Reaching financial goals for the New Year.

Establishing Financial Goals for 2019

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As 2018 comes to an end, it’s safe to say New Year’s resolutions are a topic of discussion. Money and financial security are integrated into many aspects of our daily lives, not just the end of the year. As 2019 nears, it's time for you to review this year’s financial achievements and setbacks and prepare your finances for the New Year. Here are six financial tips to help prepare for 2019:

Make a Plan – Whether you are making a plan to tackle your debt, max out your IRA contributions, or re-balance your investment portfolio, before the start of 2019, you should have a financial plan in place. Ask yourself important questions about your future and plan accordingly.

Recap on 2018 – Take a look and review the financial strategies you were successful in and areas where you failed to reach your goals. This can be a benchmark to start your financial goals for the New Year. Einstein can be quoted as saying, “insanity is doing the same thing over and over again, but expecting different results”. Don’t take your 2018 financial mistakes into 2019.

Have the Financial Conversations – It’s important to have frequent conversations about your financial goals with whom you share your finances. Have the talk about paying bills, spending money, investing and planning. It’s better to work in a team to overcome financial roadblocks. It can also help to reach out to close friends and family, they will be able to hold you accountable for your spending.

Debt Boot Camp - Whip your finances into shape with Debt Boot Camp email courses. If you struggle with creating budgets and sticking to them or even paying off debt, online email courses might be for you. The Consumer Financial Protection Bureau offers a Get a Handle on Debt Boot Camp tailored to helping people reach their financial goals.

Be Realistic – If you were nowhere near your financial goals in 2018, be realistic about the goals you set in 2019. Starting with small steps will limit the potential of failure in reaching goals. Average out how much you’ve spent over the past few months and set a realistic goal of decreasing that amount by about 15 percent.

Financial Literacy – Make it a goal to read a financial book each month, it will improve your financial knowledge so you can make sound informative decisions. The same goes for if you want to learn how to cook - you pick up a cook book and spend hours a week in the kitchen. If you’re constantly gaining knowledge on how to improve your finances, it limits the potential for error or setbacks.

As the New Year dawns upon us, it’s time to prepare your new financial goals for 2019. You might not have reached all your goals in 2018, but with implementing a few of these methods you could turn your financial goals into achievements in 2019.

Hopefully you found these tips helpful. If you have any other tips or ideas, please share them here. Happy Holidays!


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Categories: Safety and Security, Smart Spending, Strategies for Saving
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Capitol Federal

While we do not have financial advisors on staff, we do have knowledgeable staff members that can help explain the IRA and CD options we have available and we�d be glad to help. The best way to contact the appropriate staff is to call our customer service line at 1-888-8CAPFED and ask for the IRA department. Or, you may stop in any of our locations and discuss the options available to you with branch staff. Thank you for your question.

Linda

Does Capitol Federal have financial advisors on staff? If not, do you have knowledgeable people to guide you on IRAs and CDs? Thank you!

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