I’m already starting to think about my goals for 2016!
For the past two years, I have been blogging my goals monthly. I have found it a wonderful way to stay on track and to keep motivated in achieving my goals. Finances is just one area in which I set goals. This year, our budget was cut, yet we have been able to keep our savings intact. We have a goal to not touch our savings (unless there is an emergency), and to actually save more this year!
Did you know that a recent Capital One survey found that only 1/3 of Americans felt they accomplished their financial goals in 2015? Many people are already thinking about how to do better next year and start the New Year off on the right foot.
Here are 5 ways you can meet your financial goals in 2016:
Don’t overspend for Christmas in 2015!
To start 2016 off on the right foot, you can’t go into debt at the end of 2015. I know for me, that meant using this printable to help me know exactly what kind of gifts I needed to buy for Christmas and to look for the best deals on presents. Then we can have a Merry Christmas knowing that we will not have to pay all 2016 for 2015’s Christmas celebration.
Set goals for your spending in 2016.
Know how much you spend each month on your expenses and how much you spend on your entertainment. Basically, write a budget!
Set a general goal for your saving in 2016.
Know how much money you want to save each month. When you have a specific amount written down, that will help you to not overspend!
Have a strategy for how you will save the money.
Our strategy since January, 2013, has been to use Capital One 360 Savings accounts. I cannot remember how I found out about Capital One 360 Savings, but we love it. Twice a month I have an automatic deposit from my checking account into my Capital One 360 Savings. I try not to ever touch that money unless we buy a house or do something that is an investment.
Have specific goals for why you are saving money.
Maybe it is just to build your emergency fund or maybe it is to go on a vacation or to rehab your kitchen. This will help you see a reward for all of your hard work, and it will keep your motivated. Capital One 360 Savings has a neat tool to help you realize these goals. This tool was new to me until recently. The picture below is a brief overview of the “My savings goal” tab will do for you.
You can choose any of your savings accounts to set up a savings goal. You can have up to 25 different savings accounts under your main account for different projects– each of my kids have a savings account, and then we have savings accounts for a couple of different items. One item I started saving for was to do mission trips eventually. I would really love to go see my sister in South Africa, but to take my whole family over there would be about $12,000 in plane tickets. Here you see how I could set up a goal to save $12,000 in two years:
After saving the goal, you can see your progress under your “My Savings Goal” tab.
I love the feature where you can save your completed goals. What a great way to remember how you were able to accomplish those financial goals and realize your dreams.
There is also a reminder of your financial goals right next to the accounts where you have a saved goal.
Think of all the ways you can can use this feature!
- To pay off your credit cards
- To pay off your mortgage or car loan earlier/to save for your next car so you don’t have to take out a loan
- To save all year for those Christmas presents
- To save for a vacation
- To have a healthy emergency fund
- To save for a major home remodeling project
The list could go on and on! With a limit of 25 accounts, you could have many financial goals with a visible plan of how to meet those goals. Capital One 360 Savings also offers no fees, no minimums and provides great interest rates so that you can get to your savings goals faster.
Learn more about 360 Savings from Capital One and even set up an account to help you realize your financial goals in 2016!
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.