Finance experts recommend setting clear goals with deadlines, creating a detailed budget, and tracking income and expenses periodically to organize finances in 2026. This approach helps move beyond traditional superstitions toward realistic planning. Advisors like Andrés Moreno Jaramillo and María Teresa Macías emphasize starting with an assessment of one's current financial situation.
The process for creating a financial goals board starts with clarity on personal objectives, according to financial advisor Andrés Moreno Jaramillo. "It basically starts with clarity: what does the person want or what is the money for?", he explains, before considering budgets or investments.
Next comes a diagnosis of the current situation: income stability, fixed expenses like rent and utilities, variable ones like entertainment, outstanding debts, and investment portfolio. María Teresa Macías, a professor at Universidad de La Sabana, suggests defining specific targets, such as reducing credit card debt from $8 million to $3 million or saving $6 million in CDs or stocks by December 2026.
Each goal needs a completion date to stay focused. The budget is organized using tools like Excel, mobile apps, or notebooks, logging net income and expenses daily or weekly. At the start of each month, projected fixed costs are entered, including rent, utilities, credit payments, and estimated taxes.
Macías recommends categorizing into blocks: needs (rent, groceries, transport), debts (minimum payments and extra principal), savings and investments, and variables (leisure). She advises an emergency buffer equal to three months of expenses and tracking starting and ending balances to spot shortfalls or surpluses early.
For those struggling to save, set realistic monthly targets, like $416,666 per month to reach $5 million by 2026, use automatic payroll deductions, and apps with 'little boxes' for transfers. Reviewing 'ant' expenses like subscriptions is essential, as they add up yearly. Ideal savings range from 10% to 20% of income, tailored to individual capacity without risking basic needs.
The board should be reviewed periodically, ideally weekly or monthly, to assess progress. For visual motivation, create a 'vision board' with images of goals like a trip to Santa Marta or a new home.
