1 July 2019 is the start of the 2020 Financial Year. So as you say goodbye to the old year, it’s important to take stock and assess your financial goals. If this means learning from last year’s mistakes and setting yourself up for a better one this time, or feeling inspired to achieve even greater results after last years successes , there’s no better time than now to start.
Whether you’re goals are business or personal, the following tips will get you on the right path to achieving your goals, sooner.
Review The Past
Assess what has and hasn’t worked for you over the last financial year – there’s no point in repeating your mistakes. Look at the areas that could do with some change in behaviour as well as the areas that are doing well and could benefit from an extra investment of money and time.
Plan For The Future
As well as gaining a better understanding of the areas you can improve and build on, you need to rally establish your overall financial objectives. This could be something as simple and short term as saving for a holiday or new car. Or it could be longer term like a retirement strategy and committing to extra superannuation contributions. With your objectives in mind, you can begin to set your financial goals and work towards a more successful financial year.
Define Your Goals
In order to achieve your financial goals, they need to be clearly defined. Saving for a house deposit is a great financial goal, but it’s not specific enough to measure. If you choose to put away $300 a week and have $15,600 at the end of the year as a house deposit, you will feel much more inclined to stick to it.
Set specific targets but limit the amount of financial goals you set keeping in mind that you still need to live your life and have money available for any unforeseen expenses (an emergency fund should be one of your immediate financial goals) Setting too many goals or limiting discretionary expenditure will become a burden and impede your ability to hit your targets. Its OK to be ambitious but set priorities and take baby steps. Give enough time, the results will will become a catalyst for more success and ultimately become self-fulfilling.
Get the help of a professional
If you're having trouble getting on track, seeing the money slip through your fingers, you probably need some coaching, someone who can help you identify the roadblocks and get you into the money habits that will get you results. Call me on 0402 684 199 and lets make an appointment for your future.