Setting goals is a really good way to motivate yourself. It doesn’t matter who you are or what you want to achieve, when you write your ambitions down and conceive a method to get there, you are far more likely to get on and do it.
But while you might be more focused on the life goals you want to achieve this year, you must, must, must take some time to set some financial goals too. Setting financial goals is the best way to ensure that your money is working for you and not either sitting in a bank account doing nothing or being frittered away on bits and bobs.
Building your savings is one of the most important financial goals you can set and you must keep revisiting to make sure it is working. Putting a percentage of your income directly into your savings account each month through a standing order is ideal because you won’t even need to think about moving the money. And you won’t have time to miss the money either!
If you are new to saving, you should start by building an emergency fund. This is an account, usually an ISA, that contains a few months worth of salary to tide you over should you need. In effect, this is a safety blanket you hope you won’t have to use.
Once you are in the swing of savings and you have an emergency fund, you can start thinking about making investments. In your first year of investing, it is best to start small and do a lot of research into different options. One popular option is property development and you can see from the Montague Property Instagram page why!
But investing comes in many forms and you should consider what is best for you. If you aren’t yet on the property ladder, you might consider holding off making any long term investments until you have enough to put a deposit down on a fixer-upper. Buying and doing up a house is a brilliant way to invest both in terms of money and your lifestyle and future. There are still short term investments to consider.
Hustles and Earnings
Finally, you should set yourself some goals around your earnings and any side hustles. Though you may not be able to control your income directly, you should be thinking about how you can work towards a pay rise and promotion. This might mean expanding your current role but it may also lead to a realisation that you need to start job hunting!
You do have a little more control over your side hustle though. As a blogger, you should always be thinking about ways to increase your readership and look for money-making opportunities. But it doesn’t matter what your hustle is, any opportunity to increase your profits and earnings is an opportunity you should be pursuing!
Setting your goals for the year doesn’t have to start in January. In fact, April is an ideal time as this is when the tax year begins. So, get planning!