12th January 2016
No matter what your financial goals are going into the New Year, here are some key tips to keep you on track. The key is to set some clear goals and then work out how you can realistically stick to them.
If you have a goal in mind, maybe a new car or a holiday, put aside a little at a time to help you get there rather than just focussing on the end point. For example, if you often spend money in cash, try and collect some of the change each time and put it into a savings jar. If you have another goal or habit such as going to the gym or getting a coffee from the local café, put £1 into your jar each time you go. It sounds like a small amount but it will very soon add up.
When setting your goals, prioritise what is most important for you. Then, make sure that each month or even each fortnight, sit down and evaluate your progress. This way you can see if you need to make any changes, maybe save a little more or even being less strict with yourself. This way you avoid any shocks at the end of the year and keep your goals realistic.
When making your monthly budget, allow for four areas of spending; you need to split up the essential spending, some of your wants, short term savings and then long term savings. This means you allow yourself some room to spend on your wants to make saving less gruelling and also put aside money for unexpected costs such as a broken boiler or car troubles.
By investing some money in yourself, you can add to your future earning potential. You could learn to boost your earnings by learning about investments or learning a new skill to help you make a little extra money.
Build up a network of people you can trust who can help you with your goals, both financial and personal. Having experts around can help you to make the best decisions and put you in the best position to reach those goals.