Personal Finance Goals, Build Wealth

Have you made some personal finance goals for 2013 yet? If not, it?s not too late! And, yes, it is important to make them and write them down. Most people who have a goal and reach it only do so because they write it down somewhere. Writing it down, even if just on a napkin in a coffeeshop, makes you more accountable to it and makes you more likely to think about it, and therefore work toward achieving it.

You may be overwhelmed with a busy schedule, or have so many financial issues to juggle that you can?t get figure out where to start organizing your finances. Allow me to help. Following are five common goals that other people are striving to achieve this year; one or two might apply to your life, as well.

1. Create a new stream of income.

Things are tight for many people, but they don?t have to be. There are a variety of ways that you can get an extra stream of income flowing into your household. You might take on a second part-time job in the evenings or on the weekend. Better, you can learn to make money online by blogging, setting up Adsense site, selling your own product, or promoting other people?s products.

You might try your hand at network marketing, do some freelance writing, or turn a hobby into a side business.

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2. Reduce your debt by a certain percentage.

If possible, make a goal to be out of debt by the end of the year. But that may not be realistic. In that case, sit down and do some number crunching. Could you reduce your debt by half by the end of the year? Twenty-five percent? Thirty? Figure out a reasonable expectation for your household debt reduction, and write it down.

3. Start a budget.

If you have not yet started to budget your money every month, this should be your number one personal finance goal. Budgeting allows you to have complete control of your money, such that you can end up with more extra at the end of each month. With this extra you can pay down more debt or save for that special luxury item.

4. Look for a new job.

Your current employer may not be paying you all you?re worth in the marketplace. Whether it?s because the company has had to cut back, or because your job doesn?t allow you to put all your skills and talents to good use, you might consider finding another one. But don?t go from bad to worse. Money isn?t the be-all-end-all when it comes to deciding on a job or career. Choose one that will not only pay you a decent wage, but also where you can be happy.

5. Start saving for a new car.

If you have been able to pay off your current car, use at least half of what you had been using for a car payment to save toward your next car. You may be planning on keeping your current car for the next ten years; that?s great!

But if you want true wealth, you don?t want to have to get into debt again the next time you need to buy a new car. Create a savings account specifically for your next car, and you will be able to pay for it in cash.

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Starting the year with one or two personal finance goals firmly in your mind will do wonders for your wealth building and sense of financial peace. Don?t ignore this critical task. It may be worth thousands of dollars to you down the road.

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Source: http://more-retirement-income.com/five-personal-finance-goals-for-the-new-year

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