Financial targets for the new year

Financial goals

New year's resolutions are very popular. Now the new year has already begun, but what about new year's resolutions?? Personal finance is often a popular category when it comes to our new year's resolutions. You may be one of those who set a goal at the beginning of the year for more financial structure, savings or investments. The road ahead varies in length and requires different amounts of work and time, depending on the goal and individual situation. No matter what new year's resolution you've chosen, the best way to fulfill it is to create an action plan. Especially when it comes to your finances, an action plan is necessary to be successful.

But how do you actually deal with financial challenges? In this article, you'll find some tips and tricks to get you started.

Get an overview:

It is important to have an overview of your resolutions and goals. What goals do you want to achieve and how long will it take approximately? Depending on the goal, it may take longer or shorter to achieve it. It's obvious that buying a house takes longer than buying a cell phone, depending on your financial situation. However, the time it takes is less important. It is important that the goal you set is realistic and can be achieved.

Create a budget:

Once you have an overview, the next step is to create a budget. Depending on what goal you have, the draft of a budget looks different. For example, if the goal is to have a better overview of your personal finances, you should create a monthly budget.

A monthly budget helps you keep track of your monthly income and expenses, giving you better control over your finances throughout the month. Saving another popular focus is saving money. We all have different circumstances when it comes to saving money. The amount you can set aside each month for savings depends, of course, on the ratio of income to expenses. Again, the aforementioned budget is beneficial to keep track of its consumption. Most have some form of savings account with a more favorable interest rate in which money is deposited. Here you can choose to pay in larger or smaller amounts each month, or transfer a lump sum as needed. The advantage of a monthly direct deposit is that you don't realize that some of the money is going into the savings account.

If you don't have the ability to transfer money each month, you can deposit a lump sum instead if there is room in the budget.


Investing your money is another form of savings. It can be a more efficient way to grow your money than having it in a savings account. However, it must be remembered that higher returns through investment are often associated with greater uncertainty.

Stocks: investing in stocks requires a little more knowledge and the motivation to continuously follow stock market developments. To say the least, things can move fast and it is important to know when is the best time to buy or sell. Here are some tips for those looking to invest in stocks:

  • Background information: find out how it works and read about the different companies.
  • Start small: it is a good idea to start cautiously and invest a small amount before investing larger amounts.
  • Spread the risk: spread the risks over different companies that differ in terms of geographic location, size and number of shares.

Funds:funds are another popular method of capital accumulation. The advantage of saving in funds is that it is simple and does not require a large initial amount of money. Over time, you can also benefit from the interest of the interest effect, which means that the money grows faster and faster. Funds are more convenient to experience compared to stocks. With funds, the savings take care of themselves, which is usually associated with a lower risk. But what is the difference between funds and stocks? The fact is that funds contain shares, only that with a fund you get a package solution with shares. This package solution is being put together by a fund company, d. H. You let someone do the work for you. However, it is important to note that funds, just as with stocks, fluctuate in value and can go up as well as down.

Online financing:

Applying for a loan is not in the same category as saving and investing. It shouldn't be a fixed part of your budget either. But from time to time, a loan may be what's needed to get through a financially pressured month. Unpredictable things happen and you can't always predict, for example, that your car will stop working or that your dental bill will be more expensive than expected. In these situations, a loan can provide the help you need. Still, it's important not to apply for more money than you need, as repayment is an essential part of borrowing money.
Hopefully, the above information can be used for budgeting, saving, investing and borrowing. Either as a guide or just for inspiration.

Although we have already reached the new year, it does not mean that it is too late to start our new year's resolutions. Better later than never – as often said.