GROW financial stability this 2017

1/17/2017


How many times have you failed at trying to achieve your financial goals? For me, the number of times I have failed has been really high. But for the most part, many of my failures were early on. So to move forward on this cycle of failure, I took some time to figure out why I was failing so often and came up with a plan of attack. Since I’ve created my plan of attack, I’ve become more successful at reaching my financial goals.

Now, isn't it exciting to know that you can turn a brand-new leaf as it is the first month of a new year. In fact, it is the ideal time to clear your mind and to start thinking about clever ways to do a few things differently this year. One of the most important things to consider is how to find some financial stability.

I've read all kind of studies that try to explain why so many of us never reach our goals. I have my own theory based on my experience.  Wikus Olivier, debt management expert at DebtSafe says he finds the GROW coaching model to be effective in reaching financial goals. This model enables you to plan your particular journey (in this case your journey to financial stability) and keeping the end result in mind.

Olivier shares a few practical tips to kick-start your 2017 fiscal journey:

GOAL
Know where you are going
An important aspect when it comes to creating financial stability is to have an idea where you are going with your finances. This can be achieved by putting SMART financial goals in place. Make sure your financial goals are specific (not general), measurable (seeing progress), attainable (making goals practical), realistic (being willing to make it work) and that it goes hand in hand within a time frame (timely).  Goals can differ from person to person, for example:
·         Getting your spending habits in check.
·         Lowering your debt pile.
·         Saving for those rainy days.

REALITY
Your current reality reveals where you are at
Be aware of your current fiscal reality by checking your bank statement. Say it by the name and start renewing your mind to kick the year off with the way you want to finish it.  Consumers try to reach a goal without fully considering their starting point and this leads to missing their goal/s completely. It is most likely that the choices you made in 2016 left you in a bit of debt now in January. Therefore, keep the end in mind, get rid of your debt bit by bit and achieve financial stability at the end of the year.

OBSTACLES / OPTIONS
Obstacles can hold you back from where you need to go -
Choose different options in dealing with them
Consider a few options to gain financial stability at the end of 2017. If 2016 left you in a difficult position, brainstorm and think of creative and practical ways to get rid of your debt. This will ensure that you get to a place where you want to be. Practical ways include taking a good look at your budget (free template if you don’t have one), getting the right advice from a financial advisor or receiving help from a debt counsellor.

WAY FORWARD
Where there is a plan, there is a way
Without realistic action steps, you are going nowhere to attain your financial goal in gaining financial stability. Be committed to taking specific actions to achieve your financial goal/s this year. Actions steps can include: lowering your debt pile or going on regular spending freezes.

GROW some financial stability this year and see yourself smiling at the end of 2017. So take some time to begin using these tips and start reaching your goals.

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