Setting a financial goal for the New Year? Take steps to make it work.

It’s that time of year when we set new goals or dust off old ones. But how can we boost our chances of sticking to our financial resolution? Here are some practical tips.

1. Choose an attainable goal

It’s good to be ambitious, but you may have a better chance of adhering to your resolution if you have a smaller, reachable goal. Using the well-established SMART formula can help. SMART stands for:

• Specific – make your financial goal as clear as possible.
• Measurable – if your goal is specific, most likely it is measurable too.
• Achievable – choose a goal that you can reach in the foreseeable future.
• Relevant – ensure you really want this goal and that it would benefit you.
• Time bound – set a timeline for achieving your target.

2. Have a plan

Create a plan that can help you take small but regular steps toward reaching your financial goal. The key is to set specific milestones and a timeframe for each. You may wish to talk to your financial adviser about setting a plan for your financial situation and goal.

3. Announce your resolution

Tell your family members or friends about your resolution, or post it on social media. By making your resolution known to others, you might feel more responsible for sticking to it.

4. Track your progress

Record and analyse your progress against your milestones. It could help to get your financial adviser to check your progress every so often.

5. Enjoy the process

Enjoying the process of reaching your goal may help you stick to your financial resolution. So give yourself a small reward every time you hit a milestone.

Whether you want to boost your savings or retirement fund, your financial adviser may be able to help you stay on track to achieve your resolution.

To discuss your in options, contact Singleton Financial Planning today on 1300 713 733 to book an initial meeting.

The information/advice (including taxation) on this website is General Advice Only. It has been prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. You should obtain a Product Disclosure Statement relating to the products mentioned, and consider the statements before making any decision about whether to acquire products or services.
We take your privacy seriously and as such we, or RI Advice Group will never ask you to transfer money via email request unless we have spoken to you in person or the transfer is part of an existing arrangement between you and your financial adviser. If you receive any such requests that are outside the agreed arrangements you have with your financial adviser, please contact our office immediately to confirm the validity the request before you take any action – 1800 738 473