How to set Financial Resolutions - Women's Agenda

How to set Financial Resolutions

2015 is here! I’m sure most of you have set New Year resolutions for health, relationships, work and some other things you want to achieve this year.

Whatever your resolutions are, I’m sure you can make them work. As a woman, setting your financial goals should be as important as other goals.

So, here are my top 5 tips to help you achieve your financial goals.

Tip #1: Write Down Your Financial Goals

Many of us set resolutions in our mind and by the end of February, you cannot remember what you wanted to achieve. This is why writing down your goals is so important. Once you identify your goals, make it as descriptive as possible. It’s a misnomer when some people say that setting goals financially is simply plotting a timeline of how much you want to save or earn. This makes it hard and can feel like a chore.

Setting your goal should be motivational and also fun. Your financial goals should look more like this:

· Pay off all debts

· Take a holiday in July

· Give 10% of earnings to Charity

· New Car!

Isn’t it motivating to see goals translated to dreams rather than just figures? Create a vision board and hang it in a place that can remind you of your dreams every single day.

Tip #2: No More Procrastinating

One reason why so many people fail to save enough for everything they want is because they think they will buy just one cup of coffee today or just buy that one evening dress and put away money the next day. By the time you know, a whole year has gone. For some, it can be hard to overcome this habit.

This 2015, promise yourself that you will make it a habit to automatically put away a part of your income into a savings account that you will never use. May be find a buddy and make it happen for both of you.

Tip #3: Be Ready To Walk Away from Unnecessary Spending

As a woman, we love to spend and sometimes offers and discounts make us spend more than we intend to. Our spending becomes a habit at times because we don’t think twice before we spend.

In 2015, make it a point to spend wisely and most of it on what you need. Do not give in to all your wants. Practice delayed gratification so you can reap the benefits of your dreams.

Tip #4: Invest in Yourself

Investing is not always about shares or properties. When you invest in yourself you gain knowledge and also add value to who you are. You gain new skills that can potentially create more income for you and help you make better decisions when it comes to money.

Tip #5: Track Everything

Now that you are conscious about your goals, you should also start being conscious about your progress. Keep a financial journal. Record your expenses and earnings every day. Then see how you can improve it every month. More importantly, track your savings regularly because this is how you can achieve your financial goals for the year.

The New Year gives a lot of hope to a lot of people. If you’ve had a streak of bad luck when it comes to your finances in the past year, don’t give up just yet. You’re still here and you’re still alive. That means that all you need is a concrete plan, some help and the determination to work on it. Wish you all an abundant 2015!

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