How to keep your financial planning on track

Keeping your finances in check is not the easiest task. How do you make sure you’re still headed towards your long-term goals? We’ve put together 7 tips to help you meet your financial goals.

Set up automatic deposits into savings

One of the simplest ways to start saving is automatic deposits into a savings account. Once you’ve decided how much you want to save each month, week or fortnight, you can set up automatic payments from the account your income goes into to a savings account. The same can be done for any bills you need to pay. Some energy providers even offer discounts for people who pay their bills via direct debit.

Watch your savings

Once you’ve setup your automatic transactions, the next thing you can do is to keep an eye on your savings. Are they progressing the way you want or need them to? Evaluate and reevaluate your savings regularly to make sure you’re on the right track to meet your goals.

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Re-budget frequently

Have your circumstances changed while you’ve been saving? Have you re-budgeted to reflect that? Re-budgeting your finances frequently can help to keep you on top of them. Even if you’re saving well, can you save more? If so, you could meet your goals sooner than you thought. Or you could save a buffer as prices can vary a lot over time.

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Watch the market

Prices can vary as markets can change, going up or down regularly. If you’re the type to invest your finances, the best thing you can do is to keep a close eye on your money. Stock prices can change every day. If you’re looking to invest or you already have an investment, then watching the market should become a regular hobby for you in order to keep your finances on track.

Be prepared for emergencies

Bad things can happen. Perhaps it’s an investment gone bad, sudden car repairs or a medical expense. Being prepared for these kinds of events means that if or when they hit you, they won’t hit as hard. Having a buffer for emergencies can mean keeping your finances where they need to be in order for you to reach your goals.

Celebrate when you do well

This doesn’t mean throwing a party every month when you’ve managed to save a little bit. This means acknowledging when you've hit your short term goals and maybe treating yourself to something small that won’t hurt your long term goals. Positive reinforcement can help you achieve goal after goal. You're less likely to give up on your financial goals if you feel like you’re being rewarded.

Reevaluate your goals

People change. Lives change. Sometimes what we want can change too. If your financial goals alter in any way, perhaps to something more expensive, you may want to consider changing your savings plan as well. Or maybe you’ve achieved your goals and you need to set new ones. Keep looking forward towards the future with your finances and you should have no problem staying on track.