Having short and long-term financial achievements are an extremely important step towards becoming financially secure. Whether it’s building an emergency fund or purchasing mortgage loan insurance, here are 6 simple steps to help you create realistic financial goals.
Are you looking to get out of debt? Do you want to retire at 50 or pad up your emergency fund? Perhaps you’ve recently bought a home and want to take out a mortgage loan insurance to help protect your investment.
Whatever your financial dreams, setting realistic goals are key to achieving them as goals will help you:
- Create a realistic budget and financial plan
- Track your progress
- Prioritize your time and your finances
- Stay focused and accountable
Affordable & Flexible Mortgage Loan Insurance
At AIME, we understand that buying your first home a huge financial commitment and we are passionate about helping you protect this investment through affordable and flexible mortgage loan insurance policies.
Want to know how we can help meet all your financial goals?
5 Simple Steps to Set Your 2019 Financial Goals
Are you looking to learn how to live comfortably within your means and reduce your financial troubles, such as credit card debt?
Here are 5 simple ways to set your 2019 financial goals and set yourself up for financial success:
- Figure out your priorities. Before you start planning your goals, put everything on the table (from the practical and urgent, to the distant and more indulgent) for inspection.
- Monitor your progress. Whether it’s once a week or once a month, take some time to evaluate your goals and your progress.
- Find your inspiration. Don’t just think about what you want to do, but also why you want to do it. Attaching reasons to your goals will put them in perspective and fuel your motivation to reach them.
- Understand your situation. Assess your income, budget, and net worth. A strong understanding of these three things will help you determine and prioritize your goals.
- Think SMART. When you are setting your goals, make sure that they are SMART: specific, measurable, achievable, relevant, and timely.
4 Examples of Financial Goals
If you aren’t sure what kind of financial goals you should be setting in 2019 to help build your wealth and security, here are 4 examples of what you may want to begin with:
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Create a Budget
If you don’t already have a budget, you must make one. This will keep all your other goals on track and prevent you from overspending and undersaving. You may want to take the 50/30/20 approach:
- 50% of your budget goes towards your needs
- 30% of your budget goes towards your wants
- 20% of your budget goes towards debt repayment and saving
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Build an Emergency Fund
A healthy emergency fund will act as a safety net during financial setbacks such as an unexpected medical bill or job loss. You should build up the fund so that it covers at least 3-6 months of expenses.
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Save For Retirement
Even if retirement seems like many years away, it’s important to start saving as early as possible to ensure you have enough money to maintain your standard of living when the time comes.
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Pay Off Your Debt
If you want to build your wealth and lower your stress levels, this is a goal you must set in 2019. First focus on paying high interest and toxic debt such as credit card debt, and then work on low-rate debt such as your mortgage and student loans.
Call Today
To find out more about how our mortgage loan insurance policies can help protect your family’s financial future and your home, contact our licensed agents today at 1-844-974-2020 or fill in our online contact form.
