Finance advice
5 ways to achieve your financial goals in 2017

5 ways to achieve your financial goals in 2017

By Andrew Zbik

What didn't you achieve in 2016? What can you do this year to catch up? Here are five tips to get you off to a good start for 2017.

Did you achieve all of your financial goals that you set out to do last year? Chances are, you may not have achieved the financial and lifestyle goals that you thought you would have. One in four Australians have not made a financial plan and two in five have only made vague plans.

According to the Financial Planning Association of Australia survey, the top three dreams for Australians are to have full financial independence, have the lifestyle we dream about and pursue our own hobbies and interests.

Despite this, we also have financial regrets — namely that we have not saved (47 per cent) and invested (27 per cent) as much as we thought we should have. Interestingly, 63 per cent of us have not mapped out our financial future at all or have loose plans. A quarter of us never seek advice from others when making financial decisions.

So, what can you do in 2017 to make sure you achieve your financial and lifestyle goals? Here are five tips to get you off to a good start for 2017:

1. Write down your list of achievements for 2016
Many people find goal setting daunting. I suggest to write down all of your achievements for the previous year. For example, receiving a pay rise, laying down new carpet in the bedrooms, going on a long-awaited holiday, teaching your child to play tennis, spending more time with your spouse over coffee/tea with no TV and so on.

Write down every goal whether it be financial, lifestyle and relational because it puts into perspective that you have achieved more than you may initially recall. The positive mindset this creates can then help with setting new goals or tweaking old ones.

2. Set some financial goals and seek professional advice
Approximately 20 per cent of Australians seek financial advice. A fee-for-service strategy focused financial planner can help to set realistic and achievable financial goals.

There is an absolute correlation between those who write down their goals and have success in achieving them.

It is good to break down your goals into short term (from now to two years), medium term (three to five years) and long term (six years and longer).

3. Put in place a real savings plan and not a surplus plan
Nearly half (47 per cent) of Australians wish that they saved more. Most Australian’s manage their cash flow like this:

Earn an income;
Buy the things you need;
Buy the things you want;
If you are lucky, there is some cash left over to put into savings.
This is not ‘savings’; this is merely a surplus after needs and wants are satisfied.

Be deliberate with your savings. Set a budget of how much of each payday you will deliberately save and siphon this money off to a separate account. It may be $50, $200, $500 of each pay that is deliberately put aside. Then spend the remaining money on the things you need and want.

However, still ensure you have a small surplus left to give you some wriggle room with your cash flow. Deliberate savings will achieve real savings results.

4. Know what your next investment will be
More than a quarter (27 per cent) of Australians said that they did not invest as much as they had hoped to in 2016.

I find that when people know what their next investment purchase can be, it will incentivise them to save more to make the purchase of that investment happen.

Understanding what deposit you need for an investment property or how much you wish to add to your share/bond portfolio is a good way to be deliberate with your savings and investing.

5. Find someone else to be accountable to
There is a problem with setting goals if no one else knows about them. If you don’t achieve them then there is no one to answer to but yourself.

Having a mentor or adviser can be the difference between achieving your goals or not. Accountability is best when you can meet face-to-face with someone to review your goals.

A good adviser will pre-book their next face-to-face review with their clients six months in advance. If your mentor or adviser does not schedule a time to meet with you in advance, find a new one!

Implementing the five action points above will help you avoid another year where you feel you should have, could have or would have done something to help bring your financial and lifestyle goals a step closer.

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About the Blogger

Andrew Zbik

Andrew Zbik

Andrew Zbik is a senior financial planner at Omniwealth.

FROM THE WEB

podcast

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

    In this episode, hear from\u00a0Michael\u00a0about:<\/p>\r\n

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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