What are your financial goals for 2020? The road to a better financial state begins with an honest assessment of your current financial situation and determining where you would like to be. Do you need to reduce credit card debt? Are you looking to expand your investment portfolio? Have you started saving for retirement? Answering these kinds of questions will help to focus your financial efforts and decide how to best move forward. Here are a few common-sense tips for 2020:

1. Create a budget. Manage your essential and non-essential spending habits, by making it a point to spend less than you earn.

2. Reduce your debt. Paying down debt should be a priority with any additional funds you have.

3. Invest in you. Start an emergency fund and begin saving for retirement.

When setting your goals, make them specific to your financial situation, as well as attainable. Comparing yourself to others won’t address your current needs and may set you up for failure. Simple, manageable financial goals like spending less than you make, using a budget, getting and staying out of debt, and saving and investing in your future are easy ways to get your financial planning on track for 2020.

If you’d like to find out how Navy Mutual can help you with retirement planning, schedule a consultation today.