Planning for cash surest route to realise your goals

Business Daily Kenya:  T o succeed in life you need a plan, more so a personal financial roadmap.  It is the compass you need to navigate t...

Business Daily Kenya: 

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To succeed in life you need a plan, more so a personal financial roadmap.  It is the compass you need to navigate through the hustle and bustle of life.

 However, a financial plan to most people seems like a visit to the dentist — something to postpone until you wake up screaming in the middle of the night for emergency help.

 We all know that New Years’ resolutions are hard to keep as the rhythm of life can sometimes shake us off our defined path.

 Nonetheless, it is not too late to realign your finances to the pre-new-year plan that you detoured from.

  A mid-year review can help ensure everything is humming along as you have planned and provides you more opportunities to take advantage of year-long planning strategies.

 PD Wikendi recommends doing the following when conducting your personal mid-year financial review.

 Before going back to the drawing board, you need to analyse how much of the New Year’s resolution you have accomplished. Are you still on track to reach those goals? If the answer is “NO,” think about what you can do to try to get yourself back on track and begin working on those resolutions anew.

 Reviewing your financial goals may seem time-consuming but it is a necessary step to take – at least if you are serious about meeting your targets. Sometimes, if you do not make this review, the importance of the goals you set at the beginning of the year will wane.

 You might lose interest and give up on it. While it may seem irrelevant already, a review will allow you to double check if you really want to give up on the goal or not. There may be a need to cancel a goal because a better opportunity is up for grabs. You will never know unless you review your money targets.

 Review your list

According to expert advice on the National Debt Commission (NDC) website, you should start by looking over your list. If you were serious about your financial goals at the beginning of the year, you should have written it down. At the very least, you should have placed it on your phone to remind yourself of the financial plans you have this year.  “In case you do not have this list, now is the right time to write things down. More often than not, failing to write your goals mean you have made very little progress on it. Worse, you may not have started on it at all. Writing down your goals will give you a sense of commitment to the project,” it reads in part.

 

Check your progress

Additionally, you need to check if you have made progress on it. For instance, if part of your financial goals includes paying off your student loans, calculate how much you have paid since the beginning of the year. Make sure you list the specifics of the progress you have made — or any lack thereof. If anything, this can help motivate you to completely reach your goal.

 Decide if you will implement changes or not

 Although the changes in your life may have altered your priorities, it is still up to you if you will let these affect your financial goals. For instance, if your car troubles can be fixed without altering your down payment saving targets, you can opt to sacrifice something else from your budget. Or you can choose to use the down payment you saved so you can buy a new car or have it fixed. You can always start saving again. You just have to alter your target to accommodate this change.

 

Implement the changes

The final step is to implement the changes according to how it influenced your priorities. Make sure you either revise the old list or you create a new one. It is important to note what the changes are so you can revert to the old – in case you feel that you made a mistake in altering your initial path.              - Seth Onyango

The post Planning for cash surest route to realise your goals appeared first on Mediamax Network Limited.

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