goal setting

5 Money Goals to Make to Build Your Future

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In most aspects of life, the journey itself is just as important as the destination. This includes the path you need to take to get your finances in order. It can be intimidating - but with the right directions and guides, it definitely doesn’t have to be!

Here are five goals you can get started on today to pave your path to financial success and stability:

Determine a budget

The first thing you want to do is collect all your statements, account balances, and any money hidden anywhere, and figure out how much you have on you right now. If you don’t want to crunch the numbers yourself, sites like Personal Capital can quickly do this and display everything nice and neatly for you - for free!

Once you’ve figured out what you have and what you owe, it’s time to set up a budget. There are a few ways to do this:

  • Flex those Excel skills and create a spreadsheet, where you can track monthly, weekly, or even daily;

  • Use a budgeting app like Mint, which can send you notifications in real-time about your budget (the “Set it and Forget it” method);

  • Set a meeting with your financial advisor (wink wink) and set up a budget for you together - this can allow for flexibility and you won’t be tracking it alone or relying on a robot.

Once your budget is set, you can see exactly how much you need to survive the day-to-day, along with how much you can allocate towards debt, savings, and investments.

Click here to read about how budgeting can change your life.

Prioritize your debt

The next step is to start ticking away at those loans. Your budget will show you how much you can spend monthly on your loans - now start applying it! The nice thing too is that you can adjust numbers here and there depending on if you want to be more liberal or conservative with your debt repayment - just make sure you adjust the rest of your budget to make up for the difference so you don’t end up putting more money towards your payments than you can actually afford.

Read our guide here on how to begin tackling your debt!

Decide how you will contribute to retirement

After setting a budget and paying off your debt, the next task you’ll want to tackle is getting yourself set up for retirement. What kind of account do you want to contribute to? Does your company have a 401(k), or will you need to open an IRA? Be sure to research all your options, and pick the plan that’s right for you.

Roth or Traditional? Which IRA Is Right For You?

Don’t forget to address these aspects of retirement that are often overlooked!

Figure out how to make your money grow

Congratulations! You’re beginning to set up a nice cushion for yourself. But - don’t get too comfy yet. While having a stable income is good, don’t you want to learn how to earn more?

This is where investing comes in. What is considered fun or a gamble to some can be intimidating for others - what if I lose all that I’ve worked up towards? More often than not, however, investing is worth it purely for the fact that you will walk away with more than you put in. As the old adage goes - “You gotta spend money to make money.”

Again, be sure to do your research: you can start with this article here.

Seek Guidance

Even if all your ducks are in a row, having an advisor or a mentor is a great way to stay focused and to be sure you’re making the right decisions. Many of the top successful people will say that they had a mentor, and wouldn’t have made half of their money-making decisions without them.

Whether you’re planning for retirement, looking to get out of debt, or just wanting a question answered - we can help. Click here to contact us and schedule your free 60-minute consultation today!

What are your goals financially to help build and secure your future? Let us know in the comments!

My 2019 Financial Goals

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By Amy Lancaster

Me 5 years ago would have never believed that I would have this much control over my money situation. I always thought I was doomed to forever live from paycheck-to-paycheck, stuck in a small apartment eating ramen in the dark and only traveling in my dreams. But, I will say – working at a financial firm has seriously changed my life in terms of my finances. Just from being at Milborn for less than a year, I’ve managed to keep a consistent budget since August and put away over $2,000 in savings.

Still, there’s always room for growth – and, as a millennial always being told to live her “best life”, I know I can’t settle for my current situation. While I am in a much better position than I was just a couple years ago, this momentum has given me motivation to aim my goals a bit higher and start experiencing life the way I’ve always wanted.

With that being said, here are my financial goals for 2019.

  1. Save over 3 months’ worth of income in an emergency fund. I’ve done a lot of research into what exactly I should have in my emergency fund, and it’s ranged from $1,000 all the way to one year’s worth of income. Of course, I believe that having more in there is better, but at some point, I don’t want to spend the rest of my career putting away money into an emergency fund and instead put that money to work, so I’d like to have a cap-off. While the finish line will be six months for me, this year it’s more realistic for me to get to three months.

  2. Put money away towards my July trip to Japan so that I don’t have to dip into money from any other accounts. This is a goal I am very excited about. I’ve wanted to go to Japan for a very long time, and it’s been years since I’ve left the country. I never thought I’d be able to properly budget my money or make enough to make it a reality to actually save for a trip, but now that I’m in a more comfortable position financially, I want to take advantage of that. The goal is to have $3,710 (which, according to Money We Have, is an ideal budget for a  two-week trip), which means I’ll need to save $742 a month from now until July (along with the $530 I already have put away).

  3. Buy a new computer. After my big financial save for Japan, my next savings goal will be to get myself a new computer. While the one I have is good for day-to-day work and school, I want a computer that can handle my photography and creative endeavors, and one that I know I can rely on for years to come (whereas I’ve had this computer for less than two years and the keyboard is already broken, as well as the laptop-to-tablet switch feature is glitchy). The model I’m eyeing up – MacBook Air 256GHz (in rose gold, of course) is $1,399, which means if I want it by January of next year, I’ll need to put away roughly $117 every two weeks starting in August.

  4. Start putting away 10% of income towards retirement. After that goal, I will think of another savings goal (probably save up for an iMac, because I’d also like a desktop computer), but I know I really need to look into saving for retirement because – I’ll be candid – I have nothing saved. Stocks, IRA’s, and all that jargon really scared me until I started working for Milborn. Now, I have a better understanding just from hearing the day-in-day-out talk between Mark and Drew. By knowing I can save for retirement and still have fun in the present, I can be a little more willing to, you know, actually save.

  5. Invest? Actual investing, however, still intimidates me a little bit. I don’t have to start paying off school loans until I graduate (summer of 2020), so I may hold off on this until I pay those off – which are thankfully as of right now my only source of debt. Nevertheless, I will continue to do my research so that I have a clear plan of how exactly I want to invest when the time comes.

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Writing down goals always helps me stay on track. Plus, sharing goals keeps me accountable! What are you financial goals for 2019? Comment them below!