How to set a financial goal with your small salary and escape Mkopo

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It’s very easy at this time of year to give yourself a hard time about all of the goals you looking forward to attain.But as time goes by I have the view that you should take the opposite approach. Spend time looking at the financial goals that you’ve hope to achieve during the year and see what you can do to make more money or go for a trip without going into debt.

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Once you’ve figured out how you will able to meet those goals during the current year, take some time to break down the actual process that you chosen to create successful outcomes for your goals. You can make a list of your financial goals. Do that by first asking yourself some questions…

Did you focus on earning more money and were able to rock out an accelerated payment plan on that old credit bill from five years ago?

Was it as simple as setting boundaries and communicating with friends and loved ones that you were still going to happy hours just not three each week, instead you would go to one a week and were using the cash you saved for other things?

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Once you’ve spent some time looking back at what actions changed your outcomes, it’s now possible to see if you can duplicate the successful steps you took as you tackle your other financial goals. There’s an old saying “if it ain’t broke don’t fix it” and this applies to financial processes that work and create successful outcomes.

Next, ask yourself what is most important to you financially in the upcoming year. Here are some personal financial goal examples…

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Become debt-free
Purchase a home
Quit your job
Maybe just save money
Or, focus on savings because you’ve never had a lot in your savings account before.
…Your process will depend on the goal or goals that you choose.

If you are looking to become debt-free, you may need to spend time evaluating your spending, the type of debt that you have, and how quickly you would like to attain your goal. You may end up breaking your debt-repayment goal into types of debt or by the amount of interest that you’re paying on each debt.

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