Money Management

Why You Should Set Your 2017 Money Goals Now

As of today there are only two months left in the rollercoaster year that has been 2016. Skipping past all the holidays and major U.S. events that will happen between now and then, the big question is do you have your financial new year’s resolutions prepared? 

While it may seem strange to start setting your goals this early, doing so can actually be quite beneficial. In fact here are three good reasons to start planning and working towards your 2017 goals A.S.A.P.

Trial and error

No matter how much time and effort you put into creating a new budget there is always the chance that something in your master plan won’t work out. Whether you’ve underestimated one category or found some extra cuts that can be made in another, budgets should be adjusted and improved over time. So why wait until January to start this learning process?

Now is a great time to sit down with your banking and credit card statements, see how much you spend on what, and resolve to make changes. With eight weeks to spare before 2017 kicks off this should be just enough time for you to work out the kinks of your budget, which will ultimately make it easier to reach your goal in the new year. Additionally it will be nice to create yourself a little more breathing room in your budget just in case something unexpected happens next year.

Avoid holiday disaster

Another benefit of laying out your money goals early is that it will give you extra incentive not to end up on the naughty side of the ledger this holiday season. After all any goals you set come January may have already been undermined by your December credit card activity. That’s why, as part of your new budgeting and goal setting initiative, you should be sure to specifically set a holiday gift budget and stick to it. In fact this step could be key is starting off your new year on the right foot.

Preparing for the tax deadline

If thinking ahead to January seems like a stretch, planning for April 2017 may seem downright ridiculous. However, since retirement savings should be part of any good money goal, preparing for April is actually quite important. That’s because you’re still able to make a contribution to your IRA before April 15th (actually April 17th in 2017) and still have it count towards your previous year’s return. So start saving up now so you can get as close to contribution cap — $5,500 if you’re under 50 and $6,500 if you’re over — as possible before tax day. 

There’s no need to squander the last two months of 2016 — start making money-saving changes now! Not only will doing so leave you with some extra cash immediately but will set you up for financial success when the calendar officially kicks over to 2017. Happy (almost) New Year!

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