How to Actually Achieve Your Money Goals This Financial Year
It’s officially a new financial year and if you’re thinking this is the year to finally achieve your money goals, we are here to help.
H&R Block ambassador and The Broke Generation’s Emma Edwards has given us a few ways you can crush your financial targets over the next 12 months.
If you’re looking for some more ways to smash your money goals this year, check out Edwards’ tips on easy ways to feel wealthier.
Tips to crush your money goals this financial year
Set new mid-year goals Now that we’ve officially crossed into a new financial year, Edwards says this is the perfect time for a money goal reset:“Take the new financial year as a mid-year goal reset, and revisit the things you wanted to achieve at the start of the year with fresh eyes. Don’t berate yourself for things you haven’t achieved. Instead, reflect on the past six months and set new goals for the remainder of the year in a way that’s achievable for you right now.”Get the most out of your tax return Taxes may seem like a chore, but if it means a hefty return is coming your way, it’s worth it. Edwards reminds us that it’s a good time to deduct any work-related expenses:
“Whether you’re expecting a tax refund or not, you can still get the most out of your taxes by making sure you’re on top of your record-keeping and deductions. Don’t let the opportunity to deduct work-related expenses pass you by! If you think you could be missing out on deductions or need help feeling more tax confident, H&R Block offers a range of affordable tax services to suit you.”A reminder that, sadly, Netflix is generally not considered a work expense. Set Mini Milestones You don’t have to hit your money goals all at once. Instead, Edwards advises setting yourself some smaller goals:
“Achieving your goals is all about consistency – and that requires accountability. Set yourself mini milestones for the second half of the year, to keep you engaged with your goals and break down the path to achieving them. Start by diarising monthly check-ins, and noting down action steps you need to take each month to keep the wheels in motion.”If you need some ideas for smaller money milestones you can find some here. Win small to win big When it comes to money, even the smallest amount can become something big.
“It’s textbook money-saving talk, but small amounts do add up. Focusing on areas where you can skim your spending on a micro-level (e.g. spending $10 less at the supermarket, or downgrading your phone plan to shave $15 off a month) can add up to big savings over time,” Edwards said. “Often we feel powerless when we need to save money because there isn’t much room to free up big money in individual areas. But when you save $10 five times, suddenly you’re playing much bigger with your savings, but with far less sacrifice.”Track your spending against your goals Now that you’re focusing on cutting costs, make sure you actually track that alongside your money goals. Edwards says this can help build a “goals-first mentality”:
“We all understand the concept of tracking our transactions and cutting back on non-essentials. But are you putting that into the context of your goals? Try reviewing your transactions weekly or monthly, and assess each period on the extent to which your spending behaviour aligned with your goals. It doesn’t always have to be about tracking to cut things out or berate yourself for areas of overspending.” “Instead, try tracking with a goals-first mentality. This allows you to optimise where your money is going in a way that better serves your broader goals, rather than dwelling on a $5 coffee or a new jacket when those actually might not be the things standing in your way. Review your behaviour, not the granular details!”
If you’re looking for some more ways to smash your money goals this year, check out Edwards’ tips on easy ways to feel wealthier.
The post How to Actually Achieve Your Money Goals This Financial Year appeared first on Lifehacker Australia.
