How to Set Yourself Up for Financial Success in 2015

In the midst of your holiday celebrations, take time to set yourself up for financial success in 2015.  Here are a few tips to get you started.

Set financial goals with milestones now.  At the end of the year, many of us are quick to create financial goals like, “I want to have $5000 in an emergency fund by next December,” “I want to take my family on a real vacation next summer” or “I want to start taking classes towards a college degree in the fall.”  What we forget to do is set up financial milestones to help us attain those goals.  Let’s say you want to create a $5000 emergency fund before the end of next year.  That means you need to set aside approximately $417 each month to make it happen.  Capital One 360 can help.  Their 360 Savings are fee-free and earn interest, which can get you to your goal faster.   Before the weekend is over, be sure to add Capital One 360’s Black Friday Sale to your shopping list.  You’ll have an opportunity to set up your account and potentially earn a cash bonus at the same time.

Take inventory of your budget.  Another way to reach your financial goals is to take a look at your income and expenses.  Write your budget down on a piece of paper or use a spreadsheet program to track everything that’s going in and going out.  See if there are places you can increase what’s going in or decrease the funds that go out.

Get your family involved.  Financial wellbeing should be a family affair.  While you’re setting your financial goals and going over the budget, let the kids in on the planning, too.  This is especially helpful if your child is old enough to understand the concepts of saving and spending.  You can even help them set one of your yearly financial goals and let them help you keep track.  I’ve seen some families set up a thermometer type poster on the wall that lists the goal.  Let’s say the goal is to take a summer vacation, and it will cost $2500.  The thermometer would have $0 at the bottom and $2500 at the top.  Each time the family puts money in the vacation fund, the children can color in the thermometer.  They’ll know that once the bar gets to the top, it’s time for a vacation.

Before you finish your holiday shopping, visit http://clvr.li/cap1bfs to give yourself the lasting gift of financial peace of mind by taking advantage of Capital One 360’s deals on banking, brokerage and mortgage products.

I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.