Tips To Help You reach your financial goals for 2024
It’s time to improve your financial situation and find ways to reach your financial goals. You may have made some financial mistakes in your twenties, but it’s never too late to start turning that around and avoid making those same mistakes in your thirties and forties. Here is some simple advice that, if applied correctly, can have a profound impact on your finances.

Have A Plan

If you want to reach your financial goals, you need to have some first. This requires some degree of thinking and planning. The key to setting your financial goals is to ensure they are realistic and achievable. Aiming to go from broke in January to being a millionaire by December is not realistic. However, aiming to have saved up enough money to buy a new couch is doable. Consider where you’re starting out and where you’d like to be by year end. It also pays to think about long-term goals so that you can determine whether your financial goals for 2024 contribute meaningfully. For example, if you aim to be debt-free within the next three years, one of your goals for 2024 should be to make a certain amount of progress towards that goal by paying off a certain amount of debt by December. It would be counterproductive then to make one of your goals getting into more debt. However, if your aim is to improve your credit score so you can get a home loan in a few years’ time, then perhaps it would be a good idea to buy something on credit and spend the year paying it off responsibly to boost your credit rating.

It’s All About The Budget

When it comes to achieving financial goals, you will get nowhere without a well-crafted budget. Determine your monthly expenses and compare them against your monthly income. This will tell you how much money you have to spare when all is said and done, or whether you’re overspending. Try to figure out which expenses are optional, and then see if you can cut these out of your spending so that you can save that money or put it towards debt repayments instead. You will most likely find that a lot of money is wasted on small things every day that add up in the long run. If you add up all the money you spend on things like cigarettes, alcohol, fast food, and entertainment, you will be surprised at how much it costs over time. By cutting back on optional expenses like this, you can save thousands of rands. At OTT Mobile, we facilitate digital payments and transactions through cash vouchers that allow you to digitise your cash, making it easy to manage your money. Contact us today to find out more.

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