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Setting financial goals and sticking to them

Feb 10, 2017

 

Listen to the Podcast here


According to Adrian Raftery, course director of Financial Planning at Deakin University, there are six golden rules to follow when setting financial goals.

1.Write them down

By putting your goals onto paper you develop a challenge for yourself to try and achieve. Don't be afraid to put some pressure on yourself.

2.Be specific

Don't just say that you are going to save. Put down an exact figure that you want to save such as $325 per month.

3.Goals must be realistic

You are not going to make a million dollars so it is a waste of time putting that down. You want to set goals that are challenging yet attainable if you put in the hard yards. Dangle the carrot sufficiently in view by not making them easy either.

4.Set timeframes

Don't leave your goals open ended. Set a date that they must be achieved by. For example, pay off your credit card by April 2018.

5.Monitor your goals

Put a note in your diary or Outlook calendar to review your goals every three months. A mid-year financial check-up can set you back on track if you have been slack.

6.Don't get lazy

Get into the mindset that you are going to take control of your finances this year and just do it!

 

Tags: 101 WaysAccountant SydneyBudgetCalculatorsChartered AccountantFinancial PlanningPersonal tax

Author: Mr Taxman, Dr Adrian Raftery

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