Welcome to new year 2024 - in advance!

It’s a new year and another great opportunity to turn a new leaf and get your financial situation in order. And a key factor in doing that is to set proper financial goals. While setting these goals, Azà Hub believes strongly that there are essential factors that should be considered and here are 5 of them to help you:

1. Do a Financial Self-Diagnosis Consider conducting financial self-assessment as a form of genuine personal financial self-diagnosis. Evaluate your assets and liabilities; take a critical look at your savings, debts, and investments as they stand right now then determine where you want them to be. Assessing your financial status may feel stressful, but gaining this knowledge will allow you know your current financial health and to set realistic goals for the year. Similar to a journey, your current location will determine many things, like the best route to get to your destination.


2. Cultivate the act of Budgeting - Be in charge! See the budget as a building plan or journey map for each segment of the year. It’s important for you to set up a monthly budget and stick to it, this will help you stay in charge, maintain focus, manage your income stream and also curb impulsive buying.


3. Get out of Debt, I mean right now. While debts may be unavoidable under some circumstances, I assure you, being debt-free is an incredible feeling and taking action to get there is another key step to taking control of your finances. By really focusing on getting out of debt you can reduce the amount you pay in interest and this will in turn give you more freedom. You can stop paying interest and start earning instead - what a turnaround to crave for!


4. Save...Save, and...Save, yeah, it works! We know this might sound a bit clichéd, but it is, and will always be, very important. What is the first thing that comes to your mind when you have some spare money on you? Buy a new wrist watch, a 22-inch blonde hair or those killer shoes maybe? Sacrificing some of these pleasures would pay off in the long run.

This new year, cultivate the habit of saving. If you are struggling to find ways to save, you can start by cutting back on some of your expenses; curb some excesses. Saving can be more effective if you set a savings target as well; this shows you where you are going in relation to where you are. Knowing how far off you are will motivate you a lot more and help you reach your goals faster.

A key to ensuring you actually save is:

Save first, and spend the rest. But not the other way round.

I recommend this topic on effective savings strategy: the-holy-act-saving-paying-yourself-fir ... -t931.html


5. Invest, will ya? Now you have worked for money, how about letting the money work for you in return for more money? That should sound fantastic to you. And that is what investing is all about. How you keep your saving is equally as important as, if not more important than, the actual act of savings itself; investing allows you to grow your money at a much quicker rate. Some people have actually accumulated a lot of savings over the years but have no idea of what to do with it! Determine your risk appetite and put your money to work; afterall you worked for it!

With these 5 strategies, you're sure to put your finances in order come new year 2024!

Parting Words
Whatever your financial goals for 2024 may be, we at Azà Hub are here on this journey with you to ensure that you are on track and to provide all the necessary support you need. Our Community members are here for moral support, our knowledge base of useful articles are golden sources of useful information. Also, the Azà Learn online school offers great courses to teach you practical financial mastery.

(c) Azà Hub
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Amazing and helpful post. Thanks.

Make sense

Educative. Thanks for sharing

It's good to prepare. We must open new leaf. Sapa too.much

Spatial wrote: ↑November 16th, 2023, 11:03 am It's good to prepare. We must open new leaf. Sapa too.much

True sir.

Brave talk

Make sure to have a good source of income before setting financial goal

Ernest wrote: ↑December 4th, 2023, 11:28 pm Make sure to have a good source of income before setting financial goal

Hmm... Thing is... Trying to have good source of income is a financial goal in itself.

So, they are all goals - somethingyou wish to achieve in future. These are more examples:

1. Getting alternative income source
2. Saving to buy a house
3. Emergency savings
4. Clearing all debts
5. Investing 200k into stick market

The above are all examples of goals.

Gorrit?

Jared wrote: ↑December 4th, 2023, 11:37 pm

Ernest wrote: ↑December 4th, 2023, 11:28 pm Make sure to have a good source of income before setting financial goal

Hmm... Thing is... Trying to have good source of income is a financial goal in itself.

So, they are all goals - somethingyou wish to achieve in future. These are more examples:

1. Getting alternative income source
2. Saving to buy a house
3. Emergency savings
4. Clearing all debts
5. Investing 200k into stick market

The above are all examples of goals.

Gorrit?

and also avoid loan

Nice one

The year is here. May good financial goals form part of our new year resolutions,

2024 here I come

Avoid overspending

Nice

Apart from the area of finance, setting goals generally is very important in ones life as it will help one stay focused and have aim. Thanks for sharing.

Ubcash wrote: ↑May 10th, 2024, 9:42 pm Apart from the area of finance, setting goals generally is very important in ones life as it will help one stay focused and have aim. Thanks for sharing.

You are very right. Anything you embark on in life, let it be guided by smart goals.