Financial goals are the plans you have for your money over a set period.
Here are 3 critical financial goals you should set this year
Create a budget
Do you ever sit down and ask yourself where your money goes? What if I tell you that you can control where your money goes by creating a budget?
A budget is the first financial goal you should set. It is very simple
You can start by reading our article on 3 simple ways how to create a budget.
Below are the benefits of budgeting
- Building a budget forces you to take a close look at your spending habits.
- Helps you take control of your money
- A budget helps create financial stability by tracking expenses
Have an emergency fund
An emergency fund is money that you have set aside to prepare for unforeseen life events.
This is money that you can set aside that can last you up to 3 to 6 months.
We are living in a world where we are not sure of tomorrow. Anything can happen. Take Corona for example. Who foresaw such an event? Many employees were laid off. What if they had not saved up some money? Just think about it.
An emergency fund will go a long way in preventing you from acquiring debt in times of need.
Have multiple streams of income
In 2023 if you are living from paycheck to paycheck, purpose on diversifying your income streams. .There’s a lot you can do to earn some extra cash.
Most importantly consider something you are passionate about or something you are good at. This is the year to create for your dreams and make money living them.
Having multiple revenue streams will not only increases your financial security but help you achieve financial independence.
Creating a budget, having an emergency fund and having multiple revenue streams are things you should seriously consider this year. When setting your financial goals remember to set something not only specific but also workable. It is also good to review your goals once every three months.
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