We don’t make a very big deal out of a new financial year. Sure, it’s a time to start thinking about your tax return, but we don’t celebrate it like we do the new calendar year do we?
There are no parties, no drinking, no food, no regrets the next day. For all these reasons and more a new financial year can be a great time to set some new financial goals.
We all make promises to ourselves on the 1st of January. We resolve ourselves to a new life, better diet, more exercise and better money management. However, we are in the midst of holidays, it’s party season and these resolutions can be quickly forgotten.
Using the new financial year to set your goals means you are already feeling much more serious. It’s tax time, you are thinking about money anyway, why not take advantage of this by setting some serious financial goals.
Here are three tips to setting this year’s financial goals.
1: Be specific.
Having a goal to spend less is great, it’s also really achievable. Spend less than what? Cutting one small expense per week would achieve that goal.
Start by thinking about why you want to spend less. Is it to save? Maybe a savings or investment goal is better?
Is it to stop using your credit card?
Is it to put more into super?
Specify what it is you are trying to achieve and why.
2: Think big, long term and then step it out.
Sometimes we don’t set goals because they seem to big. It seems like the dent we could make in that goal over the next 12 months is so small that it’s not even worth trying. Well, the longer it takes you to start, the longer it will be until you finish.
Think big. So you want to pay down your $75,000 of credit card debt. How will you do this? It probably won’t happen in one year, so what can you achieve now? Pay down $10,000 of it, what does that mean each pay period?
Having the big picture and then making bite size chunks mean that you can get started on the right path.
As soon as you set a goal, take action to get the ball rolling. Want to start an investment plan? Google some options, make an appointment, or give us a call.
Taking the first step is often the hardest part. Get this right and momentum will take over.
So, what do you want to achieve this financial year?
Feel free to let us know via email at firstname.lastname@example.org or connect with us on social media.
Have a great and fantastic day.
Until next time,
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Ben Graham-Nellor is an advisor, coach, blogger and speaker who has worked in the financial services industry for over 15 years. He believes that by educating and advising people today, they can improve their tomorrow.
BGN Financial Management Pty Ltd is a Corporate Authorised Representative 468796 of Professional Investment Services Pty Ltd AFSL 234951 ABN 11 074 608 558 www.centrepointalliance.com.au
The information in this communication has been prepared on a general advice basis only. The advice has been prepared without taking account of your specific objectives, financial situation or needs. Accordingly, you should, before acting on the advice, consider the appropriateness of the advice having regard to your objectives, financial situation and needs. In cases where the advice relates to the acquisition, or possible acquisition, of a particular financial product, you should obtain a Product Disclosure Statement (or other relevant information statement) and consider such document before you make any decision about whether or not to acquire the product. For these reasons, it is imperative that you seek advice from your financial adviser before making any investment decisions.