The other day I thought I would ask my friends how each of them are getting on with their New Year’s resolutions considering we are now just nearing the end of the year. Yes that’s right, all those promises that we made to ourselves back in January about doing more exercise, eating healthier food and cutting back on spending and setting financial goals. We are now more than half-way through the year and for many, those good intentions are long forgotten and mentally-shelved, only likely to be temporarily dragged back to the front of the mind next January, which is a shame because resolutions can be a powerful way of changing our lives for the better.
It Is Never Too Late To Start Setting Financial Goals
When you really think about it, resolutions are goals, something that we want to achieve and by having goals in life we have something to direct our energy and passion towards. By setting financial goals that are not only realistic, but equally challenging as well as creating plans to achieve them, it is possible for us to proactively improve the way we live. Whether the goal is to lose weight, move to a bigger home, go on a world-wide trip, start a family or whatever else we feel is most important, starting and consistency are very important.
The problem is that most people don’t take the time to sit down before Midnight on 31 December to think of what it is they would truly want to change. As such they don’t create a plan of action and never really connect with their ‘goals’, thus they never start taking action, let alone making it consistent.
What do I do?
Personally I don’t wait till the end of the year to set goals. I do take that time to review my current goals, look at how I am tracking, check if they are still important and what I can do to fine tune my plan of action.
I also take this time to pull out a 12 month planner and mark up my holidays, business trips, birthdays and other important dates that require planning ahead. I then create my financial goals according to my plans and set up the relevant savings/payment plans on autopilot to ensure that my plans come to fruition.
Once the goals are set, I set up reminders to check on my progress. Reward targets reached and fine tune where I need to.
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