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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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  • "Currently voided but that may change in the future...."

    By: Mr Taxman at Mar 24, 2017 9:03PM

    Post: Two important dates for those with HECS/HELP debts

  • "Provided you stay under the repayment threshold & you an Australian tax resident, it will continue to accumulate (adjusted for CPI each year). Currently there is no ability for the government to take..."

    By: Mr Taxman at Mar 24, 2017 9:02PM

    Post: Two important dates for those with HECS/HELP debts

  • "Yes you will get that extra tax back when you lodge your return provided you are under the repayment threshold. Consider it a forced form of saving. Please note that for some 2nd jobs, the tax being..."

    By: Mr Taxman at Mar 24, 2017 8:58PM

    Post: Two important dates for those with HECS/HELP debts

  • "Technically no as you are filling out your TFN declaration in good faith that it is accurate that you don't have a HECS debt. If you don't happen to have any extra tax being deducted & you don't make..."

    By: Mr Taxman at Mar 24, 2017 8:56PM

    Post: Two important dates for those with HECS/HELP debts

  • "It will depend on what your taxable income is - if you are over the repayment threshold level https://www.ato.gov.au/Rates/HELP,-TSL-and-SFSS-repayment-thresholds-and-rates/ then some of your extr..."

    By: Mr Taxman at Mar 24, 2017 8:53PM

    Post: Two important dates for those with HECS/HELP debts