You don’t need to wait until the start of a new year to set yourself financial goals. There is no better time than the present, as this will start to improve your future prospects today. While some of your goals will be personal to you, consider the following as a starting point for your thinking.
Goal #1: Get out of debt
Debt sucks, and it can drain you both financially and mentally. Thankfully, you don’t need to let it get the better of you. For starters, look at ways you can cut down on your spending, so you don’t land yourself in further hardship. You should also research ways to consolidate the debts you have, such as putting them onto a lower interest credit card – see best.creditcard for examples – or by speaking to an advisor at your bank. Then consider speaking to a debt charity for further advice in managing your finances, reducing both your physical and financial headaches.
Goal #2: Plan for the future
To improve your future, you need to start planning now. This includes beginning an emergency fund, putting money aside for retirement, and opening a savings account for those other things you want to do, such as buying a car or going away on holiday. Again, seek advice, such as speaking to a financial advisor, or even asking us if you have any specific questions you think we can help with. Planning for your future is a goal that consists of a number of sub-goals, so think through each one carefully to help you achieve what you are looking for.
Goal #3: End any addictions
Spending too much money can be an addiction unto itself, but there all those other addictions that can dent your bank balance, such as smoking, drinking, and eating junk food. Admittedly, addictions can be hard to break, so unless you have tremendous amounts of willpower, you should speak to your doctor or a counsellor for specific advice. By breaking the cycle of addiction, you will not only have more money to play with, but you will also have a healthier lifestyle as well.
Goal #4: Improve your finances
Not many of us are happy with the state of our finances, but there are always ways to improve them. This includes finding multiple income streams, such as taking on an extra job or making money from home. You might want to take small steps, such as asking your boss for a pay rise, or you might go further and give up your current career path if its not paying well, and starting again with a job with more prospects. Whatever you do, don’t get into the habit of accepting your financial position when there are so many ways you can improve your situation.
Goal #5: Find ways to be generous with your money
Finally, a financial goal does not have to focus on your monetary needs alone. If you have the finances to spare, share your good fortune with others. Consider the issues that matter to you the most, from homelessness to conservation, and donate some of your money to those who may need it more than you. You will feel the personal rewards in knowing you have made a difference in the world, and that is often worth more than money can buy.
Thanks for reading!