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We all probably dream of having millions in our bank account and ultimately becoming financially independent. However, dreaming about financial independence alone will unfortunately not help us achieve that goal. In order to live your best financial life, you need to take action, set financial goals and take control of those goals.
Granted! It’s so easy to neglect and lose track of your finances. Once your monthly salary rolls into your bank account (Cha-ching), you can’t help but forget about all your financial priorities. And who can blame you? You’ve worked hard, so why not spoil yourself a little bit?
Creating and prioritising your financial goals can be quite challenging. However, if you choose to be smart about how you spend your money today, you will thank yourself later. So in order to get you started (if you haven’t yet), here are a few basic financial goals every career girl should have.
Saving, Saving & Saving
Saving is extremely important and definitely one of the financial goals every career girl should have. Luckily, you don’t need to be earning much before you start saving. You can start with the little you have. This can be £10, £100, £200 or even more a month. Saving is important because it helps to protect you in case of a financial emergency.
It’s often advised that you should aim to have at least three to six months of living expenses saved in your emergency fund. So if you’re spending more than you are both earning and saving, it’s time to budget and cut your spending.
Clearing your debts
Whether you’re dealing with credit card or student loan debts, clearing your debts is something you should be striving for. Some debts, such as student loans are mostly inevitable, however, as a general rule, you should NOT be comfortable living in debts. Especially if you’re dealing with large sums of credit card debts – This can negatively impact you and even limit you from certain things such as owning your own home or buying a car.
Make a list of all the debts or personal loans you currently have and start planning towards how you could best pay those debts off. This would most likely depend on your monthly salary or income.
Creating multiple streams of income
Who said that your monthly salary is the only payment you should be looking forward to each month? If you want to become financially independent, creating multiple streams of income is key. It’s also a great way to generate extra income in order to pay off any financial debts as mentioned earlier.
It’s never advisable to be fully dependable upon your day job or one source of income. We are not hoping for the worse, however, what happens if you lose your job or are made redundant? If you’re not sure about how you can increase your income, start with something you’re truly passionate about. Could you get into freelance writing or perhaps become a part-time blogger? Joining affiliate marketing platforms such as Awin, for example, is another great way to start earning while working a 9-to5 job.
Giving back to charity or your local community
The reason why giving back to charity, your local community or church should be part of your financial goals, is that giving is extremely important. Being a firm believer of the principle of ‘give and you shall receive’, financial wealth is obtained also by giving and not just receiving. You don’t get more by keeping everything you have to yourself.
In addition to that, giving is also a great way to build social connections. Although, it’s good to remember that giving doesn’t necessarily have to be in the form of cash. You can also give by volunteering your time, energy and skills.
What some of your financial goals for this year?
