Effective Goals to Improve Your Financial Health This Year

As we talked about last week, financial goals can be tough to stick out, especially when you don’t see results right away. The steps we introduced last week gave you the insight you need to actually achieve your goals. This week, we’ll consider some of the most popular financial goals and why they’re effective for improving your financial health.

1. Say Goodbye to Debt

When in debt, you lose control of your finances. The good news is that no matter your current financial position, there are steps you can take today to start digging yourself out of that black hole.

Stop Borrowing
The more you borrow, the less chance you have of getting out of debt. Cancel unnecessary credit cards, close your unused gym membership, and stop buying things on credit.
Pay off Smaller Debts First
Remember what we said about starting small? This applies to paying off debts as well. The smaller debts are more within reach, and once they’re paid off you’ll have more money to contribute to the bigger loans.

Getting out of debt is critical to financial health—when you’re in too much debt, you’re strapped for money to pay off bills, your credit score is decreasing, and you’re at risk of missing payments—which would in turn affect your credit even more drastically. It’s a vicious cycle, which is why breaking it is so important!

2. Start Saving

Treat savings like a monthly bill—except you’ll be paying yourself. Knowing you have savings for a rainy day or for unexpected opportunities gives you peace of mind.

Manage Your Spending
Don’t be the guy who earns good money but is constantly broke because he can’t manage it. Create a realistic budget that prioritizes food, housing, and utilities. Change your spending habits—small changes such as eating at home more often instead of eating out can really make a difference.
Minimize Your Monthly Expenses
Take a look at your monthly payments—Is your cable bill through the roof? Are you paying a monthly subscription for a service that you barely use? Make cuts wherever possible to bring your monthly expenses down, freeing up more money for savings.

3. Invest Your Money

Investing money is one of the best ways to create wealth and security, and the good news is that you don’t have to be rich to invest!

Anything from peer-to-peer lending to real estate are great ways to invest your money. However, investments are not without risk, so make sure you don’t put all your eggs in one basket.

4. Work from Home and For Yourself

If you’re looking for financial freedom, working from home is a must for 2017. No matter how far up the corporate ladder you climb, your income will always reach a limit. Working from home and for yourself offers something the traditional job does not—financial growth.

Imagine being able to double your earnings each month. That would surely put you in the driving seat of your finances!

Financial Goal Setting For 2017: Taking Control of Your Finances

If you’re fed up of being tied down by a traditional job and having financial limitations placed on you that hinder your financial future, working from home may just be the option for you. Take charge and steer yourself toward financial success in 2017 and beyond.

Our goal at Six Figure Profession is to give you the ability to gain the financial freedom you need. For more details on how you can achieve this, visit our website sixfigureprofession.com or call us at (858) 837-1505.