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January is Financial Wellness Month

January is Financial Wellness Month

January 18, 2022

The beginning of a new year brings with it a chance to start fresh and give some new thought to the parts in your life that need a little love and attention. For us here at Next Step Wealth Management, we’re taking steps to improve our ability to share information with you.

First step: Our website has gone through a full redesign! There’s now a Resource Center section full of articles and videos that you can view about a range of topics. The content will change over time, so be sure to check back often. We hope the new design makes it easier for you to get in touch and get answers to some of your questions.

Next step: We’ll be doing some blog posts to expand on some of the topics we post on our social media account. We hope you find these helpful. As always, if you have any questions feel free to contact us, we always enjoy connecting with folks!

Since January is Financial Wellness Month, we’ll kick off our blog by taking a look at some ways you can help to make your finances a little healthier. Today let’s talk about setting SMART goals when it comes to your finances… What does it mean to set SMART goals? It means to make sure your goals are Specific, Measurable, Actionable, Realistic, and Time-based. By setting SMART goals, you not only give yourself a direction but also a way to measure how you’re doing. Let’s take a quick look at each part:

Specific: Define where or what your money is going to go toward. Are you saving for your child’s college education? Or maybe you want to do catch-up contributions in your 401(k). 

Measurable: How much money are you going to start saving? Decide on a specific number rather than a vague goal of, “save more”.

Actionable: What steps do you need to take in order to achieve your goals? Always attach an action to your goals. Planning out your steps will make it easier to accomplish your end goal.

Realistic: Make sure your goal is something you think you can achieve. If you don’t have faith in your ability to accomplish your goal, you most likely won’t succeed.

Time Based: How long will it take you to achieve this goal? Setting a deadline for yourself discourages procrastination and helps to keep yourself accountable.

No matter what your goals are, the more defined they are the greater chance you have of achieving them.