Piggy Bank: Teach by Example (12 Months of Financial Goals)
Often we, adults (even if sometimes we don’t feel like we are “adulting”), know the right thing to do but changing habits are hard! Especially when it comes to the financial aspect of our lives. But here is the kicker, we know when we have made a decision that is outside the good habits that we are striving to achieve, however, our kids, particularly the young ones, think we always make the right decisions so they see our bad ones and note them as the right thing to do! YIKES! The only way to overcome these errors is to outweigh them with doing the right thing so these become their habits. In addition to discussing finances with your kids and encouraging them to earn and save, lets focus on us as parents becoming great examples! By setting an achievable monthly goal, you can become a great example to your kids and by doing this you will set them up for their own financial success. Below are examples of small commitments to help you gain control and confidence in your financial health!
January
Commit to a budget for at least one month. Do your best to stick to the budget that you have created. Of course, month in and month out there will need to be adjustments to accommodate doctors’ bills or other unexpected expenses but if you strive to stick to it in all other ways then you will easily see where adjustments are needed and be able to make them.
February
Talk to your spouse about money. Be sure to be respectful and open about spending habits, financial goals and each other’s view on money. Being on the same page or at least aware of the page that they are on, will be helpful in the future when you need to discuss the budget or making a big purchase. Plus, financial harmony is a key component to successful marriages, according to Bright Peak Financial.
March
Set a savings goal. What would you like to save for? What is the amount needed for that? Take a look at how much you would need to save per month to hit your goal. Then take a look at expenses you could cut to save that monthly figure.
April
Do you have a retirement plan? If so, when is the last time you looked at it? If not, ask your employer if they have any services which assist in saving for retirement. Be sure that you are taking advantage of a company matching program and your contributions are enough to reach your retirement goals. In considering the different types of plans offered, don’t be afraid to ask questions! Often these programs offer assistance from financial professionals to help you make informed decisions about your financial future.
May
Do what you can to protect your ability to earn money. Many people cannot go without earning a paycheck. If you find yourself in this scenario, then take time this month to learn about short and long term disability insurance. Getting a policy for you or your spouse may make sense.
June
If you are a homeowner, consider investments that could make your home more marketable or boost its value. After all, a house isn’t just a home, it is also an investment. Some updates such as repairs and painting don’t come with a huge price tag, however, if you are wanting to tackle a bathroom remodel, that might require some planning and saving on your end. The good news? These investments in your home can contribute to the value of your big investment, your home.
July
Pay off your debt—or at least make a plan to do so! Bright Peak Financial recommends starting with paying off credit card debt then moving to auto loans, student loans and home mortgage.
August
If you do not have life insurance, do some research into term vs. whole life insurance and consider the benefits of purchasing a policy. If you already have life insurance, make sure your policy still provides enough coverage for your family.
September
It is almost time for insurance enrollment season. Take time to do some research so you don’t rush through the process, when it comes time, and end up losing money.
October
According to Bright Peak Financial, studies show that the best time to book flights are 112-12 days in advance of your trip. So if you plan to travel for the holidays, now is the time to book your travel!
November
In true November fashion, consider what you already have by practicing gratitude. Counting your blessings can help you improve your self-esteem and reduce stress but can also make you feel more content with what you already have. If you are content with what you have then you will be spending less and could even be happier!
December
Pick a charity as a family and make a donation. If you want to make sure your charitable contributions give back at tax time, make sure you choose one that qualifies for tax-exempt status. Also, keep a receipt of your gift so you can claim it!
Source: Bright Peak Financial Infographic, https://www.pinterest.com/pin/Ad7SBPNPwgV38SNs1nZkwyzTX4BR_9NrrfdtQeFb0Z15-YR1z9vPA_I/