Create a Financial Bucket List that Works for You

What’s on your bucket list? Your mind probably goes right to skydiving or a trip around the world, but that’s not the type of bucket list we’re talking about. We’re talking about your financial bucket list; all those things you’d like to do with your money and have your money do for you.

Have you thought about your financial bucket list? If not, here are some ideas to get you started.

Home Ownership – Paying off your mortgage and owning your home outright is a huge accomplishment. Regardless of your circumstances, you can realize this dream by purchasing within your means and being aggressive with your payment options.

Become Debt Free – Whether you have student loans, credit card debt or other outstanding debt, paying off all your debt and eliminating your monthly payments is worth including on your bucket list.

Build an Emergency Fund – When you plan for the unexpected, you’ll be prepared when disaster strikes. Whether your car breaks down or you are unable to work for a couple months, having liquid emergency savings will bring you peace of mind.

Save for Education Expenses – If you want to go back to school or help your children pay for their education, establishing a long-term educational savings account can have a large impact down the road.

Retirement – It may feel like a lifetime away or perhaps it’s right around the corner. No matter how far away you are from retirement, thinking about what you would like your lifestyle and income to be is essential to creating a plan.

Creating your bucket list is a great first step, but you’ll need a plan to make those dreams a reality. As you create your plan, keep these tips in mind:

Make Small, Attainable Goals – Many of your financial ambitions may feel too big to take on. That’s why it’s important to break them down into smaller monthly goals that are easier to visualize and accomplish. Make sure to keep your end goal in mind when creating your monthly plan.

Revisit Your Plan – Every year, compare where you’re at to where you’d like to be. A lot changes in a year, this check-in will give you a chance to evaluate whether your monthly savings and investments are working for you. Many of your financial goals will take years or decades to achieve; being patient and consistent will help you stay on track.

Be Flexible – Life is unpredictable, some of your aspirations or the methods you use to achieve them may change. Your willingness to adapt and adjust to your circumstances will help you reach your goals.

If you haven’t already, start making your financial bucket list today.