How To Prepare Financially For The New Year: Tip 2

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Yesterday I shared the first part as to how to prepare financially for the New Year. Since we are just days away before bidding 2014 goodbye, might as well be prepared for 2015. Even more, the remaining days would be ideal to plan out and more so prepare ourselves most especially with regards to our money and our finances.

With my first tip, I suggested to review your finances. With regards to reviewing, there are certain areas you need to look into. These are your Bills, Debts, Cash Flow and Budget.

Today, we would be talking about Tip 2. And my suggestion would be to “Create your Financial Goals”.

Create Your Financial Goals

What better way to welcome 2015 with a fresh set of financial goals. Before we go into detail, let us define first financial goals.
Financial goal is also referred to as financial target. According to Wikipedia, this is an objective which is expressed in or based upon money. Basically these are ambitions with regards to our money and our finances. Since we are about to enter 2015, today would be the best time to ponder on what could be our financial goals for the next year.

The very first thing you need to do would be to decide for yourself what financial goals would you like to accomplish next year. Map out where you want to go in order for you to create a plan as to how to get there. In order to firmly set it, write it down. When I normally want to achieve something, I tend to write it somewhere where I can see it almost every single day. This will remind me every time that those are the things I want to get done. This is the same with our financial goals.

If you have say for instance a board in your room, write your financial goals there. If you already have your 2015 planner with you, write it in the first few pages so that every time you open it, you will know that these are the things you would want to accomplish for the year. If you have a cubicle in your office, print out your financial goals and put it in your cubicle wall. Having a goal will motivate you to do things and do more in order to achieve it.

If you still don’t have a financial goal in mind, here are a few suggestions:
  • Clear out debt
  • Make your first million
  • Invest my money
  • Build my emergency fund
  • Get an insurance
  • Build my retirement fund

From there, decide how you are going to reach your goals. Map out ideas as to how you can be able to realize it. That might be the hardest part with regards to your financial goals however when you already have even a hint of solution, at least you will not be lost in the process.

For example, if the financial goal for the year would be to clear out debt and get rid of it, decide how you can make that happen. This will also be a good assessment of your financial health. Is your salary enough to cover the entire debt? If not, perhaps one good way to go about it would be to increase your income. So that by 2015, you might consider getting a part time job in order to help with the payment.

Another example, if the financial goal is to invest your money by 2015 identify the kind of investment you would to get started. Do you want the investments offered by banks or via online? If banks, what are their requirements so you can inquire as early as now and have those requirements ready when you open your account. Same thing with online investments. Even more, if you don’t know yet how to get started, it would be best that you get to read related resources in order to educate yourself more in the process.

Your finances would be as good as your goals. That is why, it is always ideal that you get to know what are your financial ambitions for 2015 and work in order to achieve it.

P.S. My very first e-book is finally here. You can buy it using the Buy Now button at the right or via bank deposit. Only Php 150.00. Purchase your copy now.

P.P.S To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 52 already! Did you deposit the next amount yet?

P.P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too. 

P.P.P.P.S I am also sharing my stock market secrets and information via these resources