Financial Flats For 2010
Finance July 6th, 2009
Soon we had entered the year 2010. Do you already have your financial plan in the year 2010? If not, maybe you should try to answer honestly the following questions are:
Do you monitor each month how much you spend?
Do you pay your credit card in full?
Did you already set aside some funds for retirement?
If you answered ‘No’ to question 3 above, it’s time you unpacked about personal finance and getting ready mengahadapi in 2010 with a new resolution.
Citi in Indonesia said that its financial tips, the first step to managing finances better is to evaluate your current financial position, namely the re-asset records (whatever you have) and how much debt you have. Good way to manage finances is used to create a budget where you can monitor the income and expenditure.
Based on the survey Financial Intelligence (Financial Quotient) from Citi Indonesia, only about 29% of people who follow a monthly budget that they create, while 82% had at this stage of trying to create and follow a budget.
For that, it’s time to tidy up your financial management and once you know the current financial position. You can make plans and financial objectives are SMART. Anything?
S (Specific): Set specific targets, do not just say: “Starting next year I will be more diligent saving.”
Determine how much savings you want, start when you save money and in how long you will get the desired value. Thus, you can also become more disciplined to set aside some funds to be saved per month.
M (Easily measured): Setting measurable objectives can help you monitor whether you are on track to achieve goals. If your goal is to raise funds for the down payment for a new house next year, then determine how much money from your income should be set aside per month. Each month you can measure had reached where your financial position.
A (Will be achieved): Make goals you can accomplish and think long term, but still find the small goals that can help you achieve greater results. Suppose you want to have a USD 15 million in a year, then the small goals you need to accomplish each month is to save a minimum Rp. 1,250,000 in the next 12 months.
R (Realistic): Creating financial goals must be realistic, because if not, you could face a very big failure. For example, you aspire to reach the target 60% rate of return on investment within a year.
T (Goal Real): real goal is the achievement of something that really exists, and can be measured. You will be motivated to set higher goals if you ever reach that goal ever before you decide.
Involve family members in setting financial goals, because they too will support the achievement of these goals. Write down these goals and review from time to time, this will be very helpful in achieving your financial goals.
