Followed with a high level of commitment, these goals will change your financial path from poverty to wealth.
Here are 5 financial goals to set and achieve this year;
Get Out of Debt
Let getting out of any debt that may have incurred be one of your financial goals this year. This is important to the over all achieving of subsequent financial goals this year. Do not be a victim of of the constant circle of multiple debts. Getting out of debt allows you to have full control of your income and you will have more funds for saving and investing.
Keep Accurate Accounts
Keeping records and accounts is not merely writing down figures in a book, it goes beyond that. Accurately tracking your expenses creates a sense of accountability. By creating a journal of accounts, you can keep track of spending, learn from your mistakes and failures while identifying areas you can improving.
Work With A Budget
Learn to categorize your expenditures by working with an effective and concise budget plan. Its an advantage when most of your spending goes towards basic necessities rather than frivolous purchases. A great guide is the 50/20/30 rule. 50% goes to your rent, transport expenses and utilities. 20% goes towards setting financial goals like; investments, bonds, paying off debt etc. 30% goes to everyday expenditures like food stuffs, entertainment or personal hobbies. Adjust your budget from month to month for flexibility.
Get A Side Hustle
This is not a new concept and has become increasingly important for the average individual. Some popular side hustles you can partake includes; blogging, paid surveys, freelancing. It might not pay too much but consistency is what you should be aiming at achieving. Little drops of rain makes a mighty ocean.
Read Books On Personal Finance
Knowledge is indeed power, and that power exposes you to a world of opportunities the average person isn’t aware of. Make reading one of your more long term goals this year. Quality information on finances will open you up to making the right and appropriate financial decision in meeting your financial goals.
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