Yes, it’s that time of year again! Where most of us look to the future and the things we want to achieve for 2017...
If you’re looking for a resolution for 2017, it could be to be “a better financial position than 2016”.
Here’s some ideas to ponder over the holidays:
Be clear on what you want
Have a very clear financial goal for 2017 and beyond. It isn’t good enough to say, “I want to have my credit card paid off and more money in the bank” Instead, you should write a financial resolution that is clear and actionable like: “My credit card will be $0 balance by September 2017 with $10,000 in my savings account”
Your financial goal must be clear and well defined. Vague or generalised goals are unhelpful because they don't provide sufficient direction.
Where are you now?
By understanding where you are now with your finances it can be easier to make decisions going forward. When you see your net worth in black & white you may be forced to confront the realities of where you are financially. This is important to find out where you really are, and how to get where you want to be.
This can give you encouragement when you are heading in the right direction (i.e. reducing debt while increasing assets) and most likely provide a wake-up call if you are not on track.
What really matters to you
Think about the things that matter and motivate you.
They could be:
Paying off the mortgage sooner
Having a holiday each year
New home or bach
Putting your kids through university?
Once you know what it is you really want, the best thing to do is put an exact date on it!
“A dream is just a dream. A goal is a dream with a plan and a deadline.”
― Harvey MacKay
Unsure? Then you may want to get yourself a good coach in the form of a Financial Adviser. They'll ask the right questions and help you start achieving your financial goals for 2017.
The information is of a general nature and does not constitute financial advice or other professional advice. Before taking any action, you should always seek financial advice or other professional advice relevant to your personal circumstances.