Published on February 4, 2016 9:51 am, by Jen Bakker
What is your goal? Do tell! Articulating what you want to achieve is the first step to success. For help along the way nothing beats sharing it with friends, family and sometimes whoever will listen. This can generate support and ideas to keep you on track and motivated.
Once you have your goal, you need to break it down in to bit size chunks. What steps do you need to take to achieve your goal? Write them down. How will you measure and celebrate each achievement along the way? How do you set yourself up for success? What will achieving your goal cost you in $$ terms?
Like we said yesterday health and wellbeing is about more than just your physical health. It’s about mental health too. Here at MoneyBrilliant we are all about wellness, specifically financial wellness. We believe there is a link between financial and mental wellness. We want to help you be in control of your money which in turn will help you both alleviate stress and achieve your goals.
There are a number of steps we believe you need to take to be on the road to financial fitness:
Shaping up your budget
There are a few things you can do right now to shape up your budget:
Match your budget to your goal
My goal is to set myself up to make sure I have no post-Christmas spending regrets next year.
Christmas this year was a big expense and I didn’t factor it in to my budget. January quickly followed with back to school expenses. This year my goal is to have Christmas paid for before December. I’m opening an ING Savings account and transferring $100 per fortnight in there from now. I figure it will make Christmas a lot more enjoyable and alleviate the post-Christmas spending stress of this year.
Goals may or may not have a financial impact. Many health & fitness goals will need some manipulation of the budget to pay for fitness club memberships or just a different style of eating. Reworking the budget may free up some money to take the sting out of paying for these things.
How MoneyBrilliant can help
MoneyBrilliant shows you what you are spending where. Run a spending report and see where you are spending. Then answer these questions:
Categorise your spending, look at your budget, and consider opening an account to budget for any excesses through certain periods of the year. Think about ways to cut back:
If you are in the position to free up some money it can be helpful to open one or more accounts to save for specific reasons. Link them to your dashboard and watch them grow through the year. You’ll be a great view of how you are going towards your goals.
Jen is an experienced banking professional who loves wine, coffee, finding a bargain and of course her three beautiful children. Since Jen's first budget led her to buy a home at 20, Jen has passionately helped others to make better decisions with their money.