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5 Financial Goals to Include in Your Power Plan

by on July 17, 2012

By Samantha Savory

Now that you know you need a budget in order to be financially successful, do you know what goals you should set? Sit down and evaluate your spending habits over the past three months and then let this blog post help you decide what financial goals you want to be priority and what you can work on later. Differentiating between short-term and long-term financial goals will give yourself reasonable expectations. Below is a list of the best financial goals you should create for yourself as a part of your power plan when using PowerWallet!

1. Pay debt off – The only way you can get financially ahead is if you pay off your debts. From credit card debt to student loan debt, do you research and determine the best and fastest way to pay it off. You could get a second job, cut back on expenses like cable television or going out and put that money towards paying off your debt.  By getting yourself out of the red, you will reduce any financial stress you may be feeling as well as help your chances of saving more at a faster rate. PowerWallet can help you manage all of your credit card and student loan accounts and the best part? It’s completely free!

2. Save for a rainy day – Whether it’s an unplanned dental emergency or a job loss, you can’t predict the future and it is important to be financially prepared for whatever life may throw at you. The money experts at PowerWallet always recommend to save at least 10 percent on your monthly income for a major emergency. If that is too much to start off, start with 2 or 5 percent of each of your paychecks and then increase the amount over time.

3. Save for retirement – Planning ahead for the future is one of the best ways to avoid money problems. If you are in your 20’s or 30’s, now is the perfect time to start saving for your retirement. Save at least 10 percent of your annual income the first year and increase the amount each year. Make sure to research the best retirement plan options that best suit your personal financial situation.

4. Pay your bills on time – Mastering basic personal financial duties is important before you become financially savvy. This is includes paying your bills on time and on a consistent basis while avoiding all interest rate charges and late fees. PowerWallet not only offers a smart and easy way to budget, but it also offers bill pay reminders via email or text. All you have to do is set them up one time and each month you will get a reminder when to make each bill payment.

5. Know your limits – For variable living costs like food, clothing, and gas expenses, make sure you know how much you can safely spend each month so you will not go over that budget and land yourself in a financial fiasco.  You can use PowerWallet’s spending limit alerts to help keep you in line, all you have to do is set them up one time over a specific amount of time and let PowerWallet do the rest of the tracking!

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