With every New Year Day drawing near, you set yourself fresh new goals, even when it comes to money. But where we go wrong, we let our goals fizzle out as the first month of the year ends. Everything else resumes its usual course.

It is time to take stock of things and ensure we do not get too ambitious about our money goals as it is a sure-shot way for disappointment. So, it should be all about keeping practical goals and keeping them. That's right. The emphasis is on keeping the goals. Stay with us to know more about how to go about things exactly,

Take Stock of Your Financial Picture

We know the first one, spend less and stick to a budget. However, here is where we bungle up. We do not take stock of the past year to find out exactly where we went wrong. Finding the faults can help us track the highs and lows better. Always outline the major expenditures of the year, that elusive foreign trip, or saving for your daughter's college fees, and so on. Review what you need to do and save for it first. This way, you will find out exactly what you need to do financially in the coming year. A clear goal instead of a haphazard one!

Wellness Matters

A recent study revealed that at least 19,000 Americans, 60% of respondents have been feeling anxious about their finances. When you are not feeling well mentally you are unlikely to have the right mindset to build wealth. The past year has been a vicious year thanks to the COVID-q19 pandemic and its damaging effects on the economy the world over.

So, it is important to cope with the stressors better, so you take care of your mental health better and take care of your financial health better. Many community-based wellness resources can help you in myriad ways.

When it Comes to Finances, You Matter

Reward yourself first by automatically contributing to retirement funds, investments, and emergency funds each time you get paid. If you don't do that at the onset, you may not prioritize yourself at all. Many employer-funded retirement plans such as 401ks and IRAs allow you to contribute pre-tax dollars from your check during each of your pay periods.

For many of the savings and investing accounts, you can find various ways to divert the money to various accounts as soon as you are paid. This way, you can take care of your paycheck after meeting your savings goals. It can also be easy to update the amount you're saving if your personal savings change. This can work for you particularly in the long run, particularly for rainy days ahead, such as losing a job and so on.

Be Ready For Unexpected Expenses

Life is full of surprises, and sometimes they can be particularly nasty ones coming your way. The best way to tackle the same is to prepare for the same. There have been a lot of climate change disasters in 2021, so it is important to take care of your current insurance policies to make sure you can protect your home, car, and other belongings and financially protect yourself during a disaster.

Create a will and plan your estate in a way to protect your loved ones. An emergency fund is one of the best endeavors you can build while taking care of your debts. If the interest rate on debt is too high, focus on paying your debt down and still building a small emergency fund. If the interest rate is lower, then have a bigger emergency fund runway to make better financial decisions if you face an emergency.

Make Your Financial Goals Relevant

Ensure that your financial goals remain relevant to your present circumstances; you need to revisit your goals from time to time to take stock of your present situation. If your salary changes, you start a family, or you lose your current job, your financial priorities keep changing. Keep a check on your budgets, investments, and more to ensure you achieve your goals realistically.

You need to figure out the roadblock before it appears. This way, you will be able to avert many a money hurdle. For that, you may sometimes need to change your route to work or prepare for your morning the night before. So you can feel less stressed and more assured about your money goals. Best of luck!