New Year’s Resolutions to Build Wealth

Hopefully, you are going strong in achieving your new year’s resolutions.  Common goals usually revolve around weight loss but do not forget about the other areas of your life that might benefit from fresh goals.  That way, if you fall off the diet and fitness wagon, you will have other things to focus on. Your financial health is an area that deserves high priority goals and regular attention if you want to build wealth in the future. If you haven’t made a financial goal part of your new year’s resolutions, there’s still time to add one! Here are some areas that you can consider.

Budget Goals

If you haven’t lived on a budget before, 2020 is the year to start!  It can take up to three months to get comfortable with budgeting but it’s well worth the journey.  It’s amazing how much further you can stretch your paycheck when you are making a plan for every dollar.  If you have a solid budget but still wish you had more money at the end of the pay period, start this year off by identifying areas where you can make cuts even further in areas such as food or entertainment. To get started, check out our blogs on budgeting.

Savings Goals

Even if your goal isn’t large, saving money is impactful.  It’s important to be intentional and specific throughout the year.  One of the best ways to put away the most money you can is to live on a budget. Creating a budget allows you to identify expenses you can cut so that more money can be put away.  Take the time to write down your goals and make them a part of your weekly or monthly budget. For tips on achieving your savings goals, read our Savings blog series.

Home Ownership Goals

If 2020 is the year you want to buy a new home, perhaps your first home, there are two goals you should set to put yourself on the right path.  First, save for a down payment. This should be a separate savings goal from your emergency funds, travel funds, etc.  Knowing how much to save depends on the type of mortgage you are going to apply for and the price range of homes you will shop for. Your second goal should be to educate yourself on the mortgage options and how to create a plan and a budget to get you on the road to homeownership.  CCCSMD offers Pre-Purchase counseling and Homebuyer Workshops to help you get started today.

Even though it’s not January 1st you can still start on a new resolution today.  Creating and living on a budget, trying to build your savings and achieving homeownership aren’t always easy and that’s why CCCSMD is here to help. Call us today to succeed in your financial goals.

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