Instead of having New Year’s resolutions that don’t last more than a few weeks, try having one financial goal or a particular target that you can commit to and focus on for the year.
Here are some tips on how to make this happen.
Start Small
A good way to start is with a small goal and then work your way up to larger goals over time. That way you can experience some wins along the way.
Even if you have a large goal, it’s a good idea to break it down into smaller checkpoints so you can celebrate success on your journey towards achieving your goal.
Goal Setting Success
- Take a moment and make a note of what you want to save for.
- You can be focused on your personal finances or your business, or both.
- Make sure it is important to you.
- Infuse the goal with emotion and the desire that you want to achieve it.
- Be SMART with your goals – Specific, Measurable, Achievable, Relevant, and Time-Bound.
- Take a moment and make a note of what you want to save for.
Examples of specific goals
- Saving for your next holiday
– what’s your destination, how much money you need and when you want to travel. - Buying a new car
– what type of car do you want, how much will it cost and when would like to buy it. - Saving a deposit for your first home
– this is big goal, so make sure you break it into small targets.
- Saving for your next holiday
- Paying off your mortgage
– this can also be a big goal, so set a one year target of where you would like to be at the end of 2023 and celebrate your success.
- Paying off your mortgage
- Buying an investment property
– you might start by seeing a financial advisor to work out if this is the right strategy for you.
- Buying an investment property
- Saving for retirement
– know how much money you need to retire and then put some small goals in place to work towards.
- Saving for retirement
Some of these will take you more than 12 months, so make sure you have some milestone goals that you can tick off along the way.
What should you do now?
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Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686).