It is best to start the new year thinking (and working) to achieve your goals for the year. Aim high for goals like a new house, new car, more trips abroad and others. If these goals have been on your lists for the past years then you should start re-assessing your actions to see favorable results this year.
What do you want?
You should think very hard about what you truly want to achieve this year. Is it a new house, car, gadgets or others? It is best to target one big goal so you can focus on it and how to achieve it.
Find a reliable source of income
To ensure that your journey in achieving your goals will be smooth, you should make sure that you have a stable job or a reliable source of income. Yes, you can apply for a premium variable home loan to financially assist you in buying your dream house, but you will not be able to apply and be granted with a home loan if you do not have stable job or reliable source of income. So make sure that you have one.
If possible, you should also try to have an extra source of income as your Plan B in case something happens with your day job. It is always best to be sure than be sorry in the end.
Start saving money
Most importantly, you should start saving money to achieve your goals. If you used to burn all your money on random things, then you should start to cut it down and become more responsible in handling your hard-earned money. Here are some tips to help you become wiser in spending your money and eventually save more for more important goals:
- Assess your monthly expenses – list down all your expenses for the month from your rent, utilities, bills, food, shopping, gas, up to little details like coffee, movie, take-outs, and others. You should have a clear outlook on where your money is going. Once you finished this list, you will be able to realize that there are many unimportant things that you can remove from the list. So remove items that you can live without and make sure to keep all those that are important.
- Have a weekly or monthly budget – once you are done cleaning your lists of monthly expenses, it is time to come up with monthly or even weekly budget. Then, be sure to follow this budget plan strictly. This way, you will be able to manage your expenses and hopefully save more.
- Save a specific percentage of your earnings – savings should be mandatory and not optional. You should allow a specific percentage of your earnings to go to your savings. You can start with small percentages like 5% or 10% until you can handle saving more.
This New Year, you should work hard and focus on your goals like buying a new house. It would be a great feeling to end the year achieving this goal or at least being close to it. You should become more responsible with your finances while you are still young.