Financial Goals
23 January 2015
Posted by Equus Partners
If you’re like most people, you wake up in the morning and take a quick look at your face in the mirror on the way to the shower. If you like what you see, it’s a good sign you’re going to have a great day! For me, my budget and bank account balance is my financial ‘face’. Every morning, I wake up and log into internet banking. Do I smile or do I frown? Well that really depends on what I would like to see at that specific point in time. I’m smiling a majority of the time because I’ve put in place plans and budgets to guide me in reaching my financial goals, and my bank balance simply confirms my progress in achieving them.
Financial goals are really important. You may want to better your financial future, save up for the big spend of Christmas, plan for a holiday, buy your loved one something extra special or get yourself that pair of shoes you’ve been eyeing off in the designer store window. Whatever you want to achieve, you need a clear plan and a way of checking up on your progress.
Budgets are really important too. In a previous article, I wrote about key things to do when planning and monitoring your finances. To recap, you need to work out how much money you need and by when; then how much comes in, goes out and is left over each month. This is a simple budget. After you’ve juggled the numbers to make it work, and made a few sacrifices, this becomes your road-map. You need to follow this guide meticulously to ensure you meet your goal, whatever that may be. Of course, there will be bumps and road blocks along the way but with your guide in hand and a clear picture of the goal, you’re going to get back on track quickly. Imagine driving down the road trying to find an address you’ve never travelled to before, with only road signs to rely on and no planning done before you left home. Scary? Now imagine you did your planning before you left, printed out maps, visualized land marks, or programed the destination into your sat navigation system. This is my point exactly. Budgets are important.
You need to ask yourself a few questions: Do you know where you’re going? Do you know how to get there? Do you know when you’re going to get there?
The answers may be simple but they mean a lot. If you want to wake up every morning smiling because you know for a fact that you are on your way to achieving your financial goals, then you need to put some key things in place and you’ll get there!
If all of the above seems too overwhelming, or your need someone to keep you in check, then you’re going to need some accountability. A coach will review your situation, help you set goals, monitor your spending, and provide a solution that wont negate your savings with exorbitant costs.
Our firm, has developed a hassle free savings management solution called Cash Flow Coach. Our clients love it. Check it out here.
Disclaimer:
The information contained in this article is general in nature and is not intended to represent tax or financial advice. As each person’s circumstances are different, independent advice should be obtained prior to any action being implemented.