9 December New Year Resolutions And Smart Goals December 9, 2020By ICI Administrator Aspire 0 By Fran Hughes is a Certified Financial Planner and Head of Financial Solutions at Nexia Perth www.nexia.com.au The start of a new calendar brings renewed focus to the year ahead, and an ideal time for new year resolutions. With the year we had in 2020, the feeling is that most are writing-off the year that was, and setting new goals for the year ahead, 2021. Research shows that 35 percent of resolutions made at the start of a new year fail because it is unrealistic, whilst 33 percent didn’t not keep track of their progress or let it slide as it wasn’t important enough. Here are 3 tips to achieving your financial goals. Be specific Knowing how to establish great goals is key to achieving success. Goals take on a life of its own when it is specific, measurable, achievable, realistic, and time-bound, otherwise know as S.M.A.R.T. goals. A goal without these components, is just a wish. Think of a new year’s resolution such as ‘I want to lose weight’. If there’s no goal set around the amount of weight to lose or by when, chances are, this wish will fall by the way-side. So too are financial goals. A goal of ‘saving more money’ holds less weight than a goal of ‘save $500 per fortnight over the next 12 months for a holiday to Europe in 2022’. Goals need not be complicated, however make it memorable and you’ll discover a higher rate of success. Limit the number of goals Having too many goals can overwhelm and frustrate progress. Limiting the number of goals allows you to be laser focused and motivated to achieving them. Consider the following 3 goals: ‘I will save $500 from my fortnightly pay over the next 12 months for my trip to Europe’, ‘I want to pay an extra $1,000 per month to pay down my home loan over the next 10 years’, and ‘I plan to salary sacrifice $250 per fortnight into my superannuation to save for my retirement’. Three goals with a timeline of short-term, mid-term and long-term, keeps you motivated to achieve one after another. Make the goal inspiring I had a client whose goal was to own a million-dollar home with no debts. When asked why, he said when growing up he envisioned being a ‘millionaire’. To him, this is his inspiration to being financially independent. What is your inspiration? If there were no limits, what would financial freedom look like to you? Set financial goals that are inspiring, and chances are, it will keep you motivated to finding a way to achieving them. Working alongside a financial planner may just be the motivation you need to keep you on track to hitting those financial targets! Related Posts End Of Year Wellness Review Congratulations on making it to the end of another year, a year which has had more than its fair set of trials. The great thing about coming through a crazy and trying year as 2020 was is that anything that is now thrown at us will feel easy in comparison. Setting Goals for your Career Plan Have you ever wondered why one individual is more successful than another? It’s not because they are smarter, well, in some ways yes but it’s not brain smarts. It’s because they take the time to plan, they look at what it is that they are setting out to achieve and break it down into bite size chunks. They create a road map so they know exactly where they are starting, the steps that need to be taken to achieve the ultimate goal and they don’t stop there. They regularly review their progress and make deviations to the plan if it is to serve them. 8 Tips To Start 2021 With The Right Intent 2020 is a year that we will never forget. It has challenged us to grow, evolve and become more resilient. As we arrive on a well-deserved Christmas and New Year’s holiday, it is an opportune time to reflect and prepare to launch into 2021 feeling fresh, recharged, and with the passion to lead with purpose. How To Replenish Post Withdrawal From Super For many working Australians effected by the economic fallout of COVID-19, the government’s early release of super scheme has been a lifesaver, with the money accessed from retirement savings helping provide additional support at a time of financial uncertainty. How do you replenish? My top 5 ways to rebuild your superannuation balance without breaking the bank. Getting Performance Reviews right New Year equals review time. Too often, I work with Civil Contractors – large and small – where this annual process is regularly a wasted opportunity for both employers and staff to really set up a year of success. Don’t waste your opportunity. Both the employer and team member have to be prepared for this process to ensure it is more than just a tick-the-box exercise. Check out how. New Member Services Coordinator 2021 will be a huge year for the civil infrastructure industry and The Institute. We have big plans for the year and look forward to supporting our Members and the industry throughout 2021 and beyond. One such development at ICI is the introduction of Wendy Climpson, our amazing new Member Services Coordinator. Comment (0) Comments are closed.