The holidays are a time for celebration and reflection. As you get in the spirit of the season, we also encourage you to take this opportunity to plan for the year ahead. Take a moment from the hustle and bustle to set the stage for your financial success in 2019. Not to fear, this does not have to be a daunting task. Instead, we encourage you to take a few simple steps to document and plan ahead. We promise you will be glad you did it!

Document Your Financial Goals for the Year

While most of us can rattle off a list of vague financial goals when asked to do so, most of us don’t take the time to actually write them down. Like any goal, unless you clearly outline your financial aspirations for 2019, you are not very likely to reach the finish line. Keep in mind that your goals should be quantifiable. Saving more simply isn’t enough. Instead quantify exactly how much you aim to save, how much debt you plan to erase, and so on.

Also, be sure to outline any major purchases or financial decisions you plan to make in the coming year. Whether you’re planning to secure a first time home buyer loan or rollover a 401K, document exactly what you plan to do. While these financial decisions may evolve over the next 12 months, having a clear action plan in place will help make your goals a reality.

Document Your Current Financial Situation

Your current financial situation has a direct impact on your ability to reach your goals in the new year. Take the time to document your current situation. Your financial POV should include: outstanding debts, assets, monthly bills, current spending habits on meals and entertainment, etc.

Analyze Goals & Your Current Situation

Now that you have a POV on where you stand today and where you want to be this time next year, your plan can really begin to take shape. Ask yourself what is currently strapping you? How can you most efficiently begin to make strides toward your goals? As you analyze your spending habits, what opportunities are there to reduce frivolous spending? By documenting these opportunities, you can begin to make tactical, daily changes that will set the stage for your success. Suddenly the cost of that daily coffee or lunches out will take on a whole new meaning. While we encourage you to set aggressive goals, it’s also important to set reasonable ones. Though you might not be ready to completely give up your favorite latte, you can resolve to treat yourself once a week rather than daily. It’s little changes like this, that will add up to a major shift in your spending habits.

If your goals include securing a first time home buyer loan or car loan in 2019, it’s also important to consider your credit score. How healthy is your score today and how will it impact your ability to secure a strong interest rate? If there is room for improvement, now is the time to take action. Review your credit report and make sure there are no discrepancies, pay down debts if your credit to income ratio is unhealthy, ask lenders to forgive late payments, etc. If you plan to tap into lending opportunities in 2019, now is the time to complete your credit score due diligence!

Take Steps Today

Planning to secure a first time home buyer loan in 2019? Act now! Interest rates are on the rise. At Popish Mortgage, we are on hand to help you plan for your home loan in the new year. Allow us to help you assess the loan opportunities available to you. Not quite ready to buy? Even better, complete the pre-qualification process so you’re ready to make an offer when the time comes.

Popish Mortgage: Your First Time Home Buyer Loan Experts

Planning for the year ahead, is the one of greatest gift you can give your loved ones this time of year. We encourage you to take the time this holiday season to do just that. At Popish Mortgage, we are here to assist with all of your home financing needs. If your 2019 financial plan includes securing a first time home buyer loan, we encourage you to contact us today. Allow us to assist you through each step of the process!