Four Ways to Quantify Your Financial Resolutions This Year

The countdown is complete, and the new year is upon us. You’ve made your resolutions, but are they easily quantifiable? When it comes to financial resolutions, putting a number to your goal can help you succeed! Check out how you can make yours measurable.

 

#1 – From “stick to a budget” to “enter and track my budget in a tool monthly.”
While having a resolution about budgeting is the first step, we recommend taking it further and either using a free budgeting tool or investing in a paid one. Using a tool like Money Management (free in BHFCU Online Banking!) or Mint allows you to set and track monthly budgets and receive notifications as you get close to reaching them.

 

#2 – From “save more this year” to “put $300 in savings each month.”
The resolution to save more is one we can’t argue! We challenge you to put a number to your savings goal and track it throughout the year. Maybe you’ll even surprise yourself by exceeding it.

 

#3 – From “pay down my debt” to “pay off all my credit cards by year-end.”
Are you looking to lower your debt this year? Put your plan into action using a free app like Debt Payoff Planner or Money Management, free to all BHFCU members in Online Banking. These tools can help you decide what type of payment strategy is most realistic for you and put it into action.

 

#4 – From “invest more” to “invest 5% of my take-home pay this year.”
Is investing on your radar this year? If your employer offers a 401k plan (and especially a match!), that’s a great place to start. It could be as easy as setting and forgetting your investment percentage at the beginning of the year. And if you’re looking for a little more guidance, Black Hills Investment Services is here to help!