How to Finance Your New Year’s Goals

With a new year comes fresh opportunities. As you look to the months ahead, what are your financial goals? Do you dream of saving more for a rainy day, paying down your credit card, going on a special vacation or something else which requires extra cash? At Heights Finance, we’re here to help you fulfill those dreams for 2023. So, let’s take a look at the five easy steps you can take to accomplish your economic objectives this upcoming year. 

1. Start with a List

First things first, you’ll want to make a list of your financial goals for 2023. So, grab a scrap sheet of paper and a pencil, then jot down everything you can think of. And we mean absolutely everything. No wish is too big or too small, at least to begin. Once you have your list, pick your top three. Select goals which you can realistically accomplish. 

2. Figure Out the Cost 

Now that you have your top three goals, you’ll have to determine how much money you need to accomplish each one. If you have credit card debt to pay off, pull up your most recent statement or log in to your online account and find out what your balance is. If you’re aspiring to take a vacation, do some research into all the details, from transportation to hotel fees. And if you’re trying to save for a rainy day, determine how much you want to squirrel away by the end of the year. 

3. Craft a Budget

When you’ve figured out the cost, you can then work on creating a budget for each of your goals. This will be based, in part, on the timeframe which you want to accomplish your goals. So, say you want to pay down your credit card debt of $1,200 in six months. Great! You’ll need to adjust your budget to reflect that goal. You can do this simply by dividing the cost from step two ($1,200) by the number of months (6) to get the amount you’ll need to put aside each month for that goal (in this case, $200 per month). 

4. Research Your Options

With your budgets in hand, you can now research ways to finance your goals. In many cases it will be as simple as putting aside some money each month towards your objectives. But in other cases you may need an extra boost to help reach your desired amount, such as taking out a personal loan with Heights Finance. Our loan process is quick and easy and we get you the money you need, fast. At Heights, we offer fixed interest rate loans. This means your interest rate won’t change, unlike with a credit card or other popular loans. 

In fact, the best way to pay off credit card debt is through a fixed interest loan. By taking out a loan, you can save money in the long run because you won’t be paying off the variable interest rate of the credit card. Plus, you will know exactly what your payments will be every month, making it that much easier for you to budget. 

5. Make Everything Automatic

The very last thing you need to do is set up automatic payments. If you’re planning on putting aside money, have your bank automatically move that amount from your checking to a savings account each month. That way, you don’t even have to think about growing your savings. It will just happen! Similarly, set up automatic payments for your credit cards and loans so you don’t have to stress about those either. 

Finance Your Goals with Heights Finance

There’s so much to look forward to in the year ahead and Heights is excited to be there for you. Whether you have questions or need a financial lift, we’re always glad to go the extra mile. So, visit your friendly local branch today and hit the ground running with those New Year’s goals.