TIME TO CONSIDER YOUR FINANCIAL RESOLUTIONS?
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GUIDE TO FINANCIAL PLANNING FOR THE NEW YEAR
Plan your financial blueprint for 2024 and beyond
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s we usher in 2024, it's time to consider our financial resolutions. Many of us set New Year’s objectives, yet how many of us actually attain these goals? We all harbour unique financial dreams and aspirations, which may sometimes feel unattainable. In the intricate world of finance, the path to your financial objectives might not be as straightforward as you'd like. This is where the essence of financial planning comes into play. Financial planning is a tool designed to secure your financial future. It seeks to pinpoint your financial objectives, prioritise them and then map out the precise steps
required to reach them. If revamping your financial plans is part of your New Year's resolutions, here are some considerations to help you plan your financial blueprint for 2024 and beyond. SETTING REALISTIC PERSONAL AND FINANCIAL GOALS Any goal, especially a financial one, without a clear aim, is merely a wish. This holds true when setting financial targets. It's often mentioned that saving and investing are postponed consumption. Thus, you need to understand why you're taking your actions clearly. This could range from planning for your children's education, your retirement,
a dream vacation or buying a property. Once the objective is crystallised, it's vital to assign a monetary value to that goal and establish a timeline for its achievement. The key is to enumerate all your future objectives and assign them a value, no matter how trivial they seem. Keeping your goals realistic is crucial, as it will help you stay on track and keep you motivated throughout your journey until you reach your destination. You need to strategise for your desired outcomes, which will likely involve determining how much you need to save and invest to fulfil your objectives. The strategy for reaching each financial objective won't be identical, hence
