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January - Make A Plan

| January 04, 2021

The first month of the year is all about planning for the future. The first step is to set your financial resolutions. If you are just starting “adulting” then your first step is to set your budget. I know, you are thinking about rent and student loans. Top on your list needs to be your tithings and paying yourself first. Your budget does not need to be fancy, a basic spreadsheet, a budgeting app or use our Financial Organizational tool located at  Now what are your goals? First time home purchase or post-COVID travel? Help yourself achieve your goals by setting up automatic deposits into your savings account – most employers offer direct deposit options. At our office we refer to it as the “Savers Option” where payroll is split into multiple deposits to both checking and savings accounts. If your employer doesn't offer direct deposit to multiple accounts, then create your own “Budgeting Option” by creating reoccurring deposits (monthly or bi-weekly) into a separate account earmarked for you goal.

For those past student loans and first home – your sights may be set on a cabin, children’s education and retirement. Same initial process applies – get your arms around your current spending. Although I see many articles that put emphasis on rehashing past year’s spending. Well, that is gone, literally. Let’s focus on the future and put time into watching where are spending is going now. First, when is the last time you gave yourself a raise? If you started saving $50/pay five years ago, and you have not increased your savings amount, then you will be short of your retirement goal. Each year bump up your savings by what is affordable - $5 or $25/pay, or…? Every year is different based on your life stage so do not beat yourself up. Recognize the steps that you are taking to reach your goal.

No matter your stage in life, the premise stays the same, write down your goals, review and repeat them aloud on a regular basis (FYI – this is for all of your New Year’s Resolutions – not just your financial ones).