Becoming a millionaire may seem impossible today, however the financial planning of your finances for 2014 is achievable for those with patience and a plan. Some of the objectives that you need to be aware of are;
- Take control of your spending.
- Plan to save more.
- Spend less than you earn.
- Reduce your personal debt, be it deductible and non-deductible debt.
- Consider switching banks.
Other areas that your could focus on are;
- “Identifying your goals and then successfully complete one by one, basically following through with your financial goals.
- Create a solid financial plan with a financial planner and implement it to bring results.
- Assign 20-75% your income to your savings Ac.
- Set financial goals and stick to them!
Put Your Financial Lifestyle Goals In Writing!
- Identify and write down your financial planning goals – Most important to least important.
- Put your goals somewhere where you can see them regularly.
- Start with an end in mind and be specific about the goal or dollar amount.
- Quantify your goals in dollar terms – This will provide an opportunity to measure it. Example: Saving for your children’s university / education funds, deposit for a new home, going on vacation, paying out credit card debt or planning for retirement.
Break down the numbers!
- Break each financial goal down into items – This will provide clear direction for what’s realistic, achievable and measurable.
- Have short-term goals of less than one year, medium-term goals of one-to-three years, and long-term goals of five years or more.
- “Short-term goals could be paying off your credit card or saving for a holiday. By holding yourself accountable to a firm plan, you are more likely to make the sacrifices necessary to get there, a financial planner can hold you accountable for this.
- “Medium-term goals might be saving for a deposit towards your first home, investing in direct property, shares, or establishing your own business.
- “Long-term goals could be ensuring there is enough superannuation and investments for retirement so the cost of living a person desires can be achieved.”
- Get a comprehensive Financial Plan – Click Here to make an appointment to see a financial planner for your financial planning future.
Pay Yourself First!
- Maintain your eyes on a goal that you can strive to achieve.
- Direct your income so that it goes into 1 account, preferably an offset account or high interest maximiser account.
- Start accumulating funds to get the benefit of compounding interest, a financial planner will typically have access to this type of software.
Check Your Progress
Review your progress monthly, quarterly, half yearly and or yearly to determine if your program is working effectively. Once a goal is established and written down, it can be tracked using a variety of tools including bar charts or spread sheets – Financial Planning Calculators. If you’re not making satisfactory progress on a particular goal, re-evaluate your approach and make changes as necessary or call one of our Financial Planners on 1300 850 902.
Nothing Is Set In Concrete
Millions of Australians today have a reduced amount of wealth than they probably planned because of volatile share and property markets in the past five years. However it shouldn’t mean giving up on your goals. Think Long term and what are the steps to get there by putting in place what needs to be achieved to get there.
Live with confidence, change the way you set your goals. Plan for 2014 today! Enquire about Financial Planning today, and how working with a Financial Planner will deliver you results!
Fill in your details below or call 1300 850 902.