Before you read on I want you stop and ask yourself why last year wasn’t your best financial year ever? Now commit to doing it differently. Here’s some tips to help you on your way.
Set specific goals
Sounds easy enough, but you’ll be surprised what happens if you do it. Everyone wants to have their best ever year, but it starts with turning those wants into specific goals. It’s the difference between “I want to save for a house” and “I will save $350pw so that in 18 months I can put a deposit on a house just like 17 Fortescue St in East Fremantle.” Then automate it through your banking and stick that goal on a wall, mirror or somewhere you’ll see it every day.
Invest in yourself
You are your greatest asset. You are the best chance of a promotion, new job or a pay rise, so invest in you. What if you took your tax return and instead of blowing it on a holiday, invested it in further study or a 2-day course on business administration. You’ll feel better about yourself, you’ll be better at your job and your employer is going to love a self-motivated employee who invests in themselves (and if they don’t, a smart employer will).
Invest in the future
The future is happening every second of the day, so start to invest in it. If you had chosen to salary sacrifice $50pw into super 10 years ago you’d have close to $35,000 extra in your account today. Continue that for another 10 years and it’s almost $100,000. You’ll hardly miss the $50pw, but you’ll definitely notice the $100k.
Being in good health is one of the best investments you can make. Self-care, good eating and regular exercise will help you to fire on all cylinders all year long. It’s not easy, but it’s worth it.
No one finds saving easy. I’ve met people at every stage of life, high and low incomes and I’ve never met anyone who finds saving easy. Mastering this concept will help you feel secure, knowing you have the power to accumulate wealth and protect yourself from the day to day financial needs.
No pain, no gain. Take these steps now and have your best year yet.