The second leg of the year is upon us. What are your financial goals?

With the multiple lockdown levels we have had to endure as a country, retrenchments taking place left, right and center and with some losing their loved ones, where does this put you financially?

As any adult who pays their own bills, having financial goals is essential.

The first half of the year is almost done and dusted. Let’s strategize and put our best foot forward on how we plan to make new financial goals, keep old ones, learn and unlearn financial habits. It’s time to make financial decisions based on your budget.

Let’s look at some financial goals…

In this quarter you could focus on one or more of the following:

• Saving More
• Catching up on missed/short debt repayments
• Avoiding debt or using it more wisely
• Committing to your budget plans
• Living within your financial means
• Having some investment goals

Unlearning and learning new financial habits:

If you know that you are an impulsive spender this one is for you.

You need to unlearn the habit of spending unnecessarily, as if there is no tomorrow. Spend with limitation and with careful thought of the ramifications of your actions for the long run. Ask yourself, will you be able to finish the month after purchasing that certain item? Do you really need this service/item?

Differentiate between needs and wants

Learn to differentiate between wants and needs, it seems easy enough but you would be surprised to learn that some consumers do not have enough self-control when it comes to making some purchases.

Once you can make the distinction between the two, you will then be able live within your means. You will not buy things you do not need just for the sake of buying. You will also not feel guilty after a purchase because you will be clear and intentional with every purchase you make, instead of being driven by your impulsive spending behaviour.

Stick to your plan

Once you have structured your plan you need to put energy into sticking to it and reviewing it. If you have a bad month, take note of it and try to improve next time. Be strict with yourself, it will allow you to take it seriously.

So as things stand, the mandate is clear. Budget properly, focus on the needs, pay off some debt and save more. That way you will have enough money to do the things you like and enough time to enjoy with your loved ones.