This part 2 of our blog on 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 (check out Part 1 for more ideas).

#7 Invest In Yourself

Whether you’ve thought of going back to school or just learning a new skill, we think increasing one’s knowledge is always a great goal to try and set. And it doesn’t necessarily mean going back to school in a traditional sense – could taking some online courses or getting a certification, or maybe just buying a book on a subject you want to learn about. And most importantly, it doesn’t mean spending money. There are plenty of free community classes offered or books at the library (some of you may remember what those actually are), or just doing the research online to gain the information.

#8 The 5 Year Plan

This one is more of a long-term strategy, or if you have already put something in place, then a chance to update or upgrade your original aspirations. The focus is more on larger goals that you would like to achieve on the horizon; change of your current living arrangement, paying off a large debt like a student loan, that type of thing. A good strategy is to build-in smaller goals along the way to help you achieve your 5 year plan.

# 9 Reducing Your Financial Stress

This one goes to the heart of our mission at ARIES Foundation, which trying to help everyone have a better relationship with their money, or in this case, maybe start to repair the relationship you are having with your money. If you haven’t done it already, maybe it’s setting up some or all of your bills on auto-pay. Or talking to your employer about direct deposit. Or your bank about having a portion go directly to an emergency reserve account you have established (see previous goals list). Each of these can be ways to lessen or help lower the stress you are felling regarding your finances.

#10 Get A Will Done

It doesn’t matter who you are, the reality is that you should have a Will: Are you married? You need a Will. Got Kids? You need a Will. Got stuff? Yup, you guessed it, you need a Will. Pretty much anyone with anything needs to have a Will to let those left behind “who’s gonna get your stuff”. And if you have a Will, then make sure it is updated on a fairly regular basis.

Reminder – there are assets that pass without the Will; retirement accounts, life insurance, savings bonds, etc..If you are putting your Will together or just updating an existing one, remember to also review all beneficiary designations on your accounts.

#11 A Side Hustle

Again this is just a thought or idea, but what we have found is that the pandemic has left some of us with more free time than ever before, mainly because we are unable to do a lot of the activities that used to occupy our time. Could some of this newfound free time be used to supplement your current income? Maybe as a way to to help speed up debt reduction or accumulate more savings. There are lots of different types and ways today to add a side hustle or to earn extra income, so if you're creating a goal that requires extra money like paying down debt quicker or building up an emergency fund, then having a side hustle is a great goal to add to your list.

#12 Saving For The Kids

OK, this doesn’t necessarily have to be for your kids, if say, you don’t have children, but could be for any young ones in your life; nieces/nephews, grandkids, etc.. One of the ways you can do this is by opening a 529 college savings plan and depending on where you live this could also mean a tax benefit to you as well. Quick Side Note: If you know a child that is differently-abled or has a disability, then you could add funds to a 529A (ABLE) Account instead (though in the case of ABLE the account would already have to be set up by the child or their guardian

Hopefully you found some of these ideas to be worthwhile. If you ever have questions or need some help, then please feel free to reach out to us, that’ why we’re here: info@ariesfoundation.org