How to reach your 2015 financial goals

Jan 10, 2015

What money “cobwebs” or financial issues have you got hanging over you that you want sorted in 2015?

I don’t know about you but when I read lists of worthy financial new year resolutions, it’s hard to get enthusiastic about any of them. They’re too general and don’t necessarily talk to my particular situation. It’s much more helpful to pick a few areas you know will make a big difference to your finances, and set some goals around them.

So what do you need to work on? Is it about working out exactly how much you’re spending on meals out, getting to grips with the asset allocation in your superannuation fund or refinancing your mortgage to get a better deal?

It could be as basic as better budgeting to free up money for savings or investment. Or making sure your household has common goals – which, of course, makes it much easier to cut back where needed because you all know the end game is worth it.

Whatever you pick, how you set goals around them is vital. Adrian Raftery, tax author and senior lecturer in financial planning at Deakin University, says: “The worst part about setting new year’s resolutions is not following through with them. A note in your diary (or Outlook calendar) to review your goals every three months can set you back on track if you have been slack.”

He suggests ...

See more of article which was first published in the Australian Financial Review on 10 January 2015  here http://www.afr.com/p/personal_finance/smart_money/how_to_reach_your_financial_goals_W6Fyxdn2ERCyqzGwJzmzNJ

Tags: 101 WaysFamilyFinancial PlanningRetirementSMSFSuper

Author: Debra Cleveland

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  • "Congrats Bikash. If you are working as an accountant (or in the general field) then you can prepay your CPA course fees & claim as a tax deduction this year as work-related self education study. If..."

    By: Mr Taxman at Jun 25, 2020 1:39AM

    Post: Tax strategies that count the cost of COVID-19 and recession

  • "Hi Adrian, I bought your new book, got my free $500 after co-contribution. I am planning to my CPA, enrolment starts 30 June 2020 but semester only begins on August 2020. Can i claim the..."

    By: Bikash at Jun 23, 2020 3:59AM

    Post: Tax strategies that count the cost of COVID-19 and recession

  • "If you run a business Bikash you could claim in full via the instant asset write-off. However if you are an employee you will need to depreciate the laptop & only claim a very small amount in your..."

    By: Mr Taxman at Jun 22, 2020 9:28AM

    Post: Max your tax return: 5 things you should do before 30 June

  • "Can i claim laptop purchase with covid?"

    By: Bikash Rai at Jun 21, 2020 8:25AM

    Post: Max your tax return: 5 things you should do before 30 June

  • "You won't be able to claim a deduction for car parking unless a0 you park for less than four hours between 7am and 7pm; or b) you park more than 1km from work (ie not close proximity to work)."

    By: Mr Taxman at Jun 15, 2020 7:33AM

    Post: Claiming car expenses