At Super-Advice we are about all things financial, but more importantly, helping people understand so they can get ahead financially.
If you’re like most Kiwis, you don’t give enough thought to your financial future. It’s one of the biggest regrets among retirees, who look back at their lives and wish they had thought more about saving, budgeting, and spending less on frivolous purchases earlier in life rather than dealing with budgeting in retirement when money becomes tight and free time becomes more limited. If you don’t want to have similar regrets in your golden years, use these steps to set personal financial goals for 2023 so you can get your money together before it’s too late.
Determine what you need and want
There are a lot of different financial goals that we can set for ourselves and determining what it is that you want financially will help you find the path that makes the most sense for you. Here are a few things to consider when setting your goals:
– What do I need?
– What do I want?
– How much debt am I in?
Set realistic and achievable goals
Setting realistic and achievable goals is one of the best ways to stay on track with your financial goals. To make sure you’re setting goals that work for you, ask yourself these questions: What are my priorities? What are my values? What do I want my life to look like in five years? You may also want to consider what matters most to you and what your current financial situation is.
Understand your starting point
Many people have no idea where their money is going. In order to set financial goals, you need to know your starting point and understand what your needs are. Do you have enough saved up for retirement? What about your emergency fund? These are questions you should ask yourself before setting any financial goals.
Have a plan
It’s never too early to start thinking about your financial future. You should have a financial plan in place, so you’re able to make informed decisions about your money and stay on track with your goals.
Track your progress
It’s important to track and record your financial progress throughout the year. Doing so will help you review every year, and set more realistic goals as you progress. You can do this by creating a personal budget and sticking to it, while also setting up an emergency fund. For long-term goals, start with a five-year plan, then work backward until you reach your one-year goal. The best way to set personal financial goals is to break them down into smaller parts and focus on a manageable timeframe.
Automate your finances
Automating your finances is a great way to save time and money. It can be done in as little as 15 minutes and will make budgeting much easier because you’ll know exactly how much money you have to spend every month.
Celebrate your financial successes
It’s important to take moments to celebrate success and achievements when you reach goals. It’s so easy to get caught up in the day-to-day rat race that it becomes difficult to see your progress and how far you’ve come. Celebrating milestones and taking time to reflect on where you are can help keep you motivated, energised, and encouraged.
That’s a wrap
So what do you think? Did you learn something new today? We love educating and helping people learn all about insurance and finances.
If you need any financial help or advice please get in touch with us at Super-Advice.