Nearly a month into a new year, many are turning their focus to implementing financial habits to set themselves up for success and stability.
That’s why Valley of the Sun United Way is working to end the cycle of poverty by offering community members a comprehensive list of tips on how to achieve and maintain financial success, by building financial literacy, implementing a financial plan and setting financial goals.
United Way recognizes that community members are better able to fight poverty and reach financial stability with practical tips on money management and saving strategies, so the organization serves as a resource for financial education.
“One of the most effective ways to fight poverty is to educate the public on financial strategies and to empower community members to take control of their finances,” said Valley of the Sun United Way’s community impact director Charlie Boyce. “At United Way we recognize the value of providing access to financial tips and resources and pride ourselves on making this critical information easily available to the community through our website and informational events.”
To ensure a financially stable and successful 2018, here are five ways to set financial goals, implement a budget and more:
- Create a financial plan. When it comes to managing finances, it’s important to plan ahead. Creating a financial plan can help you to achieve financial stability, identify financial goals and create a vision for the future. For more tips on how to build a financial plan, visit Valley of the Sun United Way’s blog: https://vsuw.org/about-us/blog/blog-entry-8
- Stay accountable by vocalizing goals to family and friends. Without divulging too much personal information, it can be helpful to share your long-term financial strategy with trusted family and friends. Vocalizing goals can also help keep you accountable.
- Set goals. Knowing what your long-term goal is, whether it’s paying off student loans or buying a home, can help you stick to your financial plan when you are tempted to spend money unwisely. Short term goals can serve as rewarding milestones along the way. For more information on how to set SMART saving goals, visit Valley of the Sun United Way’s blog: https://vsuw.org/about-us/blog/5-tips-to-spring-clean-spending
- Maintain emergency savings. No matter how well you plan, setbacks occur. Putting five percent of each month’s paycheck into savings can ensure you’re not left in a bad financial situation when unforeseeable financial situations arise. For more tips on how to save more, visit Valley of the Sun United Way’s blog: https://vsuw.org/about-us/blog/4-tips-for-managing-your-moneyaz
- Track spending habits. When you see your spending on paper, it will make it clear what your spending priorities are and how you can better shape your budget. Carefully tracking your spending can also shine a light on which areas drain too much of your money.