It’s a new year and that means it’s the perfect time to re-evaluate all areas of your life, including your finances. Starting 2023 off right with professional advice will help set the tone for the rest of the year and ensure you’re motivated to stay on track to meet your goals.
This does not constitute advice and advice should be sought in all instances before acting on it.
Get SMART
Ensuring that your financial and lifestyle goals are clear and reachable, you need to get smart. They should be Specific, Measurable, Achievable, Relevant, and Time-bound. A comprehensive financial plan will allow you to take control of your money and gain an accurate assessment of your current financial situation. This helps you set goals and prepare a strategy that will help you achieve them.
Goal-setting
As part of the planning process, it’s important to articulate both your financial and life goals. Doing this will help you maintain focus despite the world being filled with distractions, setbacks, and challenges. Perhaps you’re focused on buying a home or further down the line, have your eyes set on retirement at a certain age. Knowing what you’re working toward will go a long way toward helping you get there.
Hit your milestones
Being financially conscious is a great attribute to have, but if it’s something that doesn’t come naturally to you, don’t worry, it’s something you can develop. Healthy financial habits will help you think more carefully about budgeting and spending, allowing you to prioritise your family and future. Depending on where you are in your life and career these milestones will change and might even look different to your peers because everyone’s situation is different. But no matter where you are in life, setting aside time at the start of the year is a great way to set yourself up for success.
Clear objectives
Setting goals without clear objectives will do you no favours, especially financial goals. It might be hard to see a large portion of your salary going toward saving and investing, reducing the amount you can spend, but remembering why you are doing what you’re doing can make all the difference. When your objective is clear and you have monetary-related goals to hit and a timeline to follow, keeping your eye on the target becomes easier.
Be ambitious, but realistic
It’s no use to dream big if those big dreams are unachievable. Setting ambitious yet realistic goals is crucial — having goals that are too far-fetched might dissuade or demotivate you. The key to success is planning, executing said plan, and staying motivated. Set goals that you are able to reach with your current mindset and starting point, motivation level, time frame available, and your skills and abilities to ensure you continue the journey toward your goals.
The influence of inflation
When planning for the future, be sure not to forget about inflation. Particularly at the moment with inflation at record highs, you need to be aware of how inflation will impact your finances. The rate of inflation heavily influences how much a profit you will make from year to year, so try to pursue avenues that will give you a healthy return on your savings and investments.
Financial guidance when you need it
Whether you want to discuss preparing for retirement, buying a home, preserving your estate, or how you can beat inflation, we can help. We strive to understand your needs so we can assist you with building a solid financial and lifestyle plan that will help you reach your goals. Start the new year with a new plan, make contact with us today.