![]() ![]() ![]() This is often described as ‘paying yourself first’. A popular way to do this is setting up a regular automatic transfer with a pre-determined amount. Once you have successfully paid off your debts, don’t stop there, consider starting a savings plan. This will give you a picture of your spending patterns and can help you identify areas where you can cut back your spending and use that money to reduce debt. Prepare a budget by writing down your income and expenditure. Total assets – Total liabilities = Net worth This involves comparing what you own (your assets) with what you owe (your liabilities or debts). Once your budget is complete, you should have all the information you need to create a savings plan to reach your goals. One of the first steps towards reaching any financial goal is to establish a budget. Unfortunately, unless you have the discipline to put together the numbers, you’re unlikely to make much headway. Most of us have great intentions when it comes to saving, but somehow we never seem to get around to making things happen. Once your goals are clear, the next step is to work out how much you need to save to reach them. What is a realistic timeframe to reach your goals. To determine your deadlines, you will need to know: This focuses your mind as well as your savings strategy. It’s important to set a specific deadline for each goal. Defining your goals will give you a clearer direction and help you make savings and investment decisions with confidence. It helps to write down what you want to achieve over each of these periods. Your financial adviser can help you develop a budget and establish an effective savings planįinancial goals can generally be divided into three broad categories:Īn extended overseas trip or a mortgage deposit ![]() Start by setting your short, medium and longīe specific and add in realistic timeframes. ![]()
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