Setting Financial Goals for the New Year


Happy New Year Everyone!

Now is a great time to set some goals (not resolutions, but actual goals!) to achieve your dreams for the coming year and beyond.

A great way to finish 2014 in a better financial position is to set some SMART goals.

S = Specific

M = Measurable

A = Achievable

R = Realistic

T = Time-bound

For example, you might want to save $4000 by 31 December 2014.  This is 10% of your annual $40,000 income so is Specific, Measurable, Achievable, Realistic, and Time-bound.

Then you should break this down into weekly, fortnightly, or monthly payments in line with your pay period.

Save $76.92 per week, $153.85 per fortnight, or $333.33 per month to reach your $4000 goal.

Log on to your internet banking, right now, and set up an automatic payment into your savings account.

There is no point setting a new year’s resolution to save some money in 2014 and not being SMART about it.  DO IT NOW!

Successful people carefully record their finances and regularly set short and long term goals that form a path to their financial future.  Anyone can do the same, it just takes a bit of time and discipline.

The amount you save is not as important as creating the habit of saving and seeing the progress towards your goal.

Stay positive, set a realistic budgetDream….. Plan….. Achieve!!!

Wishing you a prosperous 2014!

 

 

 

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