2020 was a year that left us all a bit shaken and seeking a greater sense of security. When it comes to your personal finances, it always pays to have a game plan and perhaps now more than ever. Here are some ways to kick this year off on a strong start.
1. Celebrate your wins
First, take a moment to appreciate what you have been doing right. Did you bump up your emergency savings fund or contribute more to your super? Identifying what is already working for you is the best place to find strengths that you can build on for future successes.
Financial well-being is an important pillar of good health so recognise where you are doing well and reward yourself for it. If you are happy with an investment or saving strategy, what can you add to it to make it work even harder for you?
2. Identify where there is room for improvement
Next, it’s time to take a hard look at what hasn’t been working as well for you. Be honest with yourself and prepared to let something go that’s no longer serving you. Even the most financially savvy make mistakes sometimes, but it’s better to acknowledge it and cut your losses sooner than later.
Ask yourself what aspects of your financial situation are troubling you the most? Where are you the least satisfied with your progress? Looking at your money in versus money out is one way to identify problem areas. Put these at the top of your list to tackle in 2021 and make an actionable plan.
Getting financial advice is a key part of achieving your goals.
3. Dare to try something new
Changing what’s not working for you may just mean making minor tweaks or could require a more major overhaul. Maybe this is the year you’d like to get started with ethical investing? If you’re looking to switch up your super, check out our free eBook on 10 Common Super Mistakes and How Not to Make Them.
One of the biggest mistakes you can make is sticking with a strategy that’s not the best option for you simply because you’re afraid to change or lack the time and knowledge. If you want to make changes, we can help remove the guess work by offering financial advice and guidance.
4. Reward yourself when you meet your goals
It can be easy to start the year on a burst of enthusiasm and make ambitious goals but how do you stick to them? Attaching specific rewards to concrete goals is a fantastic way to stay motivated.
You could also partner up with a friend or family member to be each other’s financial accountability partner. Simply checking in with someone once a month can make a world of difference.
It’s important to review your goals annually with your financial advisor too, so that we can make sure your plans change along with your circumstances.
5.Seek out advice and inspiration
Feeling stuck for inspiration? Try asking friends and family about any financial wins they’ve had lately; they could have some innovative ideas and insights for you.
There are also lots of excellent financial podcasts, books and blogs that you can subscribe to, which can provide inspiration all year around. Improving your financial literary is empowering and inspiring.
6. Consider money coaching
If you want to go that extra step, personalised money coaching can empower you to meet your goals and find financial freedom. A financial advisor can help you put together a solid financial plan, while a money coach ensures you stick to it.
We offer Money Management and Coaching Services through our financial coaching business, MoneyCoach4U. Our coaching programs blend life and business coaching strategies with expert financial coaching to help our clients transform the way that they manage their money. Whether you are trying to overcome a difficult financial history, are focused on building your wealth, have a family, are single, or are planning for retirement – we can help.
Callus anytime on (02) 8268 2900 for an obligation-free chat about your financial plans and goals.
Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Please consider whether the information is appropriate to your circumstance before acting on it and, where appropriate, seek professional advice.
