Five Tips to Reach your 2015 Financial Goals
For many, ‘January’ signifies a new beginning to think about financial and personal goals. It can help hold you accountable as you concentrate on your personal finances. Below are five financial tips to meet your goals for the year 2015:
Savings plans are designed to help you grow your savings, provide you with life insurance cover and help you save tax efficiently.
- Learn from the past
Do not forget to think about the goals you set earlier because it clearly shows what worked and what didn’t and its reasons. So, take lessons from your past and avoid those mistakes which you have committed in the past. It is advisable to set goals which are tied to what person genuinely value than goals that are tied to finances.
Periodically review your goals to make sure you are on the correct track. Be SMART- Specific, Measurable, Attainable, and Relevant and has a Timeline.
- Decide your goals and then budget accordingly
Majority of people heard this advice so many times, but it’s a basic way to keep you on right track. Differentiate between short-term, medium-term and long-term financial goals. Prioritize your goals and set a timeline for meeting your goals. Then, consider a scenario what your life will become in the future if you fail to take proper actions. It gives people an additional emotional incentive to follow their goals.
- Clear credit card debt
Paying off credit card debt is a good step and to know this secret, you don’t require a financial advisor. People who have been carrying balances make debt go away should be high on list of resolutions for 2015.
- Review insurance policies
Always review your entire investment insurance plan and ensure that you’re insured with sufficient disability coverage, motor insurance, mediclaim policy and homeowner’s insurance. Those who have enough cash to meet higher deductibles could save some handsome amount of money each month by selecting a higher deductible plan which needs lower monthly premiums.
- Study your current situation
Everyone’s financial and personal situation changes with time. So, consider how your current condition impact your goals, insurance planning and wealth management.
You should be clear about your goals so that you feel more confident to take the correct financial steps in 2015. Don’t feel pressurized; just enjoy the start of some positive changes in your life.
[Source : http://blog.policyboss.com/investment-plans-in-india/five-tips-reach-2015-financial-goals/]