Financial Resolutions for 2017

January 10, 2017
Hayley Dunning

Now that we have well and truly entered the New Year, it is time to start setting goals for what you want to achieve in 2017! A lot of people set goals that are based around a financial accomplishment, such as saving up for something like a new car or a holiday or hoping to pay off a certain amount of their student loans. 

Most of us go into the new year highly motivated with our New Year’s resolutions set and by the end of January most of them have fallen by the wayside. In order to help keep you motivated and working towards your financial goals in 2017, we have found some great tips to help keep you on the right track!

Canna Campbell is a licensed financial adviser who created her YouTube channel, Sugar Mamma, in order to aid people in gaining a better understanding of their financial position and the best ways to go about changing it for the better in order to help improve their financial wellbeing. 

With over 13 years experience in the financial industry, Canna understands the stress that can arise from poor financial decisions or high levels of debt and believes in empowering people with knowledge so they can work their way towards financial freedom. With this in mind, she created a video on how to go about creating goals for the New Year, be it financial or otherwise, in order to have the greatest possible chance of achieving them.

1. Write goals down

By writing your goals down you are 42% more likely to achieve them, it will also act as a constant reminder of what it is you are working towards so you will stay motivated. Canna recommends keeping a copy of your goals in a place that you will look at daily, such as in your diary or by your bed so you always know what they are and they stay fresh in your mind. 

2. Keep goals short and simple

To stay on track and not lose motivation, it is best not to over complicate things by having goals that are unrealistic or by having too many goals. Instead, she suggests to brainstorm ideas and then narrow down the goals that you really want to focus on and stick to a general rule of having no more than five. It is important to be realistic when setting goals to ensure that they are achievable and that you’re not setting yourself up to fail. She recommends writing down your starting place as well as your end goal so that you can see exactly how far you have to go to achieve that particular goal. 

3. Set a deadline

When setting your goals, it’s important to set a deadline as this will help motivate you to achieve those goals before the set date. Instead of giving yourself until December 31st to complete a goal, break the goal up into more manageable sized portions with regular deadlines throughout the year. This way you're more accountable and can ensure that you are constantly working away to achieve your goal. It also allows you the ability to review your goals at the end of this time period and determine how well you did and what your next goals should be.

4. Review progress and adjust if necessary

Once you have reached the deadline for your goal, you can analyse your progress and apply this knowledge when setting your next goal. If a goal was achieved easily then consider making your next goal slightly more challenging. On the other hand, if you were unable to reach a certain goal, then consider the reason for this and ensure you factor that in when resetting your goal. 

5. Make sure goals are realistic

In order to actually achieve your goals, it’s important to make sure that they are realistic. Take the time to go over your goals and the set deadlines to make sure that what you are working towards is achievable within that timeframe. Canna suggests that you tell someone you trust about your goals, not only to help hold yourself accountable but also to gain their input. For example, by telling someone about your goal to save a certain amount of money in the next six months, they could help you in this process by ensuring that you are staying on track and may even be able to provide you with some great money saving ideas to help you reach your target in time. 

Below you can find Canna's full video on how to set goals for the New Year. For expert advice on how to work towards achieving your financial goals, we recommend checking out the vast array of videos on Canna's channel.

From all of us here at Mortgage Choice, we would like to wish you all a Happy New Year and success in reaching your goals in 2017!

 

*Canna Campbell is a Corporate Authorised Representative and Corporate Credit Representative of Wealthstream Financial Group Pty Ltd ABN 35 152 803 113 Australian Financial Services Licensee AFSL 412079.

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