There are three sets of people. The first make new year resolutions and work hard to achieve them. The second make new year resolutions and in the course of the journey, drop them. The last group are indifferent, they don’t make new year resolutions. So which one are you?
To get ahead this year, it is expected you make goals. It is just like embarking on a journey that you are uncertain of the destination. The goal is your destination. The journey route you take are the things you are going to deliberately do to help you achieve your goals i.e. your habits, lifestyle, attitude etc. The means of transportation represents the things that would move you to your goals e.g. the people, the books you read, the investments etc.
Every lady needs to make financial goals to avoid running into debt. Not only does it establish her independence, it gives her security and stability come what may. Here are 5 financial goals you should set for yourself this year:
1. Have a monthly budget
This is the first step to achieving your financial goals. Write down your budget plan and don’t do otherwise. Having a monthly budget prevents you from spending money frivolously. You would learn to be disciplined and organised knowing how much is going to rent, bills, and other miscellaneous expenses and saving or investing.
2. Pay off debts
The bad thing about debts is that they keep compounding. You definitely not want to start 2021 incurring debts. If you had last year, now is a good time to pay all that you are owing and be debt-free. High interest, bad debts such as credit card debts and personal loans decrease your worth.
3. No more impulse buying
Many women see things they like and without thinking twice buy them. This lifestyle will continue to eat deeply into their budget and savings. Impulse buying can lead to buying things on credit which hinders your financial growth.
4. Save
After paying yourself , your tithe/charity/family, learn to save from your earnings. You have to be disciplined enough to maintain a saving culture. Also, do well to tap into investment plans. Find the one that is rewarding and put your money there. In the long run, you would be thankful you did so.
5. Write down your goals
There is something about writing and the consciousness it brings. Don’t just think about your goals, write it down and strategise on how you plan to achieve them. Keep them specific, measurable, attainable, realistic and time bound. A financial planner is a good way to start as it would get your savings automated, keep your documents stored well.