What Are Your Financial Goals For 2019?
Is improving your personal finance part of your new year’s resolutions?
You don’t need grand proclamations, nor a master plan, just small achievable goals. You don’t want to find yourself reneging on these resolutions few months into the year.
Here are five financial goals you should consider adding to your list this new year.
Start Making Good Financial Decisions
Are you making good financial decisions? When you need to make a decision how do you go about it and what do you consider? These are typical questions you should ask yourself. Don’t make decisions out of fear or worry because most of the time the results are grave. Before you reach a final decision, state what you want to achieve, research your options and weigh potential outcomes.
Start Saving and Investing
“I want to start a snail farm but I don’t have money for it”
That is just an excuse! If you have business goals but think financial constraints are your biggest problems, start saving for it. No matter how small, start something, you must not wait until you have a huge capital base. If you are a salary earner, consider setting aside at least 10 percent of your monthly income and before you realize, the money will add up to a substantial amount. Then you can invest in something valuable.
It is not good to depend only on one stream of income, consider boosting your source of income. Find other means to make money, like monetizing your skills and hobbies, marketing products online for companies, or if you have business ideas that you are not interested in pursuing, develop them into business plans and sell to interested buyers.
Identify Where Your Money Goes
Keep track of all the expenses you make and find your spending leakages. Ensure your spending do not outweigh your goals. Decide your priorities and create a monthly financial budget around it. Don’t forget to set aside emergency funds as well.
Keep Debt to the Minimal or Avoid Totally If Possible
Being debt free does not only allow you to save more but also alleviates unnecessary stress and financial obligations. Commit to spending only money you already have. Remove any extraneous item from your budget and get rid of unaffordable lifestyles, that way you don’t have to go on credit to sustain it.
Get Financial Education
No knowledge is a waste. Commit to learning more about how to manage your money, investing etc. You can find books, e-books and online resources on financial management.
Build strong financial security in 2019. Goodluck!