3 Financial Goals That Will Benefit Everyone

financial goals

15123046681_4ea353a813_zJanuary seems to be the popular time to make financial goals and plans for the upcoming year, but where do you start? Every person, every family, every financial situation is different. A goal to pay off debt?may or may not apply to you, and a goal to save more money may not be an option if you’ve got a heavy load of debt over your head. Here are three financial goals, however, that, if taken advantage of, can benefit everyone.

Financial Goals 101: A Net Worth Increase Challenge

The first financial goal that can benefit everyone is to make a Net Worth Increase Goal. Even if you have no assets and owe loads of money to creditors, every dime you pay back to those creditors means an increase in net worth. Sometime between now and January 1st, calculate your current net worth (assets such as cars, homes, savings vehicles minus liabilities such as loans and credit card debt). Then, pick a percentage amount in which you want to increase your net worth by before the end of 2015. Make the increase percentage reasonable, yet challenging, so that you’re not tempted to simply make minimum payments to debt or savings in order to skimp by.

Find Those Budget Leaks

Nearly every budget has budget leaks. Make a commitment in 2015 to track your spending and find those budget leaks. Then determine how to plug those leaks. Second, look at necessary expenses, and scrutinize them thoroughly to determine if they really are necessary. For instance, can you find cheaper car insurance? Is it possible, with a little more menu planning and discipline, to spend less on groceries? Some budget leaks are obvious, some take a little more detective work to find, but either way, there’s a plug for every single budget leak, provided you’re willing to put the work in to find the leak and commit to the discipline it takes to spend less.

Commit to Spending Less

Every time money comes into your bank account, assess your expenses and see how you can work things to spend as little as possible. You might have a small entertainment fund, for instance, but can you make it even smaller? Or can you commit to only utilizing free forms of entertainment? When looking at buying new clothes, are those clothes a true need, or can you go without and still be just fine. Can you make your favorite restaurant meals at home instead of going out to eat? Sites like the Food Network and similar sites have a large list of restaurant copycat recipes. One of our favorites to make at home? This copycat recipe of Olive Garden’s Alfredo Sauce – it gets rave reviews from family and friends when we serve it.

The take-away for this goal is to work to spend less in every area of life, while still enjoying life.

Even if your financial picture is bright and sunny, you can still use goals like the ones above to paint an even brighter picture, so hop on board this 2015 challenge and see how you might be able to turn your financial goals into financial successes!



What is the main change you’d like to make to your personal finances next year? Can you tell about a time when you set a big goal and achieved it? What is one thing you’re going to work on in order to increase your net worth next year?



Photo courtesy of Mzximvs VdB




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  1. I really want to start to commit to spending less. I have a spending attitude problem, sometimes, I’m a frugal type, but I can say that I’m more on the spender type of person and I really wanted to change that one.

  2. I think commitment is the hardest part in achieving out finance goals. Lots of temptations are present and just waiting to catch us all. Commitment is really having a good foundation and it comes from setting a goal and making small steps forward towards our goals. Next year, commitment is something I will work on.

    • Laurie says:

      Excellent point, Jayson! I know that we have faced many ups and downs in our quest to pay off debt, but the commitment to keep going is why we’re still on our journey today. I think that’s a great financial goal for you to work on.

  3. Committing to spending less! I may have a budget but there are times that I go over it. I keep making up spendingg excuses such as I had a bad day, I had a good day, etc.!

    • Laurie says:

      I was bad at that this year too. I would say my grocery budget was $400, but make the excuse that if we went over $400 it was okay, b/c we are spending less than what most people spend. 2015 will be a different year: one of sticking to those budget numbers!

  4. For the year 2015 I am committing to spending a lot less. Even though I have paid off a lot of debt, I still see areas where I could of cut cost. Spending less will only equal to paying down more debt or saving more money. For me both of these scenarios are a win-win.

    • Laurie says:

      Agreed, Petrish!!! Even though we spent less this year, I look back and see many areas where we could’ve put even more toward debt, so that’s the goal for 2015.

  5. This year we made a number of changes in our money habits that have had good results for our finances. Next year we are both going to work harder on more income generating opportunities. My hubby has been working on something from his book and I am working on something for my business that we hope will have awesome results.

    • Laurie says:

      Shannon, I have no doubt that you guys will reach your goals next year. You are two of the most motivating people I know. Can’t wait to see what you accomplish in 2015!

  6. I’m looking forward to sharing my 2015 goals and plans at the end of this month. I’m excited to buckle down and make some good progress in the new year.

  7. Great list! My wife and I used the net worth idea the other year but it didn’t work out so hot for us. This is because we don’t have debt (other than the house) and most of our assets are in the market. So, our net worth goes the way the market goes. As a result, we have a savings goal. The first year we did this, we looked at our budget vs income and added 20% to our savings goal, which means we had to cut spending by 20% or find other sources of income. It’s been fun to track and try to beat. We are definitely doing it again in 2015.

  8. I like it! Finding those budget leaks is so important! We used to waste a lot of money on food and misc, simply because we were not keeping track!

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