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January 1, 2018

How to Make New Year’s Resolutions for Your Money

Everyone sets personal resolutions in the new year but this year, we think it’s time to be a little different and set goals for your money. Why should you do it? If you’re working towards financial freedom in 2018, it’s important to make your money work for you. 

Read about some of the changes you can make this year to ensure you’re enjoying financial freedom for 2018 and beyond!

Create goals

Similar to setting personal goals, create a list of your financial goals. What do you want to achieve in 2018 in terms of your financial future? Making a list of goals will make sticking to your resolutions and saving money that much easier. Make sure to create both short-term and long-term goals. For example, a short-term goal would be to save 20% of your income a month. An example of a long-term goal would be put a down payment on a new property by the end of the year.  

Create your two key financial statements (your net worth and your budget)

Doing this will give you the best picture of your finances. It will show you what you have, what you owe and where exactly your money goes. To determine your net worth, total your assets and your liabilities. After you have done this, subtract your liabilities from your assets. In terms of making a budget, you can do this in the way that is easiest for you. It doesn’t have to be a stressful endeavour. There are websites that can provide you with a budget template.

Make sure your goals match your financial picture

Calculate if you’re saving enough to reach your goals. If not, find out what you could be doing to save more. Where can you cut down? Are you spending unnecessarily? For example, if you pay too much in banking fees, consider switching to a new bank. If you pay too much for mobile data, consider a new plan. Make a plan to get from where you are financially to a place where you can reach your monetary goals.

Seek professional help

Financial advisors may be able to spot something that you haven’t. Make an initial appointment just to see if this step is for you. It’s completely fine to do the first three steps by yourself, but many people may want or need some professional advice. Finances can be confusing or be intimidating at first, so perhaps a professional could help set a plan of action to help you achieve your goals.

This is the year to turn your resolutions into reality. It’s not enough to say you’re going to do something, you have to work out how you’re going to do it.

We can help you make your goals become a reality. Find out more about our free property seminars and discover how you can create long-term wealth for you and your family.

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