Last month we talked about getting to grips with your income and expenditure so that you can set some financial goals for 2017. This month we are focusing on planning for the year ahead.
What is Important to You?
Everyone has one thing that is most important to them and that seems to take priority over everything else. Sometimes this can be family, money or career. Ask yourself that question – what is most important to me? When you know what’s most important to you, planning for the year ahead is easier.
Prioritise when Planning for the Year Ahead
We will all have several things that we want to plan for in a year but be realistic. There is no point in thinking you want to have a holiday, move house, buy a new car, change jobs and go visit the relatives in Australia! That’s just too much to plan for in terms of managing your finances. Pick just two or three things you would like to plan for this year and work on those. You can start saving for each thing, adding more to the savings pot for the most expensive.
Saving vs Borrowing
Sometimes it might be necessary to borrow as well as save. When planning for the year ahead, figure out how much you will need to save each week or month and then work towards it.
If you find that there is no way you can save the whole amount, you might want to look into borrowing too. Talk to us here at Nottingham Credit Union about how we can help. Saving and borrowing at the same time means you become better overall at managing your money.
Don’t Give Up!
Things don’t always go according to plan. Sometimes you might allocate yourself £25 a week to save but something unexpected pops up that means you simply cannot save for that week. Don’t give up, you can continue on the week after, or add more to your savings pot another week when you have more money for example.
Most of all remember we only get one life and it is meant for living. Try to get the most out of your budget and your time so that you are ultimately spending more time with your family and what is most important to you.