New year new finances: Eliminate old habits and build wealth in 2020

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Welcoming a new decade of spending

It’s natural during January for us to look back at the last year and take stock of what we’ve achieved. Now we’re going into a new decade, you might be looking back at where you were ten years ago compared to now. Do you like what you see? Or have you found that your hopes and dreams have not quite been realised? Maybe you wanted to purchase a property, maybe you wanted to go down to part time hours at your job, spend more time with family, go on that long-awaited vacation, or start building a nest egg for retirement. If you haven’t quite realised your ambitions or you’re not quite where you want to be, it’s time to reenergise. You’ll be surprised at what you can achieve in a short amount of time.

 

Harness your new year motivation

Whether you are starting 2020 with a stack of debt, a few too many credit cards, or just a seemingly untouchable dream of owning your own property, there is no better time to turn things around and start planning for the future. The festive season is great for some family time, some merriment, and festive cheer. But it’s also a great time for reflection. Going into January you will hopefully have enjoyed a relaxing break, and now it’s time to start setting some goals for the coming months. This shouldn’t just take place in your head – you should be writing down your goals, working out your priorities, and planning how you might get there.

 

Don’t quit if you stumble

This is one of the most important rules. We’ve all been there when it comes to new year’s resolutions; we buy the gym membership and by February we’ve slowed down on our exercise classes. But when it comes to financial planning, you aren’t going to achieve your goal if at the first slow down of motivation you quit. It’s important to keep focused – that is not the same as keeping on track at every turn. It will be normal to have a little stumble one weekend and overspend; but you should try and get yourself back on track the next week rather than giving up. When it comes to saving, you can factor in a buffer so not to overstretch yourself – i.e. “id like to say x amount each week, but will also be really happy with y”. Always aim for your x amount, but know that y will be okay the odd week or two.

 

Visualise achieving your saving goals

A piece of advice we like to give at Reventon is that you can often overestimate what you can do in a year, but you underestimate what you can do in two, three, or four years. And getting started in the hardest part. Imagine starting 2021 having realised part of your financial saving goals – maybe you have paid off all of your debts, and you’re ready to start saving for a property deposit. Or you have successfully reached your savings goals and you’re ready to buy your first investment property (which means your saving in 2021 will be far easier). It’s all about taking that first step, and then you’ll get a taste for the kind of success you could be enjoying year on year. But it has to start somewhere, so why not now?

 

Get in touch in 2020

It may not always be simple to plan your budgets and realise your saving goals. You’ll likely need some more in-depth analysis of your current financial position and your journey to reach financial freedom (however that looks for you). With Reventon, you can get a free personalised plan to get you from A to B. What’s more, you’ll be benefitting from expert advice every step of the way to keep you on track throughout the journey. So if you’re feeling like your new year’s motivation is wavering, you’ll know you have a trusted partner by your side throughout 2020 and beyond.

Start 2020 the right way and book your consultation today.

 


 

 

 

 

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