Now let’s get started on setting the financial goals.
First you would need to;
Budget and allocate
Building up a budget cannot be over emphasized. It is the starting point of any financial plan. As stated earlier, state out what it would cost to achieve your small and large goals. While building a budget on how much your goals would cost, ensure you allocate a certain percentage of your monthly income to each goals after excluding your daily expenditure. Budgeting would help you manage your money, limit impulsive splurges and excesses, and help you achieve your overall goal.
Tag it and Save it
Now that you have your goals stated out, it’s time you became intentional about it. Rather than saving all your money in one place, tag it and start a target savings plan. Financial institutions have been able to make saving easier and more rewarding such that, you can have up to 10 savings plan on the same account. For instance, you could tag a savings plan travel and another, new car and another, house rent. This way it’s easier for you to view the possibilities of achieving each goal and also reduce the temptation of spending from your target savings since you might not be able to touch it until when you need it. Another advantage of target savings is that you get a reasonable interest for saving.
If investing was not your thing in 2018, it should be your financial goal this year. About a decade ago, investing was quite over whelming with so many risks and uncertainties involved. Now, investing is a lot easier, simpler and safer such that you don’t need a professional investment banker to take absolute control over your investment. With financial institution in Nigeria, you can now start an investment plan in the comfort of your home, track your progress and earn more money.
Make room for Miscellaneous
Depending on how broad or narrow your savings plans are, you can and should have some room to save for miscellaneous that can be used as an emergency fund when the time arises. You don’t want to break your target savings for rent for instance to repair your car. In this case, no amount is too small to save, but ensure you allocate a specific amount daily, weekly or monthly for this purpose.
You want to achieve more with your money, learn from successful people who have mastered the art of making their money work for them. Learn more about different types of investments plans, learn more about
Finally, while all these goals would help you achieve your smaller and bigger goals, you need to stay disciplined to your savings and investment plans to be able to achieve your goals.