January 1, 2021
Category: Smart Spending
True Story: 5 Team Members Share Their New Year's Goals
Did you set goals at the beginning of 2020 that you didn’t quite achieve? With changes to work and home life that occurred on a global scale, it’s no wonder that those big, audacious goals you set out to smash in 2020 may not have come to pass. However, with a new year, come new opportunities for greatness.
We asked five team members to share their goals for the new year – and to share how they will take consistent action to reach them! Each team member used our goal-setting worksheet to create their plan. You can download a copy and set your own goals, too!
Jasmine A., Social Media Marketing Intern since October 2020, set a goal for 2021 to save $2,000 for a deposit on her first apartment. Reaching this goal will help Jasmine become independent. “Setting financial goals is very important to me because it will set me up for a better, more stable future,” she says. “As I am still a college student, setting goals allows me to be more independent and have a smooth transition from college life into post-grad life.”
For Jasmine, it will be important to separate needs from wants in her budgeting, and to set short-term goals in order to stay accountable. She plans to set aside $40 a week toward her goal of saving $2,000 and eliminate unnecessary expenses. Along the way, she will give herself small rewards each time a milestone is completed to keep her motivation high.
Stephen G. is a Digital Marketing Manager who has been with ACE for two years. His goal for the new year is to wake up an hour earlier every day for a month, moving his wake-up time from 8 AM to 7 AM. “Goals provide a good benchmark to measure against and determine where adjustments can and should be made,” Stephen says. He wants to accomplish more in his day – by adding an extra hour of waking time. With an extra hour each day, surely he can knock out more tasks on his plate each day.
As a dad, Stephen plans to rally the entire family behind this new goal, asking everyone to hold each other accountable. To increase the likelihood that he and others in his family will follow the new plan, he will go to bed an hour earlier than normal, stop using devices an hour before bedtime, and set multiple morning alarms.
Briana H., Digital Marketing Manager, has been with ACE for about seven years. She set a goal to stick to her budget in January, February, and March of the new year. Because her main priority is paying down debt, she wants to solidify and stick to a budget consistently. “It is important to set financial goals because you are planning for future you and setting yourself up for success,” she says.
Briana has a plan to stay accountable to this long-term goal. She will have weekly meetings with her husband to review their expenses against their plan and keep records of their spending. As an incentive to help her stick with her goal over the next three months, she will plan to order a to-go dinner from her family’s favorite restaurant each time she hits a milestone.
Did you know: Briana showed off her saving skills on a part episode of TLC’s Extreme Couponing! She shared her experience (and some couponing tips!) in this True Story blog post.
Victor F. is the Vice President of Money Services at ACE and has been with the company for over 15 years. In the new year, he wants to revisit his family’s insurance coverage to ensure he’s getting the proper coverage at the most reasonable rates. Victor wants to better understand what policies his family has and to research different options. “Like most things,” he explains, “structure and planning establish fundamentals that will stabilize your everyday living. Better planning and understanding will help eliminate most financials surprises that you may not be prepared for.”
Victor has a detailed action plan that includes auditing his current insurance plan, researching Better Business Bureau reviews of insurance companies, requesting quotes, and meeting with an insurance agent. He feels incentivized to maintain progress by considering how much he could save each year.
Miguel S., Product Manager and Project Manager, is no stranger to setting big money goals. He previously owned a small business and now has a goal with his wife to pay off their home mortgage by the time they reach retirement age. For him, paying off the mortgage would help minimize debt and financial stress during retirement.
“You need to make a plan for your future,” Miguel explains. “Whatever you want to accomplish or wherever you want to be, money is always involved. Setting financial goals will help you realize your future, and it will also help you to be better prepared for the unpredictable when setbacks and hardships occur.”
Miguel’s goal is backed by action steps, including refinancing his current mortgage for one with a shorter loan term and lower interest rate, making monthly payments on time, and reviewing progress quarterly.
What are your goals for the new year? Download our goal-setting worksheet to make your own action plan!