{"id":1516,"date":"2016-01-04T11:07:17","date_gmt":"2016-01-04T11:07:17","guid":{"rendered":"http:\/\/www.newsfin.co.uk\/news\/?p=1516"},"modified":"2016-01-04T11:07:17","modified_gmt":"2016-01-04T11:07:17","slug":"new-years-resolutions","status":"publish","type":"post","link":"https:\/\/www.vizionwealth.co.uk\/news\/new-years-resolutions\/","title":{"rendered":"New Year\u2019s resolutions"},"content":{"rendered":"

Setting goals for saving and investing<\/strong><\/p>\n

Have you made your New Year\u2019s resolutions? <\/strong>Considering that the most common topics are health and finances, there\u2019s a pretty good chance that at least one of them involves a financial goal.<\/p>\n

The start of a New Year is the perfect time to take stock and think about how you can improve your financial position. Many of us start the year with good intentions, but things often get in the way as the year progresses.<\/p>\n

One way to make 2016 a year of real financial achievement is to set up a few small, regular changes and reap the benefits over time. Tempting as it may be to put off tackling your finances, giving your money matters a thorough sort through will help you work towards what you want to achieve financially out of life.<\/p>\n

Be practical and realistic <\/strong>
\nOnce you\u2019ve made your resolution, it\u2019s important to be practical and realistic in working out how to stick to it and achieve your goals. If you have multiple financial goals, it can be useful to try to prioritise them \u2013 from what you feel is the most important goal through to goals you may not be as concerned about. For example, protecting your finances and income initially may be most important, before you start thinking about saving or investing.<\/p>\n

In order to make plans for the future, you need to know where you are today and where you want to be in the future. Goal setting is very much like creating a business plan. You need to know a starting point and ending point, the time frame for \u2018exiting\u2019 (or reaching your goals) and the estimated cost involved.<\/p>\n

Consider and plan your goals<\/strong>
\nRetirement planning or property purchase over the very long term (15 years or more)<\/p>\n

Life events,\u00a0such as school fees over the medium term (10\u201315 years)
\nRainy day or lifestyle\u00a0funds to finance goals such as a dream sports car over the medium to shorter term (5-10 years).<\/p>\n

What really matters most? <\/strong>
\nMany people muddle through their financial lives, spending to meet the day-to-day expenses that dominate their attention. That\u2019s why to get what you want most, you must decide which goals will take priority and work toward the lesser goals only after the really important ones are well provided for.<\/p>\n

Minimum time horizon<\/strong>
\nThe minimum time horizon for all types of investing should be\u00a0at least five years. Whatever your personal goals may be, it is important to consider the time horizon at the outset, as this will impact on your approach to achieving your goals. It also makes sense to revisit your goals at
\nregular intervals to account for any changes to
\nyour personal circumstances, for example, the arrival of a new member of the family, or as you enter retirement.<\/p>\n

Reflect on what worked<\/strong>
\nAs a starting point, consider the goals you set previously, and reflect on what worked and what didn\u2019t and why. Once you\u2019ve done this, it\u2019s time to define your specific goals clearly.\u00a0Most people tend to set goals that are more about money than about objectives that motivate them emotionally.<\/p>\n

SMART resolutions you truly value<\/strong>
\nGoals that are tied to what you truly value are often easier to achieve than goals that are simply tied to money. Part of what gives this type of goal its power is that it\u2019s SMART: it is Specific, Measurable, Attainable, Relevant and has a Timeline.<\/p>\n

The first step sets you on a path and should also be:<\/strong><\/p>\n

Specific \u2013<\/strong> \u2018To get wealthier\u2019 is not a specific or clear goal, but \u2018to achieve two thirds of your previous working lifetime income at 55 when you retire\u2019 is<\/p>\n

Measurable \u2013<\/strong> Set deadlines for your financial goals, such as the age at which you want to retire, or the timeline for buying a holiday home<\/p>\n

Achievable \u2013<\/strong> Use your own income (and expected income) to set your financial goals for the future. Don\u2019t count on inheriting money<\/p>\n

Relevant \u2013 <\/strong>Create a personal financial bucket list of goals, but always view it as a flexible document that will change with time as your interests and life situation changes<\/p>\n

Timeline \u2013<\/strong> Identify your time frame by categorising your objectives by short-term, medium-term and long-term financial goals to provide focus and to help match your goals with appropriate savings and investments<\/p>\n","protected":false},"excerpt":{"rendered":"

Setting goals for saving and investing Have you made your New Year\u2019s resolutions? Considering that the most common topics are health and finances, there\u2019s a pretty good chance that at least one of them involves a financial goal.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts\/1516"}],"collection":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/comments?post=1516"}],"version-history":[{"count":0,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts\/1516\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/media?parent=1516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/categories?post=1516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/tags?post=1516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}