Goal Diggers: This one’s for you.

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We talk often about that stress-inducing ‘B’ word (budgeting…), but why do we concern ourselves with building a basic budget and focusing on putting money in savings anyway?

One word.  GOALS.

Whether you’ve never given it much thought or voiced yours aloud, to your spouse, your mom or even to your barista, we all have financial goals.  Much like snowflakes, no two goals are exactly alike.  Your version of financial freedom may be freeing yourself from credit card debt while your BFF’s view could be paying cash for their next vehicle.

Regardless, you can’t quite get to the point of knowing how to get somewhere without defining where you’re going.  So, let’s take a moment to think on that topic:

“What do I want?”

Before the panic sets in as you realize you’re not quite sure what you want or maybe you feel you want too much and none of it feels attainable–we have good news.  Here’s a simple goal setting worksheet that helps you get it all down on paper and even helps you define the ‘why’ of it as well as suggests some next steps for tracking and rewarding.

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Goal Setting Worksheet

A few things to keep in mind when setting your financial goals.

1.  No goal is too small.  Believe it or not, your small goals help you build toward your larger goals anyway, so think small as much as you’d like.  Essentially, you’re testing the waters with a small goal so you can see and feel how the process works.  You’ll soon see how each of the saving/spending choices you’re making become easier.

2.  How do you eat an entire cake?  Bite by bite.  Yes, we threw a cliché out there (kinda).  But, it’s true… don’t become overwhelmed with the magnitude of your financial big picture.  Just like anyone else, you’ll be breaking each goal down into bite-size pieces that make sense for you.  Eventually, you’ll see it all coming together.  For some, that’s major motivation to keep pushing themselves to take more bites, or steps, toward their bigger goals.

3.  The only mistake is not starting to begin with.  You really only have two choices when it comes to reaching goals:  you can choose to work toward reaching them or choose to do nothing.  Even if you jot down your goals on scrap paper (note napkins count, too) and get started with a burst of enthusiasm and motivation then fall off the bandwagon (oops, another cliché) a quarter of the way through, well, at least you started.  Just don’t forget to restart.  You may have to pick yourself up and reassess, but you’re already miles ahead.  The bottom line is… it’s ok to mess up every now and then.

4.  Be lazy.  Yep.  Be lazy.  Make reaching your goals as easy on yourself as possible.  Use the tools available to you to make transitioning from a not-so-savvy to a super-savvy-saver simple.  Once you’ve set a budget to determine the amount you can comfortably save, go ahead and set up an automatic transfer to savings.  Or, even better, set up a payroll deduction from your paycheck to savings.  If you don’t see the cash entering and leaving your checking account, you’ll miss it less (if at all).

5.  See it and believe it.  For the visually inclined, personal vision boardsor tools which use images to help you better define and focus on a specific goal, are growing in popularity.  You can make yours as detailed or simplified as you’d like to help you stay on top of your goals.  For instance, if saving enough money to pay for your child’s future education is part of your plan, you may have photos of your child, images of colleges, books or school logos, along with inspirational quotes about growing up pinned, stapled, taped or glued to a poster board, corkboard or even a blank wall in your home.  Each time you pass these vision boards, they help you remember why you do what you do each day, especially when having to make a tough financial decision.

Gather your own inspiration from our “Vision Board” on Pinterest here.

6.  My goal is (not) better than your goal.  Who’s to say your financial goals are less important or exciting than anyone else’s.  You do you.  You know what works for you.  You know what’s most important to you.  Don’t worry if it seems your ideas of financial soundness aren’t aligning with your peers’; not everyone wants the same things.  In the end, what matters is you’re happy with your outcome.

Talk to us.

If you need a little push in the right direction, let’s talk.  You can drop by and talk with one of our Member Advisors a little bit about your goals, find out which tools you can use to make it easy on yourself and get a little guidance on where your focus should be.

And don’t forget that ‘note napkin’ or your Goal Setting Worksheet.  When someone asks you what your goals are and why, you’ll be ready to talk it through with them and work up a plan that best fits your budget and means.

Good luck, Goal Digger.

Download the Goal Setting Worksheet.

 

What’s your money persona?

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Personality.  It’s what makes us all a bit different.  Sometimes we relate to someone a little better than another based on how eccentric, laid back or direct they are.

Have you thought about how you’re treating your financial relationships?  Are you taking care of your nest egg, so to speak?  Believe it or not, the way you spend cash says a lot about your personality–well, your money persona, anyway.

So, in between all those really important quizzes we take online to determine who our BFF is or what song best represents our lives, why not take one to help determine whether your money-spending (or hoarding) choices are something to be worked on or shared with the world.

With the help of her friend, Lucy, Jen learned a little about her own money persona.  Watch the video, then take the quiz below.


(Pssst…you may want to grab a pen and scratch paper for this one.)

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So, how did you do?  Were you surprised to learn what your money persona is?  Maybe you fell in multiple categories.  Whatever the case may be for you, you can rest easy knowing there are tons of solutions to help you save, invest, make smarter choices with and even spend your money smarter.  You might try checking out our affordable and convenient savings solutions.

We want to hear from you.  Drop us a comment below and let us know how you did.

 

Living On Your Own: Are you prepared?

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When you take a look at your finances — what’s coming in, what’s going out — do you approach each bill or expense as a surprise item rather than an item you’ve prepared for?

Let’s look at it this way… you’ve finished school, you’re ready to move out of your parent’s basement and you’ve got money to burn.  What’s your plan?

If your first thought is more I want a sweet, high-rise apartment, downtown with a view of the city and less I have XX amount available to me each month…what can I afford on that budget?, you might want to rethink your strategy. Take a look at this spending ratio. Try your own.  What can you afford?  Does your dream apartment on the upper west side become a reality or did you just have a reality check?

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Just like you had to prepare a budget at some point so you’d know how much pizza and ramen noodles your budget could take (oh, and those pesky cellphone, internet and insurance bills you may have been forced to pay while living at home), living on your own has its own category of expenses you may not have even thought of.

If you hear the words “renter’s insurance” and your first thought is yes, I’d like someone to ensure that I will obtain rent, then read on a little further, my friend.  While you may have thought as far as what your monthly rent might look like and maybe even where you’d like to live, don’t forget these one-time expenses.

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If you’re lucky, you might have a few friends you can pay in pizza and soda that will help you move.  You might even have the packing materials and a few staple pieces of furniture to help get you started.

Unfortunately, living expenses won’t stop there.

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It’s important to also consider the location you’d like to live and do a little research on monthly rental averages.  A suburban apartment or home may dole out a much more affordable scenario than a renter’s monthly expenses in a more city-like environment.  On top of that, the average rental expense increases and decreases by the area.  Look at your budget… then take a look at this.  Is your budget more Manhattan- or Tucson-friendly?

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So… are you rethinking your strategy for living on your own?  How many household expenses did you budget for?  Is there something you’ll have to give up in order to live comfortably?  Let us know!  Comment and share below.

For more on rent and living on your own, stay tuned.  We’ll take a look a rental agreements–what to look for and what to avoid–and dig a little deeper into your budget to make sure you’re maximizing your income while still being able to enjoy and afford life.  After all, that’s why MembersFirst is here.

Ready to make the switch to a financial institution interested in seeing you at your financial best?  We’re ready when you are.

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