Happy New (Financial) Year!
As you close the chapter that was FY14/15 and begin FY15/16, it’s important to take stock and assess your financial goals. If this means learning from last year’s financial mistakes and setting yourself up for a better financial year or feeling inspired to achieve even greater after a successful FY14/15, there’s no better time than now to start.
Whether you’re setting goals from a business or individual perspective, the following tips will set you on the right path to achieving your financial goals, sooner.
Review The Past
Assess what has and hasn’t worked for you over the last financial year – there’s no point in repeating your mistakes and there’s a lot you can learn. Look at areas that could be rewarded by a change as well as areas that are doing well and could be utilised for growth. For example, do you have regular expenses that are wasteful and that you can cut back on? Could you increase your marketing spend to further promote your business? Are there areas that could benefit from expenditure over others?
Plan For The Future
As well as gaining a better understanding of the areas you can improve and/or build on, you need to establish your overall financial objectives. This could include saving money for a holiday or home, committing to superannuation contributions and preparing for retirement or enhancing business growth and taking control of company finances. With your objectives in mind, you can begin to set your financial goals and work towards a more successful financial year.
Define Your Goals
In order to achieve your financial goals, they need to be clearly defined. For example, ‘Save for a house deposit’ is a great financial goal, but it’s not specific enough to follow through and measure at the end of the financial year. If you instead choose to ‘Put away $400 a week and have $20,800 at the end of the financial year to put towards a house deposit’, you will feel much more inclined to stick to it and feel a sense of achievement.
Don’t Overdo It
As well as setting specific targets, it’s important to minimise the amount of financial goals you set and keep in mind that you still need to live your life and/or have money available for any unforeseen expenses. If you set too many financial goals or infringe on your personal life, they will become a burden and it will be impossible for you to achieve them. Take baby steps and don’t over commit – the results will be more rewarding at the end of FY15/16!
If you would like to speak to one of our financial advisers about your FY15/16 financial goals, please don’t hesitate to contact 1300 PODIUM or email email@example.com.