PUT YOUR GOALS IN PLACE
If you don’t know where you’re going, it’s impossi
ble to get there! Setting personal financial goals gives you something to work towards.
Goals can be for any amount or purpose. This might include saving for a new television, school fees for your children, unexpected utility bills or a deposit for a new home. They are also likely to be for different timeframes. You might be saving for a holiday later in the year or trying to put more away for your retirement in twenty years.
Sometimes working out what it is you are striving for can be the hardest step, particularly if you lead a busy life. Try to set aside some time specifically for this purpose. If you have a partner, doing this together will help you agree on your goals and also means you are more likely to both be working towards the same ends.
There is skill in setting clear goals that keep you motivated. Vague or overly ambitious estimates of what you would like to achieve are likely to lead to procrastination and failure to attain your true goals.
U
se these principles:
SPECIFIC: Be clear and ask yourself what, why and how.
MEASURABLE: Establish criteria for measuring progress toward each goal.
ACHIEVABLE: Make them realistic given your current situation, resources and time available.
RELEVANT: Ensure they match your mission or your ‘bigger’ life objectives.
TIMELY: Set a timeframe for each goal.
If you don’t know where you’re going, it’s impossi
ble to get there! Setting personal financial goals gives you something to work towards.Goals can be for any amount or purpose. This might include saving for a new television, school fees for your children, unexpected utility bills or a deposit for a new home. They are also likely to be for different timeframes. You might be saving for a holiday later in the year or trying to put more away for your retirement in twenty years.
Sometimes working out what it is you are striving for can be the hardest step, particularly if you lead a busy life. Try to set aside some time specifically for this purpose. If you have a partner, doing this together will help you agree on your goals and also means you are more likely to both be working towards the same ends.
There is skill in setting clear goals that keep you motivated. Vague or overly ambitious estimates of what you would like to achieve are likely to lead to procrastination and failure to attain your true goals.
U
se these principles:SPECIFIC: Be clear and ask yourself what, why and how.
MEASURABLE: Establish criteria for measuring progress toward each goal.
ACHIEVABLE: Make them realistic given your current situation, resources and time available.
RELEVANT: Ensure they match your mission or your ‘bigger’ life objectives.
TIMELY: Set a timeframe for each goal.
FIND WAYS TO CUT COSTS
When it comes to achieving your goals, how much you save is more important than how much you earn. If you are spending more than your income, you might want to consider ways you can reduce your expenses.
When it comes to achieving your goals, how much you save is more important than how much you earn. If you are spending more than your income, you might want to consider ways you can reduce your expenses.
ARE YOU OVER SPENDING?
Use your budget to gain a better understanding of your spending habits. This will cle
arly show you where your money is going and where you may be overspending. Try to identify the areas where you can comfortably spend less. You need to be honest with yourself – what are essentials and what are luxuries? Most of us buy things we don’t really need and those unnecessary purchases can really add up.TIP:
SAVE ON BANK FEES
Most of us know that if we withdraw cash from an ATM of our own bank we’re likely to pay less in transaction fees. And internet and phone banking are cheaper. But there are many other ways to save. Smarter Banking Make the Most of Your Money includes information on bank fees and ways you can reduce how much you pay.