Financial Goal Setting for the New Year

This post is sponsored by Regions Bank, member FDIC. All thoughts are my own.

With New Year’s around the corner, I have been ALL ABOUT goal setting. While I have historically set a few goals here and there, this year I have devoted a lot of time to goal setting in every area of my life, personally and professionally.

Matthew and I sat down this past week to review our finances and set some goals for 2019. I’m embarrassed to say that we have never formally done this. We have talked about what we are going to buy, or when to go on vacation, or we need to save X amount, but we haven’t ever dedicated a set financial “session” to discuss goals going into a new year.  Here are four ways we are setting ourselves up for financial success with help from Regions Next Step, Regions’ financial education brand which offers resources to help you reach any financial goal.

1. Apply a stronger team approach: I have traditionally managed the bulk of the finances, and while this has worked fine, we recognized the need to try something fresh. Experts say that when couples apply a team approach toward finances, this helps to keep one another accountable and better invested in achieving short and long-term financial goals. I believe this team approach will have significant impact for both short and long-term financial goals. Our year-end planning meeting was the kick off to us having regular financial meetings. We plan to use this calendar as a roadmap for what to discuss each month.
2. Intentional saving: We are planning two big remodel projects this year as well as getting our minivan paid off. These are big goals, but attainable. We used this Regions Bank savings calculator to project how we can fund each of these goals in a realistic manner. I love how easy this tool is to use.
3. Tighten our spending: From groceries to Target runs, we are going to tighten up how much money we are spending on all things. And let’s be honest, by ‘we’ I mostly mean me – ha! Along with this, I am big on stockpiling, but we are at the point that we need to use up what we have and stop buying new things. I am planning to organize closets, cleaning supplies, bathroom products, etc. and do an audit of everything we have. I think that this in and of itself will help us spend less and save more. I’ve also slowed down a few of our regular shipments from Amazon and Grove Collaborative to help with this too.
4. Sell, sell, sell: We have a lot of clutter and excess in our home. I have started to sell more items on Facebook marketplace and have been pleasantly surprised by the extra income that has come in with very little effort. In 2019 I am going to be more diligent about clearing the clutter and selling items as a way to generate additional income to help with our goals.

I hope these ideas help set you up for a financially successful new year. What practices do you have in place to use your money wisely? Share your tips in the comments below!

Thank you to Regions Bank, member FDIC, for sponsoring this post. Regions Next Step resources can provide you the financial know-how to clarify your goals and take positive strides toward them: because when your confident about your financial decisions, your money goes further – and so do you. Next Step insights offer advice, guidance and tools to help breakdown any financial target into manageable and achievable steps. Visit www.regions.com/nextstep to find insights, tools and other financial wellness resources.