This week we have looked at :
1) Knowing your true financial situation and the importance of putting it down in writing: https://debtfreedigi.co.za/financial-goals-2014-part-1/
2) Tips and tricks on how we can reduce our monthly running costs to offset the coming increase in cost of living: https://debtfreedigi.co.za/financial-goals-2014-part-2/
3) The great financial habit of instituting a waiting period for larger financial purchases: https://debtfreedigi.co.za/financial-goals-2014-part-3/
The Best of the Best
The best Financial Goal that you can set for yourself for 2014 is the hardest of them all. It is to create and stick to a budget for your finances each month. A written plan on how you spend your money is the most effective way to keep your spending under control and to track your monthly progress in dealing with your debt and saving funds toward annual expenses.
If you find it tough to plan ahead and make up a budget then it might be simplest for you to get some professional help. Most Debt Counsellors will charge you around R300 to create a realistic monthly budget that allows you to cover your monthly needs and still pay all your debts. Sometimes a professional’s experience and outside perspective can help you get ahead of your debt. If you are just getting by each month then the Debt Counsellor will show you how to save more and pay off your debt faster. If you are in serious trouble the Debt Counsellor can suggest ways of dealing with your debt such as debt review or sequestration. It is best to get help sooner rather than later. The sooner you get professional help the sooner you can be out of financial difficulty.
Realistic Financial Goals for 2014
Don’t set yourself up for failure. Set realistic financial goals that you will be able to reach each month. Don’t be broad about your goals like: I will pay off my debt. Be specific, like: i will pay off an extra R100 each month on my Edgars account and not use my card until it is all paid up. That way you will feel the satisfaction that comes from reaching your goals each month. This in turn will build your confidence in reaching these goals so that the next time you set a slightly harder goal for yourself you will know that with some effort you will reach that goal.