umb skin1 Web Content Viewer

umb skin2 Actions

Reach your financial goals in 2017: Part II

Date posted:  1/13/17 01:00:00 PM Achieve your financial goals in 2017.

Establishing and sticking to your financial goals is easier if you get started right after setting them, as long as you have a plan and the tools to help you succeed.

Follow these tips and be financially prosperous in 2017.

Set milestones
Try setting miniature goals throughout the year, suggested The Balance. These mini goals make achieving larger financial objectives easier to manage.

For example, if you want to save up for a vacation at the end of 2017, set up a savings account specifically for this purpose. You can either reward yourself with something small, like a new book or a lunch at your favorite place, every time you reach an increment of $500 in your savings account, or you can set a goal to reach $500 by May 1. However you decide, slicing it up this way helps you stay on track as you hold yourself accountable throughout the entire year.

Reach out to your employer
Your workplace likely offers many benefits for your financial well-being. The Motley Fool indicated that you should ensure you are getting the most out of these benefits in 2017.

Contact the human resources department and ask about current offerings, and max out where you can. You may even have some additional perks you weren't aware of. Flexible spending accounts, wellness support and even financial literacy programs are some benefits often available. Taking advantage of these will better ensure you wisely put your money to work throughout the year.

Obtain your credit report
Moving into the New Year, you should make sure you know your credit score. Credit scores can influence the goals you make for 2017. If your credit score is low, you may not be able to apply for the home mortgage loan or personal loan you've been hoping to. Instead you may need to focus efforts on improving your current score.

You are able to request a copy of your credit report from each of the three big credit bureaus, Experian, Equifax and TransUnion, for free once a year, so take advantage of the opportunity to ensure you start down the right path moving into 2017.

Determine what you want to focus on, but be open to other things
While you will want to establish substantial goals, like building an emergency fund or paying of student loans, keep in mind that this does not mean you should dedicate all energy and resources to these particular goals.

Remember, you have additional financial obligations, and you should ensure these responsibilities are taken care of throughout the year. Your 2017 financial goals should not impede your ability to continue paying off your credit card bills or continue putting money in your 401(k).

Know where to cut spending
Clothing, coffee shop spending and eating out can consume a large portion of your funds. Evaluate how much you can afford to spend on these luxuries, and stick to this budget throughout the year. It will help you stay on track, and reach the financial accomplishments you dream of.

The New Year is a great opportunity to start fresh and reach for new monetary goals. Plan ahead and arm yourself for success in the new year.