Financial goals are one of the most popular New Years' resolutions, but by the time February comes by, as many as 80% of people have broken their resolutions. It may be trial and error when it comes to reaching our goals, but we have two tips to bring you one step closer to your financial goals.
Be realistic about your goals
It may seem like a straight forward thing, but many people still find that they overextend themselves to reach their financial goals. You could end up quitting your financial goal because it seems to be hard to achieve.
While we all want to have multiple streams of income that can sustain us beyond our salary, it is vital to take the time limitation that comes with this.
Living within your means can also help bring you closer to achieving the financial goal which you have set for yourself. Always remember that you cannot budget around money that you do not have in your bank account.
Be specific about your goals
Many goals remain just that, goals. Combing through the details of how you can achieve your financial goal is crucial to making it tangible. It is also the perfect time for you to see where you need to cut back and how you can maximise your time and resources.
Create a budget for your goal and give it a realistic time frame in which you would like to achieve it. Splitting your goal into quarterly reviews (3 months) can help you gauge what is working and what needs to change.
No man is an island. There is someone who has probably set and completed the same goal that you are attempting to achieve. Ask people who have achieved a similar goal on how they did it. Research and take each piece of information with a pinch of salt. What may have worked for one person may not work for you. Take what will be beneficial to your journey and keep it moving.