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The end of June is upon us, summer is officially here and you may be thinking of that New Year’s resolution you made to get a grip on your personal finances. If you feel like you have fallen off track, don’t worry, it’s not too late for you to meet your goals by the end of the year.  Refocus on your finances and with a little effort you can create a plan to get there.

First and foremost, you must establish your financial goals. (And write them down!)

Doing so will not only keep your “eyes on the prize” but it will remind you why you made this resolution.  Think back to your New Year’s resolution – why was this so important that you wanted to start the New Year off financially fit? This will put your resolution back into focus. Planning should include your long and short-term goals. Do you have student loans to pay? Are you planning on making big purchases in the near future such as an engagement ring, a car or a house? Or are you close to retirement and wish to have a certain amount of money saved? Whatever questions you ask yourself, it is a good first step to write these goals down in order to become financially independent.

Start a budget and Start SMALL! 

Financial experts agree that creating a budget is the most important step in taking control of your money. It will not only change your life it will change the way you spend your own money for as long as you utilize it. Start by saving receipts for a week to track your average weekly spending, and see where you can potentially minimize it. Spending too much on coffee during the week? Making too many “impulse” buys online?  By creating a budget and sticking to it you will not only be reducing stress, but you will minimize the spending habits you have acquired and save money.

With finances, there are many ways to get off track until the goal becomes harder to reach than when you first started. With that in mind, this time around, focus on making several small short-term achievable financial goals. Bring lunch to work every day for a week instead of buying. By setting smaller goals and achieving them one by one, you’ll feel more motivated to stick to your budget.

If saving is difficult for you, there are plenty of tools that can help you save daily without much thought or effort. Our Save The Change checking rounds each debit purchase to the nearest dollar and sweeps the difference in to a separate savings account. This is a great way to start saving if you find yourself in a paycheck to paycheck situation but really want to begin saving in some way. You can also set up automatic transfers to savings accounts to work towards different goals. You may have a Homebuyer Savings to save for a home, a Holiday Club to save for holiday gifts, and a Vacation Club to work towards your dream vacation-you can automatically transfer what you can every week, month, or paycheck to effectively save for the things that are most important to you before you spend the money on impulse buys or non essential items.

Stay Focused.

Once you’ve focused on financial goals, make it a priority to remain focused. Holding yourself accountable is the key to staying on track. You’ve made progress and you’re achieving your goals one by one – the thought of going backwards or having to start from scratch should motivate you to stay on track. If you’re having a hard time, keep your eyes on the prize and try visualizing the end result. Imagine being stress free and financially independent – imagine how that end result will feel before letting yourself fall off track again. You can do this. Take advantage of the free financial literacy resources and personal finance tools your financial institution offers, and don’t hesitate to ask for help! At AmeriChoice, we are here for our members and want to see them succeed. If you have any questions about personal finances – comment below, or contact an expert today!