5 Trendy Money Goals That Will Make You Feel less Worried About Money

Money goals can dramatically improve your finances for the better. Want to know what are the top money goals you should have? Keep reading!

Taking control of your money instead of the other way around can feel pretty amazing. If you are new to budgeting and saving money, I’m going to share with you the top money goals that can be a game changer for your finances.

You are going to learn all about how to set up smart financial goals so you can finally get rid of debt and actually save money.

If you are tired of not making any progress with your money, you’re in the right place.

You don’t have to feel stuck or doomed because you’re not where you want to be yet.

I understand you feel as if all of your paycheck is going to pay someone else but you. I’ve been there.

When I first started my debt free journey, all my monthly minimum payments from all my debt collectors totaled to over 1,000.

Yes, I was paying more in minimum payments a month that my mortgage. My mortgage was only $920 a month and all of my minimum debt monthly payments were above $1,000. So, yeah my paycheck was gone by paying every debtor before I could pay myself or try to achieve any money goals.

I felt like I couldn’t have any money goals, all my money was going straight to debt. But, after analyzing and reviewing my expenses and cutting some things out of my budget. I was able to come up with a few money goals that were totally attainable.

And so can you, even if you are still drowning in debt.

This post is all about money goals that are actually helpful.

Best Money Goals:

1. Save For An Emergency Fund:

Having an Emergency Fund will give you such a peace of mind. Knowing you have money stashed away to help you stay afloat when you are going thru financial hardship.

An emergency fund can help you pay for your regular monthly bills while you focus all of your energy finding a new job or dealing with something unexpected.

Ideally you would want to have saved 3-6 months of your monthly expenses. In order for you to figure how much that is for your household, you need to know how much your fixed expenses are.

Fixed expenses are bills that you have to pay each month no matter what like rent/mortgage, car insurance, cellphone bill, utilities, etc.

Calculate that number and start saving!

Money goals example:

For example, Katiria spends about $3,500 monthly, since she wants to have an emergency fund of at least 3 months, she would have to save ($3,500 x 3) a total of $10,500.

That’s a lot of money to have stashed away in savings. But since it is one of her money goals, she decides to start saving a little bit of money from each paycheck.

She breaks down this overwhelming amount into smaller money goals. For example, $10,500 ÷ 36 months (three years) = $291.36 a month.

Katiria has to save roughly about $290 a month to hit one of her money goals. But, since she gets paid twice a month, she decides to save an even smaller amount of of each paycheck automatically. [$290 (monthly money goal) ÷ 2 (getting paid twice a month) = $145.

Once she calculates how much she actually has to save from each paycheck, she starts saving $145 each time she gets paid.

Do this:

• Calculate your monthly expenses
• Decide how much money you need for your starter emergency fund
• Come up with an actual amount of money you can save from each paycheck to fund your emergency fund.
• Start saving now!

{RELATED POST: Here’s Exactly How To Build Your Emergency Fund}

2. Crush your debt

One of the most important money goals you could ever make is to get out of debt and NEVER go back! I just want you to think for a minute how your life would look like if you didn’t owe a dime.

You’d get to keep ALL of your paycheck, and do whatever you want with it.

Would you sleep better at night?

Would you dare to take a less stressful job that pays less? Would you start your own business or that side-hustle you’ve talked about?

Imagine never having a car payment again!

All this is possible if you believe that you can! The key is to want to get out of debt and set up a debt payoff plan and stick to it.

{CHECK OUT: 6 Amazing Debt Payoff Tips That Can Be Life Changing.}

3. Educate Yourself Financially

This is one the easiest money goals you can have and it doesn’t have to cost you anything.

In order for you to keep motivated during your debt payoff journey, you should learn as much as you can about money and how to manage it.

I swear I did not know anything about money, except how to spend it. The first time I read The Total Money Makeover by Dave Ramsey, everything clicked. I learned so much about how to pay off debt and the right kind of insurance you should have.

I highly recommend listening to Dave Ramsey’s podcasts, they are so inspirational. And the best thing is they are free!

You can also get his book for free at your local library.

See? You don’t have to spend any money to get good with it.

I don’t know about you, but the more you read and the more you learn, the less fear and anxiety about money you’ll have.

Other books I recommend is I Will Teach You To Be Rich from Ramit Sethi. His book teaches you how to automate your finances, so you trick yourself into paying off debt and savings without noticing much out of your paychecks.

This book really maps out how to budget, save, and invest automatically.

I highly recommend his podcasts too.

Do this in order to hit your money goals:

• Read 1 financial book a month
• Listen to a financial podcast on your way to work
• Go to your public library on the weekend and check out the personal finance aisle

4. Grow your money

If you understand how compound interest works, you can dramatically improve your finances and literally earn money while you sleep.

In order for you to grow your money, you have to “move from the habit of saving to spend money to saving to make money,” says The Budgenista.

Now that’s brilliant! Wouldn’t you like your hard-earned money to work for you while you sleep?

Well, you can! Through investing.

Investing your money in the stock market doesn’t have to be complicated at all. Heck! You might even already be investing without knowing it.

If you have a 401k through your job, and you participate in the plan, you’re already investing in the stock market. You just don’t know it yet.

But you can always increase your contributions and take advantage of the compounding power of your dollars.

I bet you that if you understood more the power behind compounding, you would invest more aggressively now and make different financial decisions like prioritize investing.

Don’t leave investing to the professionals, you can make investing one of your top money goals. And you’ll be saving to make money.

5. Pay Yourself first

When you pay yourself first, you are saving and investing for your future. You are putting your financial money goals first before you blow up your budget.

You see, when you start paying yourself first, you’ll feel less worried about money because you’ve already hit your money goals with that paycheck.

Then you can spend the rest of your paycheck guilt-free.

Let’s say one of your money goals for this paycheck is to set aside some money for your emergency fund.

Once your paycheck hits your bank account, you would transfer out the money into your emergency fund account first (before you spend any money from that paycheck).

{CHECK OUT: How To Pay Yourself First in 1 Easy Step}

This post was all about money goals that can help you feel less stress about money.

What are some genius money goals you have so you can feel more in control of your money? Share them in the comments below!

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