A new year will begin in just a few days, and many are contemplating changes they will make to their lives once the calendar flips to January 1st. The start of a new year is a convenient thing to point at as a time to start new behavior patterns. I’m doing the same thing, although I wouldn’t necessarily call then resolutions. They’re simply goals, financial goals to be specific, that I want to accomplish in 2018.
Increase Retirement Fund Contributions
In 2018 I want to increase my retirement fund contributions by 1% of my paycheck for two reasons. The first is obviously to put myself in a better position once I reach retirement. The second is this would be the final percent of personal contributions that is matched by my employer. By increasing my contributions by 1%, I’ll actually be increasing the funds going into my 401K by 2%.
Make Student Loan Payments
My son is in his freshman year at college. We had to take out student loans to pay for part of the bill, but we certainly have room in our budget to put towards those loans right now. Even though no payment is due until after he graduates, interest is accruing. My goal is to pay $1000 towards my son’s student loan bill every month during 2018.
Eat Out Less
This one certainly sounds a lot like a traditional New Year’s resolution. I’d agree with that statement, but it’s something I’d really like to do. Eating out almost always costs more than cooking at home, so eating out less can be a big money saver. Plus, I’d really like it to become something we look forward to doing rather than a convenience statement. My goal is to plan a date night for my wife and me for Friday or Saturday of each week in which we dine out together and spend quality time with each other.
There you have it, my big three financial goals for 2018. Increasing my retirement account is for my future, making student loan payments is for his future, and the eating out less is for my current budget and for strengthening my relationship with my wife. Overall, those sound like some great goals for 2018.
How about you, Clever Friends, do you have any financial resolutions or goals for the coming year?