This page uses JavaScript. Your browser either does not support JavaScript or you have it turned off. To see this page properly please use a JavaScript enabled browser.
Members First CU of Florida Go to main content

Scheduled Maintenance Notice: Online and mobile services may experience intermittent unavailability for maintenance on Wednesday, February 21, starting at 7:30 AM until 12:00 Noon CST. We appreciate your patience during this time.

Become A Member Apply for a Loan Branches ATMs
Home > Setting Financial Goals for the New Year
Setting Financial Goals for the New Year12/8/2023

New year resolutions on sticky notes

The start of the new year is a good time to set goals for yourself and reassess your previous goals, including your financial goals. However, if you're like most of us, your goals are easier to set than execute. To help, we're sharing steps you can take to help you gain clarity on what your financial goals mean to you and create a doable plan for success.

Step 1: Think about what you want and why you want it.

Financial planning goals are also lifetime goals, because in order to achieve most of your lifetime goals, you'll need sufficient funds. So, think about what your lifetime or lifestyle goals are and why they are important to you. Write down your goals (i.e. retiring early, owning a home or vacation home, travel, college, starting your own business, etc.) and really think about why you want something. Knowing your "why" will help you navigate obstacles, challenges, and tough decisions that may come along as you work towards your dreams.

Step 2: Assess where you are now.

Before you create a plan to achieve your goals, take the time to assess where your finances are right now. You'll want to have accurate figures for your income, budget, debts, and net worth. By doing this, you'll be able to better understand your financial health and construct an effective financial plan that fits your lifestyle and prioritizes your goals.

Step 3: Create a plan with steps.

If you discover that your spending habits are exceeding your income, work on establishing healthier financial habits before creating a plan for your larger goals: create and stick to a personal budget, build an emergency fund, implement a solid debt repayment strategy, and start saving regularly for retirement.

Once you've done those things, you can create a workable plan to achieve your long term financial and life goals. Your plan should include small, manageable steps with your short-term goals supporting and building up to your capstone goal. Consider structuring these steps in three-month, one-year, or three-year increments. Having short, closer time frames makes it easier to map out actionable steps without becoming overwhelmed and losing sight of your ultimate goals. Think of it like training to run a marathon you have to slowly build your body up to sustain running long distances. If you don't train, you're likely to lose gas and come up short. In this case, you're building and shaping your finances, little-by-little, to achieve a greater goal.

Step 4: Keep track.

Take note of every time you achieve a step or goal of any size and celebrate your progress. Tracking your success will keep your ultimate objectives clear and at the front of your mind. Monitoring your progress also gives you a chance to check yourself and make sure you're staying on track and making any needed adjustments like an increase/decrease in pay or an unexpected expense.

 

Get Your Financial Check-up

Need help planning your goals and making sure you're on the road to financial success? Take our personalized wellness quiz to see if you're on track to meet your financial goals.

Start Over
How would you rate your financial health?
Good/Excellent
Needs Improvement
I'm Not Sure
Do you have an Emergency Fund?
No
Yes
Do you have debt you want to pay off?
No
Yes
Is there a large purchase you'd like to make this year or in the near future?
Yes, I'm planning to buy a car.
Yes, I'm planning to buy a house.
Yes, other.
No
Do you have a budget?
No
Yes
Do you have a budget?
No
Yes
Do you have debt you want to pay off?
No
Yes
Do you have an Emergency Fund?
Yes
No
Emergency Fund
Emergency Fund

Although there isn't a one-size-fits-all solution to financial emergencies, there are steps you can take that will minimize damage while you work on a recovery plan. Having an emergency fund is an important resource for you to have during emergencies, but what are other steps that you can take to help your financially during a crisis? We'll talk about that and how to help you decide on the best financial plan for your needs.

Learn More

Debt Repayment & Consolidation
Debt Repayment & Consolidation

Consumer debt is a common and incredibly personal part of our personal finances. The majority of U.S. adults owe money in some way, shape or form, but what this debt represents can vary from person to person. Whether you're paying down medical bills, educational expenses, home repair costs, or other high-interest purchases, there are steps you can take to help you conquer your debt.

Learn More

Auto Loans
Auto Loans

Ready to get on the road? We have the resources to make your driving dreams a reality. Get tips on purchasing a new vehicle, shop local dealer inventory with our Car Buying Service, enjoy Auto Rewards when you finance with us, and more.

Learn More

Home Loans
Home Loans

Thinking about buying your first home or another property for rental income? Members First Credit Union of Florida is here to lend a helping hand with the home-buying process from advice to financing.

Learn More

Personal Loans
Personal Loans

People need personal loans for a variety of different reasons. Whether you need funds for an emergency, medical bills, a much needed vacation, or your dream wedding, taking out a personal loan from your credit union as opposed to another type of lender is typically cheaper. We'll share why and lend a helping hand to finance your needs and/or dreams.

Learn More

IRAs, CDs, & Investments
IRAs, CDs, & Investments

Compound interest is a powerful concept in saving and investing — it pays to start saving early. We'll show you how and lend a helping hand in making your future brighter with savings and investment options like IRAs and CDs. 

Learn More

Budgeting Basics
Budgeting Basics

Budgeting doesn't mean you have to give up everything you love. Whether you're planning your first budget or re-evaluating your current budget, we'll share some ground rules that will set you up for success by changing the way you look at budgeting and help you create the guidelines for managing your money.

Learn More

Know Your Score
Know Your Score

Your credit score shouldn't be a mysterious number. Whether you've had past troubles, haven't yet established any credit, or want to get the best possible rate on a loan, knowing your score and how your credit score is calculated is important to your financial wellness. We'll share information and tips to help you create a positive credit history and boost your credit score.

Learn More

Checking Accounts
Checking Accounts

As a valued member of Members First Credit Union of Florida we want to know how we can better serve you by improving the products and services available to you. To do this, we ask that you take a moment to answer this short survey to let us know what we can do to make our Checking Accounts more beneficial to you. 

Take Survey

Deposit Accounts
Deposit Accounts

As a valued member of Members First Credit Union of Florida, we want to know how we can better serve you by improving the products and services available to you. To do this, we ask that you take a moment to answer this short survey to let us know what we can do to make our deposit accounts more attractive and beneficial to you.

Take Survey


 



How Useful Did You Find This Information?

Let Us Know

Powered by Delighted.

 



 

RESOURCES

 

 



« Return to "Blog" Go to main navigation
I Want To
I Want To
Loan Center
Loan Center
Credit Cards
Credit Cards
Careers
Careers
Special Offers
Special Offers
Members First CU of Florida
InstagramTwitterfacebookemailWordpressYouTube
NMLS #405711
Equal Housing Lender National Credit Union Administration
This Credit Union is federally-insured by the National Credit Union Administration. We do business in accordance with the Fair Housing Law and Equal Opportunity Credit Act.
Members First Credit Union of Florida is not affiliated with Members First Credit Union (Kentucky)

Members First Credit Union of FL is committed to providing a website that is accessible to the widest possible audience in accordance with ADA standards and guidelines. If you are using a screen reader or other auxiliary aid and are having problems using this website, please contact us at 877-434-6328. We are actively working to increase accessibility and usability of our website to everyone. All products and services available on this website are available at all Members First Credit Union of FL branches.

 

Any external links or websites to alternative sites are not operated by Members First Credit Union of FL. We are not responsible for the content of the alternate site or their accessibility standards.

BACK TO TOP