all non-essential spending. You’ll still pay for rent, gas, utilities, groceries, and other necessary things, but this is a chance to identify bad spending habits and find new ways to entertain yourself.
6. Plan your financial goals
There are different types of financial goals. Some will be short-term like saving for a new phone or vacations and some will be mid-term, like saving up a house down payment or paying off a car.
And then others are your long-term goals—the big stuff like paying off a mortgage or reaching a certain net-worth. Resolve to outline your financial goals so you can start measuring your progress.
Yearly goals are a great idea! Set Goals for the year to improve your life!
To learn more, follow us on Instagram & facebook or visit www.nurtureyourincome.net