Financial Goals for 2020
If you are lucky enough to have some downtime at this point of the year, it is a great opportunity to take advantage of the space that you have to review your finances. If you have a partner, do this together as it is important that you are both on the same page. If you can, take yourselves somewhere that is quiet and reflect on what you have achieved during 2019. Look back at this time last year- what were you planning on bringing to fruition financially? What changes have you implemented? Which of those changes have worked?
Secondly, take an honest look at what you haven't achieved. Did you get your credit card debt under control? Did you manage to save as much as you had planned? Did you discuss your tax bills with a professional?
Without thought and attention, old habits seem to die-hard and it is even more difficult to implement change. Attend to the things in your life that are sticking out like a sore thumb, and deal with them. For any change to be sustainable, you have to be certain that you know what you are doing, otherwise giving up on your goals is much more likely. If you're not 100% committed to the changes that you want to make, chances are those adjustments will fail. Build out a strategy that is going to carry you through the different seasons, a strategy that can weather the storm. If you're not in a position to build a sustainable plan, reach out to a professional.
If you have a home loan, I would start your review there. How is it going? Or start with your income, where are you spending your money? Get really clear and be honest, most of us are wasting some (or a lot) of our money in one place or another. If you have an investment property, how is it performing? If you have shares, how are they performing? Or maybe you are considering change, perhaps where you are living isn't working for you. This time of the year is a good time to sit down and ask yourself if where you are living is truly worth it. Look at everything you have got and how you can refine your actions to improve your situation.
Remember that at this festive time of year it is important to be smart with your money and to not splurge on unnecessary items. Be sensible with your money- it is the thought that counts.
If you are in need of assistance in any area of your finances, we are here to assist you. You are welcome to give us a call to have a chat about your concerns or book in for an appointment.
From the whole team at PGA Advisory, we wish you a very Merry Christmas and a Happy New Year!
Our office will be closed from Friday the 20th of December until Monday the 13th of January. We will be checking our emails occasionally, so send through any enquiries and we will get back to you. If you have an urgent matter, please call Phoebe on 0413 190 182 or Michael on 0403 157 292.
We look forward to seeing you in 2020.