By Nomali Cele
Now that 2019 is coming to an end, what should you do if you haven’t achieved your financial goals for the year?
Each year people begin on a clean-ish slate, planning and hoping that their lives will be a little bit better after that 12 months. At the top of the goals list, most people will have financial goals. While these goals are made with the best intentions, 2019 hasn’t been the easiest when it comes to money.
Perhaps when you made your goals for money in 2019, you were counting on getting a raise. Perhaps you’d hoped, like the rest of the world, that inflation would get better and interest rates would get a boost. Those external factors undoubtedly had an impact on how your financial goals for 2019 panned out.
We live in the times of “side hustles” where most people are forced to diversify their earning in order to live a semblance of the life they want. It’s not because people are greedy or that everyone is trying to turn their hobbies into money-making avenues; most people don’t make a living wage!
If your side hustle has barely made a dent on what you earn and your full-time job didn’t give you much in the way of a salary increase, that’s not a personal failing on you. Maybe next year will be different.
Paying off debt
If your 2019 financial goals included paying off debt and you haven’t quite managed it, it’s not the end of the world. As long as you have kept up your instalments, your debts aren’t going to get worse.
Always target and pay off the debts with high-interest rates and maintain the rest.
Saving for a goal
Most people save as they go. Not many can afford to pay outright for small and big goals, be it short- or long-term. Many people also prefer to save instead of going into debt to attain that goal. But this financial goal largely depends on how much a person earns and what they spend. If you don’t have surplus income to put away, it’s unlikely you will mee your savings goals.
But even though you didn’t reach your savings goal, it’s not advisable to get into debt
So, you wanted to get started with investing in 2019 or kick your investment portfolio into a higher gear. But it didn’t go to plan. What you need to keep in mind when it comes to investing, a little better than nothing at all. If you did actually put something away, you’re in a better place than you were when the year began.
When you don’t have a lot of money to go around for investing, the trick is to ensure that the little money you do have is working as best as possible for you. Are you getting competitive interest rates? Consult with an investment manager to see what’s out there and how your current investments could better work for you.