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Planning Your Budget in 2019!

Living Well Depends on How Well You Plan!

Do the words, “New Year’s Resolutions” spark feelings of anxiety for you? Have you made resolutions in the past that you just couldn’t keep up with? Did you create a “How to” plan when setting those goals for yourself? According to a Business Insider survey, 80% of New Year’s resolutions fail by February, which can be mostly attributed to goal setting that is way too aggressive and a lack of planning.

If your goal is to become more financially stable in 2019, New Dimensions FCU suggests that you create a customized plan that works for you and your family. Keep in mind that one plan does not fit all families or situations. Whether it’s building a sizable savings account, paying down debt, contributing to a retirement plan or tackling costly projects, it’s easiest to start with the basics.  Here are some ideas to help you build a viable plan for your financial goals in 2019:

  • Create an effective household budget – If you don’t have a monthly budget or an updated one, start there. This is an opportunity to take inventory of your net income and a list of monthly expenses. This must include discretionary spending, too. If you need help crafting your budget, our Director of Financial Education, Tanya Verzoni, would be glad to assist you.
  • Have an open, honest conversation – If you live with someone and share expenses, you must sit down and discuss goals together. The success rate of accomplishing a goal greatly increases when everyone is on the same page. Discuss your goals and then decide which bills to pay first. Creating a plan to tackle these bills together will make the journey easier. If you have children, get them involved in the process.
  • Set your goals and how you will reach them – If your goal is to pay down debt, first review your budget to determine how much money is left over each month. You will use these left-over dollars to tackle your debt. Some people find it more motiving to pay down small debts first so that they can cross them off the list. It’s up to you!
  • Check on the progress of your plan monthly – Is it still working? If not, ADJUST! If you experience a decrease or increase in income, adjust your budget and reassess your goals each time any changes occur.
  • Focus on the positive – Failure happens but if you can learn from your mistakes, will find it’s easier to get back on track once you make corrections. It helps to remember “why” you created the goal, to begin with.

At New Dimensions, we know that paying down debt, creating budgets, and saving money can be difficult. That is why you need to know that they are available to guide you along your road to financial success.  If you would like to receive assistance on reaching your financial goals, please contact Tanya Verzoni, Director of Financial Education at 1(800) 326-6190.

We wish you all a healthy and prosperous 2019!