Traditionally, in the first few weeks of the year people set financial goals and some people make conscious efforts to achieve those goals. However, if you weren’t able to set goals or you haven’t been able to set the ball rolling on your planned goals it is not too late to get started. In the light of this, we have come up with a list of financial goals that could turn your year around.
GOAL 2: Invest in financial education
If you struggle with the things to invest in, planning your budget, reducing your expenses and increasing income then this is really important. The success of your financial goals depends heavily on how much you know as well as how ready you are to execute what you know. It is essential that you begin your journey to financial literacy as quickly as possible.
GOAL 1: Get multiple sources of income
One of the most important ways to keep your finances healthy and secure your financial future is to have more than one source of income. The most financially secure people always have more than one source of income. This allows you to multiply your income and protects you in case of unforeseen circumstances where you lose one source of income. Usually it is safe to have two streams of income but if you are able to get other sources of passive incomes then you are on your way to being secure financially.
GOAL 3: Create and stick with a budget
A wise man once said, “he who fails to plan, plans to fail”. That statement cannot be overemphasized when it comes to your finances. The best step towards planning when it comes to your finances is having a budget that includes your income, how much to save, how much to invest, expected expenses, and a small percentage for miscellaneous expenses that could go back into your savings if not used. This will allow you set realistic goals and put you on the path to meeting them.
GOAL 4: Save and invest more
The figures you earn and your multiple streams of income won’t matter if you are not saving and investing purposely. Saving and investing are the major pillars of financial independence and security. If you have been finding it difficult to save and invest, the best time to start is now and you can start small. You can get savings plans from Tangerine Life as well. They come with investment packages.
GOAL 5: Get a reliable insurance plan
The concept of insurance is mainly to protect you and everything you love in case of unforeseen circumstances. Having a health insurance plan allows you to get good medical treatment without having to touch out of your savings or investments. Apart from health insurance, Life insurance also ensures that your loved ones are catered for in the case of a serious illness or demise. Generally, insurance is designed to help you continue to build wealth even when life happens.
GOAL 6: Cut out unnecessary expenses
Learn to chop off all unnecessary expenses if you are going to build a secure financial future. Increased expenses result in lesser chances of saving or investing. Never buy a thing on impulse, always think about every expense before you make it. Doing this allows you to differentiate between a need and a want.
GOAL 7: Reduce debts
Debts are easily one of the greatest threats to achieving your financial goals. The truth is debts are not terrible but when they get excessive that's when they can really hurt you. If you are going to incur debt, it must be a total necessity or as capital for a business.
GOAL 8: Start a retirement Plan
It is never too early to prepare for retirement and one of the best things you can do is to start preparing now. You can choose a pension plan that suits the lifestyle you want to live in the future.
At Tangerine Life, our mission is to help everyone achieve a financially secure future no matter your status. We have a wide range of products that allow you to protect you, your wealth and everything you love. You can go out there and achieve all your goals while we protect all that matters to you. To be a part of the Tangerine life, visit life.tangerine.africa to begin.
