The New Year is here, finally and it is a time to reflect on the changes you want or need to make and resolve to follow through on those changes.
Experts believe that setting the right target in your New Year resolution is a great way to plan for the year.
There are various achievable goals you may want to focus on this year. Such goals include starting a business, investment in stocks, building a house, investing in property, getting married, having a baby, spending more time with family, retiring, saving more money, travelling abroad, developing yourself, among others.
Whatever goal you intend to pursue this year, experts say you should think about both long-term and short-term goals as you make your resolutions this year.
Miriam Caldwell, personal finance specialist said this should be the year when you make lasting changes in the way that you handle your finances. It is time to get serious about how your money and to create a solid plan that will help you reach your ultimate goals.
She said one thing that can really help you is to set specific savings goals each year. It is important to regularly set money aside both to cover bigger purchases and to build wealth. Determine at least one savings goal, and attach a dollar amount to it. Then you can come up with a way to put that much into the bank each month. It can help to have a tangible reason that you are saving money, especially when you start out. If you need to make a chart to track your goal you can do this now.
You need to get out of debt this year. If you have a lot of consumer debt or any kind of loan hanging over your head, make this the year that you get out of debt. It really depends on the amount of debt you have, but you may be able to completely pay off your debt in less than a year.
It may take some major sacrifices like working an extra job or selling some items, but it will be worth it in the end. Break this goal into smaller goals and then work to pay the debt off as quickly as possible. It can be liberating to be completely out of debt.
It is advisable you take control of your spending. Your budget is the most effective tool that you have for managing your finances. It is so important to follow a budget each month. Your budget allows you to choose how you spend your money.
You need to find the software or budgeting method that works for you and really stick to your budget. This will open doors and make it easier to reach your other goals. Take the time this year to set up a monthly budget, and follow it. You will be amazed at how much you can accomplish if you can just master budgeting, she said.
By: HOPE MOSES-ASHIKE
