Set your mind aside from all that holiday shopping you’ll be doing and think about your financial standpoint. Depending on how satisfied you feel, you can ALWAYS do better. Setting up goals can help you financially and it doesn’t hurt to set one up every month. As a matter of fact, you’ll be seeing improvements throughout the months!
Here’s some financial goals you can have for December:
Having an emergency fund is essential, JUST IN CASE. You never know when and what will happen to you or a loved one, so it’s best to prepare just in case. Set a goal for how much you want to increase your emergency fund, or if you don’t have one, set a goal for how much you want to have in that fund by the end of the month - $500 would be a good starting point.
Start working your way to getting out of debt
It’s best to budget once a week so that you can have money set aside to pay your bills or loans. Paying them earlier than the due date is a big plus! You don’t want to stay in debt for so long, especially if you’re missing payments, because those late fees will start piling up. Getting out of debt will have a positive impact when it comes to your savings and financial health. Don’t wait any longer. Start working your way out of debt NOW.
Open a 529 account (college savings account)
Before you know it, your kids will be going off to college. It doesn’t hurt to start preparing for that day TODAY. Occasionally, you can set money aside in their college savings account, so you’re not stuck taking out loans for them to help them get an education. It’s never too early to start saving up, because it’ll save you and your child a lot of stress (and money from the loans interest rate) in the future!