Ideal ways to be financially stable

Tips to achieve your financial goal

11:57 01 July 2014

As we go through our daily grind, most of us dream that all the pressure and hard work will bring us nearer to our goals – one of which is a life that is financially secured, debt-free and lacking nothing. 

 

For most individuals, transforming this dream to a reality is not easy.  Taking the following steps can bring closer us closer to achieving this dream.

 

• Have a specific plan

 

Determine where you want to be at a certain point in your life.  List down the things you want to achieve within a specific period – a month, a year or five years.  Then you should clearly know what you have to do to achieve this goal.  Of course, not everything works according to plan, but the important thing is you should treat this as a temporary setback without losing sight of your goal. If there are areas in your plan that proves to be unrealistic or weak, be ready to tweak it to bring it to a more reasonable term.

 

• Set realistic goals

 

Set goals that are not too high which makes achieving it impossible or too low which does you no apparent good even if achieved.  The point of setting a goal is to give you purpose and direction so that when you achieve your goal, it will give you satisfaction, make you grow and help you become the best that you can be.  Setting an unrealistic high goal could lead to frustration and demoralization while setting a very low goal will not do much to achieve the financial independence you dream of.

 

• Break down your goals into smaller goals.

 

When you have set your financial goal, breaking it down to smaller goals that can be achieved short-term will be more motivational.  Have weekly, monthly, and annual goals to work towards your 5-year goal.  Achieving your short-term goals will propel you towards working on your next milestone.

 

• Make your savings not so easily accessible.

 

When you have started saving, the next challenge is controlling yourself into dipping into your savings for other reasons other than wealth building.  As a precaution, do not put your savings in ATM accounts which can be accessed easily.