With the festive season on the horizon, the last thing on our minds is our financial goals for 2017. In fact, it’s possible that figuring out our financial objectives for the upcoming year sits fairly low on our priority lists, or not at all. However, with the guaranteed rush and financial strain that comes with the holiday period, it is imperative that we start considering the financial climate, expectations and commitments that the New Year will bring.
While there is no denying the fact that many of us wish that we could spend like we’re the lucky owners of a ticket that reveals the winning lottery results, the truth remains that careful spending and consideration are required to ensure that we don’t rocket into the New Year only to plummet within the first month. When it comes to setting financial goals, it is important to take into consideration the financial climate and your financial obligations, as this will ensure that you are well prepared. If you are wondering how to go about setting your financial goals for 2017 or, at least, begin preparing to do so, take a look at the following tips:
1. Take Into Consideration South Africa’s Financial Climate
There is no denying the fact that South Africa’s financial climate is under severe pressure, which affects South Africans, regardless of their financial position. However, with the right planning, we are able to remain afloat and ensure that we are able to meet our financial needs and obligations. It is important to take into consideration the drought constraints, limited electricity capacity, and social challenges that South Africa faces as these will heavily influence the economy, which directly impacts the spending habits of the consumer.
2. Make Room for Annual Increases and Fluctuations
As you prepare to set new financial goals, it is important to take into consideration annual increases and fluctuations as this will affect your budget. While we aspire to one day spend like Powerball winners, the only way in which to achieve personal wealth is to ensure that we budget carefully and stick to the financial goals that we set.
3. Get Ahead of Your Debt
Before the clock strikes twelve to signal the start of the New Year, it is important to get ahead of any debt that you have incurred during the year. The best way in which to financially approach the New Year is to cut down on your debt and take control of your monthly payments. As you set your goals, be sure to budget for regular monthly payments on which you do not compromise.
As we head toward the festive season, with 2017 quickly approaching, be sure to prioritise your financial goals for the New Year. And, if you’re dreaming of winning the lotto, be sure to buy a ticket – you never know what surprises the New Year may bring!