How to achieve Your Financial Goals

Close your eyes for a moment and visualize your dream holiday; or the shiny new car that you’ve always wanted to own.  Can you see how great those things look?  Can you see yourself actually owning these dreams?

Unfortunately, for many of us, planning for these things stop right there, at the ‘dreaming-about’ stage.  However, with a little planning and some discipline the likelihood of achieving our goals can be dramatically improved. 

Consider implementing some of these tactics to improve your financial picture.

  • Write down your financial goals and objectives. If you don’t write it down, it will always remain ‘just a dream’. Including deadlines will help you to stay focused.
  • Use credit cards as little as possible.  Pay in cash instead. If you must use credit cards, pay them off each month.
  • Spend a little, but save a little more.  As your debts get paid off, save the “extra” cash each month.  Because you are using the money you could be saving for debt repayments it’s easy to be tempted to overspend using the “extra” cash.
  • Keep a savings balance of at least 3 months of expenses.  This can be used when emergencies arise which in turn will keep the stress levels to a minimum and save you from charging on credit cards.
  • Protect your valuables and your income earning potential with appropriate insurance policies including mortgage, life, and disability policies.
  • Don’t forget to save some money for retirement.  Social Security will cover only a fraction of the money you will need or want for retirement.  Starting as soon as possible is important and costs less in the long term. Talk to your financial advisor about preparing for retirement.
  • Organise your will and create an estate plan.  Many people think they need to be super wealthy before doing estate planning, which is not true. You may not own a lot but it’s preferable to pass it on to those you love than leave it to the government.

A Finance Professional will be able to help you to reach your financial goals. The best time to get started with a plan for you and your family’s future is now, whilst it’s uppermost in your mind.

As you’ve no doubt heard before – “those that fail to plan, plan to fail”

The very first step in starting is to plan your budget.

 

©  Carmel McCartin – Budget Bitch

And don’t forget – (The views expressed in this blog are the personal opinions of the author. Don’t rely on them to make financial decisions, you have to make up your own mind. If you don’t like the content – then either stop reading or send me an email)

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