Publish Date: 19/06/2020
The new year always brings about renewed hope and excitement for the year. For many, this is the time to set new year’s resolution or goals. For example, at the beginning of 2019, one of my goals was to run at least 1, 000km for the year and because I have never considered myself a runner, I had to come up with a plan to achieve my goal. I calculated that if I ran at least 5 km for 4 days of the week, I would certainly reach my goal by December.
This year, instead of setting goals at the beginning of the year, why not give yourself a head start by writing down your financial goals now for the new year? This can positively affect your spending habits throughout the festive season. By thinking about your financial goals now, it can put you in the right mindset about the choices you will make during the holidays.
How many of us take the time to set measurable and time-bound financial goals? I often hear people say their goal is to get out of debt, for example, but that same person is not clear about how much debt they actually have. They don’t know how much interest they are being charged on their debts, nor do they have a clear idea how they are going to rework their budget to pay extra money into their debt.
Financial goals must be S.M.A.R.T (specific, measurable, attainable, realistic and time-bound). In this way, the task ahead of you does not seem impossible.
I often ask my audience if they set financial success as part of their goals. This means working on better financial habits overall. Spend less than you earn, saving some money and enjoying what is left.
So, how do you give yourself a head start so that your overall finances improve in the year 2020? Here’s how:
The road to financial freedom can be a challenging one, but if you set goals that inspire you, you can achieve it.
About African Bank
Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.