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2012 is your year to kick goals... Talk to our new Review & Planning Officer!
By Tammy Barton

 


Goal Setting Action Plan

What will you do with the extra funds as your debts are paid off?

Save for a house? A holiday? Pay down other loans? Top up your super? Enrol in a training course?

This important question is the reason we’ve created a new staff position at MyBudget: Review & Planning Officer. The Review & Planning Officer’s role is to monitor final payments as clients pay off their debts and help them to reassess their financial goals for the future.

Why is financial goal setting important?

Goal setting is a vital key to success in budgeting, as much as it is to life in general. You may have heard it said that the shortest path between two objects is a straight line. Yet when it comes to managing money, many people take the long way and only a few reach their preferred destination.

Part of the problem is that most people don’t have a clear destination in mind. Their financial goals are positive, but vague: To get out of debt, to save money, to cut back on expenses, to live comfortably.

Specific financial goals are more effective

When goals are specific, however, it’s much easier to create a plan. Your budget becomes a roadmap that plots exactly how you intend to get to your destination.

A specific goal outlines your purpose, details and timeframe—eg. “I will save $250 a month from January to December 2012 so that by the end of the year I will have $3,000 in savings to pay for my February 2013 holiday in Fiji.”

Goals provide long-term vision and short-term motivation. Sacrifices become bearable—even enjoyable!—when we have a goal to look forward to.

What are your financial goals for 2012?

Try setting small goals to start with. It may be as simple as saving to go to a concert. If the concert is in three months’ time and the ticket will cost $60, you’ll need to save $20 a month. Perhaps you’ll need to cut back on a few expenses, but obstacles are much easier to overcome when there’s a reward at the end.

It’s also important that your goals are realistic and that you have control over the outcome. Setting a goal to win the lottery, for example, is unfortunately not very realistic and not within your control. But saving for a holiday—or whatever else you have in mind—might be.

It’s your life, your money and your goals!

Contact the Review & Planning Officer

When you’re ready to reassess your financial goals, contact Customer Service and ask to speak with the Review & Planning Officer. We’re always here to help!

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