Making a Financial Plan for 2008
It’s a new year. We’re all burdened with having to pay taxes and at the same time, work on a financial plan for 2008. It’s time to rethink our financial goals and saving habits. It’s time to take out our piggy banks and look if we’re actually able to accomplish anything over the last year. This 2008, you can start doing the things you wish you did last year and at the same time, plan on new financial goals for the end of the year.
1. Set an Income Goal
If your income is not fixed, set an annual income goal for 2008. This goal will help you set your sights into making it happen all throughout the year. Think of it as an added boost of encouragement. If you have something to aim for, you’ll work even if you’re not feeling up to it.
2. Set a Figure You Want to Save
Same as with setting an income goal, setting a figure you want to save by the end of the year certainly helps. Make sure you’re setting money aside for something truly worthwhile so you won’t lose your steam midway.
3. Identify your Waterloos and Work on Them
If you spend a lot without knowing why, you need to identify and point out what your weaknesses are so you can combat them effectively. It’s only by admitting your faults to yourself will you be ready to move forward.
4. Follow Through
You can plan all you want but unless you are bent on following through your plans, you’ll never seem to completion. The best you could do after setting goals is to set mini-goals for days, weeks and months so you won’t get overwhelmed and be able to make it happen. We will discuss how to create mini-goals next week.
Filed under: personal finance
