13 Money Goals To Improve Your Finances For Good

13 Money Goals To Improve Your Finances For Good

Personal Finance - Millionaire Mob - June 6, 2019

These crucial money goals will set you off on the right track with your personal finances… for good once and for all.

13 Money Goals To Improve Your Finances For Good

Here’s the reality. A lot of want to improve our finances but many of us don’t know how to do it or don’t even know where to start.

Believe it or not:

Improving finances starts with having money goals and working through steps to reach those goals. For example, if your goal is to be a doctor, you need to get your college degree, go to medical school, get the training you need, pass the medical board exam, among others.

If you’re one of those people with money goals, kudos to you. You’re one step ahead of many people. If you don’t have money goals yet, don’t worry there is still time to make those.

That time is now.

A lot of us have money goals in mind. Some would like to increase their wealth (i.e., become rich fast) in a few years, some would want to buy a car or a house, and some want something else.

This post will exactly detail some of the money goals you could get inspiration from. Better yet, you can literally use these goals and call them your own.

If you are onboard and ready to make changes to your finances, read on!

1. Create a Budget. Period.

One of the best things you need to do to start improving your finances is to create a budget. Yes, creating a budget is one of your money goals.

Here me out on this.

No matter how small or big your money goal is, without a budget, that goal may not be achievable or may be hard to achieve, to say the least.

Why?

Because you don’t have a way to track your finances or income and expenses.

When you jot down and detail your finance, you know exactly where your money is going.

Does the benefit of a having a budget stop there? No, not at all.

When you consistently budget and track what’s coming in and going out, you’ll eventually identify which expenses are excessive, which ones you may need cut or adjust, and which ones you don’t need anymore.

When you identify these, you can make adjustments and put the savings towards your bank account, investments, or some other important expenses.

But there’s more:

When you have a budget, you will be able to identify if your expenses exceed your income.

If or when you’ve identified that your expenses exceed your income and need money urgently to fill the gap and/or save some more, you could make a tweak on your expenses or get a side hustle or two to make extra cash and improve your income.

This is where Personal Capital comes into play. It’s a free budgeting app that allows you to monitor your cash flow and income in real-time.

2. Always Check Your Credit Score

If you want to improve your finances, one of the money goals is to always check your credit score.

No kidding you credit score or credit can make or break your finances. A lower credit score may mean you won’t be qualified for better interest rates on loans and other forms of debts. Also a lower score may mean that a lot of companies won’t extend credit to you.

Believe it or not, some employers also require that you allow them to check your credit score especially if you are applying for a job that involves managing finances.

Your credit score provides creditors a way to see your financial health and capability. A high credit score means that you manage your credit well. A low score could be a red flag and your potential creditors may or will question your dependability.

Checking your credit score carries additional benefits.

By checking your credit report, you can assess if all your credit information is correct and accurate. A mistake in your credit can negatively impact your score.

Worse, you could be liable to pay any loan, credit card, and other debts that were opened in your name even when those aren’t really yours to begin with.

 

To continue reading, please go to the original article here:

https://millionairemob.com/money-goals/