Happy, happy, it’s a new year and time to plan and set my financial goals! It’s scary but it must be done – so let’s do it! Firstly, I plan to make my financial goals big but achievable. I have just done my budget for the new year and I’m very relieved that I managed to keep expenses within income – good start!
So here are my financial goals for the year – three simple yet ambitious goals:
Save 15-20% of my income: I will split this between extra money into my bond, a 32-day account (for my short-term savings) and a retirement fund. Oops! There’s a problem: I need to start investing monthly in Satrix too. OK, so I will try to fit that in – perhaps a little less into the bond and some of that goes Satrix? Note to self: this financial goal needs action this month!
One big maintenance projects on the house: fumigation. Unless you live in Durban you wouldn’t understand the need to fumigate regularly, to avoid your house being eaten away by the little flying borer – it’s weird, yes (and expensive)!
Daily expenses: this financial goal again includes “seriously cutting back”. No more organic and artisanal, and we will change to cheaper shampoo and toothpaste, and such things. I really think the small savings make a big difference; if I can cut the food, toiletries and incidentals by 10% I’ll probably save R1 000 a month. That’s R12 000 in a year – not bad!
OK, so those are my financial goals for the year – what do you think? Have you set yours yet? Do it, it really helps you get on top of your finances.
In my next column, we will return to my age-old dilemma; pocket money – we have many discussions about this in our family, so more in my next column.