Have you set your financial goals for 2018?
It’s the New Year and everyone is making resolutions, but how long before we slip back into our old ways?
Now is the time to set yourself on the path that will ensure your future is a prosperous one.
It has been said that “if you fail to plan, you plan to fail”, so Campbell Green Director & Financial Adviser Craig Wockner suggests it’s time to stop dreaming and take action.
While not essential, it is certainly not a bad idea either to create a vision board on which to place your financial goals. Then you have something to work towards and can clearly see where you are going each day.
However, Craig recommends the first item on the agenda is to clear debt as much as possible.
While paying off the house immediately is generally not feasible, removing credit card and other debt should definitely be a priority.
Once clear of this it’s much easier to look forward and plan properly.
Have a look at your expenditure and see where you can make cutbacks.
There’s usually a few little luxuries you really can do without.
Craig says you don’t have to live like a pauper, but nor should you live like a King, if it means you don’t have enough money on which to retire.
The important thing is to have a budget and do your best to stick to it. It’s a good idea to put aside some cash each week to deal with contingencies you weren’t expecting.
One of the most important things you can do to secure your future is look at your retirement plans – when you wish to retire and how much you wish to retire with.
Is it enough?
If not, what should you do about it?
Craig says this is an essential part of financial goal setting and often needs the advice of a professional, such as a Financial Adviser, to ensure everything is on track.
So it might be time to look at some investment strategies to ensure that nest egg is of goose proportions rather than that of a sparrow’s.
Review your financial goals, and your Vision Board, at least every quarter to ensure you are where you want to be and not falling back into old spending ways. Remember, this is a solid plan, not a frivolous New Year’s resolution!
So … what are you waiting for? Don’t take the start of 2018 as just another year. Create something worthwhile, make a plan, set a goal and go for it!
