Financial goal ideas to start out the new year and some tips for setting them up. There are so many different financial goals that you can set for yourself sometimes it can be fun to just take a look at all the different things that you can do or choose to focus on different things.

We’re tossing these out in no particular order, in case you are setting goals and wanted some fresh ideas.

#1 – Getting Rid of High Interest Debt

We here at ARIES Foundation talk about the different ways of paying off debt; some ways work, others don’t. But if we are talking about setting a financial goal to start the new year, then paying off or paying down your debt with the highest interest rate is a good place to begin. We refer to this as the “Math” method. Focus all of your debt payments on the single highest rate first (you pay the minimum on any other debts) until it is paid off. It is a great way to help kick-off (kick-start?) your financial goals this year.

#2 – Finding & Funding a Big Goal

So what is a big goal? For us it is a goal with a time horizon that is longer than 18 – 24 months. It really can be anything; down payment on a home, an upgrade to your transportation, remodeling your home, or even a dream vacation.

#3 – Create or Increase Emergency

If you’ve watched any of our “Think With A Drink” episodes or read any of our previous blogs then you already know that for us at ARIES Foundation, if you don't currently have an emergency fund we feel that should be Priority #1 on your financial goals list. Now our industry (financial services) stresses that you should have somewhere between 3 – 6 months of expenses in an emergency reserve account. In a perfect world that would be great, but let’s be real, if you don’t have anything set aside today, having several months is going to be a stretch. Start small – shoot for 6 to 8 weeks of expenses first. As it builds up then keep adding to it, but have something set aside for emergency reserves before you head off onto any other financial savings plans.

#4 – Retirement Funding

This can be any number of ways as far as financial goals go; if you are not currently participating in your employer’s plan, then start. If you are participating, then plan to increase the amount you contribute every paycheck. Don’t have access to a retirement at work, then open an IRA and start that way. Don’t need or care about the tax savings from contributing to a retirement account, then open a ROTH IRA instead.

#5 Enjoy Nospendsdays

OK, so we’re having a little fun (say changing Wednesday to Nospendsday), but this one is more of a challenge then a true financial goal. Can you pick out a number days each month and designate them as a no spend day. We feel that trying to get a few no spend days a month is a really good goal and it can help to try to track your spending and keep it under control. Essentially a no spend day is a day where you're not spending any unnecessary money. Clearly if the mortgage or other bills are due, then those get paid, but other type of spending; coffee, snacks, eating out for lunch, etc.. would be a no-go on those specific days.

#6 Know Your Net Worth

We mean from a financial standpoint, not as the truly awesome human being that you are. This can really be thought of as the balance sheet of your financial life; what do you got and how much do you owe. Tracking your net worth as the goes along can almost be like having a scorecard of your overall financial well-being. It is a good way to understand how you are doing and if you are making progress on any of the other financial goals you may have set for yourself.