Every year we make money goals. And every year, at one point or another, we break them. New Year resolutions are tough to stick to especially the ones we make for our money. Make your money goals for 2017 last with these four practical tips:
1. Make time to think about your finances
It sounds so obvious, doesn’t it? But if you think long and hard it is probably one of the reasons why you haven’t been able to stick to your budget every other month. Just having a budget isn’t enough. You have to set aside time at the end of each month to relook your budget for the month ahead (i.e. extra expenses, savings, debt repayments etc.) and you have to make time every week to track your spending.
2. Get organised
Slips here, notes there and calculations on the back of a take away serviette are not exactly organised finance. Some people can still function in organised chaos but most of us need to be more organised. Being organised when it comes to your finances means having a financial binder or digital folder (or both), which you are able to reference at a whim to track whether you are on course with your goals etc. Organised finances are also easier and more pleasurable to manage and maintain.
3. Learn more about money matters
A great way to ensure that you stick to your financial goals is by educating yourself on why it is so important to do so. Continuously reading up on money related issues also creates a level of urgency to stop postponing good financial behaviour. To save more, spend less, because at the end of the day it is a little easier to make difficult choices when you know exactly how good they are for you. Make a weekly date to read up on financial news and invest in a good book or two on the matter.
4. Try to earn more
Sometimes even cutting back to the bare essentials is still not enough to meet your goals. Is it perhaps because you are not earning enough? If your monthly salary is not on par with your job description and the work you do, consider chatting to Human Resources about a possible salary re-evaluation. If this is out of the question, how about asking for more responsibility? Perhaps it is time to dabble in the job market again? Or maybe you can earn more by doing some freelance work after hours or selling your art, woodwork, knitwear, baked goods or anything else you are good at.
Often one of the biggest obstacles for New Year money goals is debt. If you are over indebted and finding it difficult to manage your immediate expenses, let alone start planning for the future – chat to Debt Rescue. We’re here for you!