5 Ways to Make a Better Plan for Your Money in 2016

By Paul Sisola

• Identify Your Financial Goals

Hogan said it best: Without a plan, your goals are a pipe dream. In 2016, consider what you would like to do for the next few years, and how you can manage your finances to make your dreams come true. Whether you’re saving for a house or car, as soon as you start mapping out what’s in store for the new year, you’ll see how much money you’ll need to save and what other steps you’ll need to take to reach those goals.
Hogan suggested you set deadlines, allowing you to see upcoming milestones. Just make sure the budget you have laid out allows you to succeed.

• Tackle Small Debts First
• Build Up an Emergency Fund
• Save for Retirement Even When You’re Behind
• Set Up a Budget

Budgeting is one of the most essential parts of any money plan, yet about two-thirds of Americans don’t have one in place, according to a 2013 Gallup poll. One essential step to developing a budget is to write out your monthly income and expenses, like rent, mortgage, car insurance and groceries, and compare them. Knowing how much you’re spending in each category will help you identify where you’re overspending.
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