IT IS the new year and you will do yourself a HUGE favour to start by setting your financial goals now.
To help you get started, SunMoney got some tips from Shantal Naidoo, a registered personal financial advisor.
She said what she experienced with her customers was that setting up a support system made it easier to reach your financial goals and that it was crucial to measure your progress every now and then.
“I’ve been reading about trends on financial planning goals and most people struggle to begin or don’t even know where to begin,” she said.
So, where does one begin?
Start to budget – find out exactly how much money you spend and on what.
Set goals for your budget - Start by setting up a monthly budget and stick to it all year long
Reduce your spending in specific categories each month - See where you can cut back on costs.
Get out of debt as soon as you can - Set up a debt payment plan, and see what you can do without to pay off your debt.
Start saving, even if it is just a small amount - Look at things like where you eat out, and select a cheaper option or do it less frequently.
Also, set a monthly savings goal for yourself and try to stick to it.
Learn about money and finances - You can enrol in a personal finance class, or read up on it. It will also be helpful to subscribe to a personal finances newsletter.
Begin investing - First find a financial advisor you can trust and who knows the industry well. Talk to him and address risk planning, as YOU are your biggest asset.
Make it one of your goals to invest a certain amount each month - and grow from there.
With these points in place you will be able to improve your financial situation, learn new things and help yourself in the long run.
