Plan for success: skyrocket your finances this financial year
With the end of the last financial year and the beginning of a new one, you may be looking ahead to see how you can make improvements this financial year. No matter where you are in your financial journey, you can learn some important tips that when implemented, will help you reach, or even exceed, your financial goals.
If you’re receiving money back with your tax return, then you may wonder what to do with it. If you owe money on your taxes, then you will also need to make adjustments to compensate for that. Setting the right financial goals can help you gain financial independence and take control of your personal finances.
If you are just getting started on your journey towards financial independence, it can seem overwhelming at first. You may not even know where to start and that’s ok. Luckily, there are some simple hacks to help you skyrocket your finances no matter where you are currently. Here are our top 5 tips to help you get control of your finances:
1. Invest in Yourself
You may feel like investing in yourself is too far out of reach, but we assure you, it’s not! It doesn’t have to cost a lot of money to start investing in yourself.
In fact, there are a lot of ways you can invest in your own growth without spending a cent! Following blogs for example on any skill you would like to learn like fitness, finance, cooking, coding, or anything else that interests you, can be a great place to start. You can learn a new skill with little to no cost if you are resourceful enough. You may be able to find a blog (like this one!) that will help you learn basic money skills you need to be successful.
There’s a plethora of books and online courses that can help you to gain knowledge or skills that can be applied to your current career or new job search. And of course, there’s always the sea of TED talks, YouTube channels and podcasts dedicated to even the most niche topics online... All you have to do is pick something and get started. The only thing holding you back is yourself.
If you invest on ups-killing in the area that you work in, then chances are you can even claim it back when it comes to tax time - another nice incentive for you to invest in yourself!
2. Invest Your Money
Some people don’t invest their money because they’re worried they don’t know enough to get started. It can seem overwhelming if you don’t know anything about investing, but don’t let that stop you from learning and trying!
You don’t need a lot of knowledge or money to start investing. There are many different investment tools and apps out there to help you get started. If you don’t want to worry about the timing of the market, then you can focus on long-term investments.
Investing a regular amount consistently over time will help you build your investment with what you have available. Investing in low-cost index funds is a great place to start for beginners. It is better to start now with what you have than to wait until you have more to invest. Small amounts invested now will grow over time. If you’re looking for a great summary of how to get started, you can watch our EmpowerHer webinar recording called ‘Investment Fundamentals’ as part of Signature Membership.
3. Set a Goal
There are so many different goals one can have when it comes to personal finance, and if you don’t know what you want to accomplish, you risk making no progress at all. You need to sit down and determine what is most important for you to accomplish financially over the course of the next year. Why not carve out some time, go to your favourite bar or cafe, or if you’re in lockdown, make your favourite drink at home, sit down and get it done.
4. Set Milestones
Once you have an overarching goal, you need to set smaller goals or milestones to track your progress. If you want to save a certain amount, then have checkpoints of smaller amounts leading up to your end goal. This will help you to see that you are making progress and help you stay motivated to reach your goal. It will also help you to know if you need to make adjustments in order to meet your goal.
5. Finding Support
It is important to have the proper support while you are working towards your goals (and often even setting them!). If you are looking for even more tips and strategies to reach your financial goals, or any goals for that matter, then our Signature Membership is the perfect fit for you. We have mentors available to membership holders, some of which specialise in finance to give you more personalised advice and support.
We offer money calculators, videos on managing personal finances, and instruction on career, business, and personal skills you will need along the way. You can become the most remarkable version of yourself with the help of our community! If you’re ready to take the plunge and accell this financial year, join the community now.
Learn more about all the fantastic benefits of our Signature Membership!