3 Financial Goals to Make this New Year!

Keith Peters

If you want to set your 2020 financial goals, you will have to make a realistic plan to fulfill it. Proper planning will help you to save for the incoming new year. Financial planning is a major factor regardless of your age. The objectives of your life and wealth are the main elements of the financial plan. When you are making a plan as a student, you should make sure that your financial goal will ensure the definition of SMART. Where S represents Specific, M represents Measurable, A represents Achievable, R represents Rewarding, and T represents Trackable. You should focus on both current and future requirements and you should choose the plans which are flexible enough to adjust your life events!

Minimize Your Expenditure

It is one of the most important things you should do — try minimizing your daily expenses. Here are some tips on how you can achieve it:
  • You can eliminate your expenses for a gym membership. You may find a place where you can get gym facilities free of cost. Or try working out at home!

  • If possible, avoid eating in restaurants. You’re an adult now, try making your own meal at home! This will save you lots of money.

  • Travel expenses are a major factor when you are trying to minimize your expenditure. Before you go to that beach you’ve always wanted to go to, plan your budget ahead of time! Wait for airline promos and book your stay in a hostel or Airbnb. This could help you save tons of money.

  • Milktea and lattes — we know, we know, we are all guilty here. Did you know that an average Filipino student spends P2,000 a month on these drinks? Yep, maybe it’s time to try cutting them down.

Design Your Budget

Plan an effective budgeting to fulfill your 2020 financial goals! Before making a budget, you will have to think about your total income, fixed expenditure, and how much do you want to save. You can consider the monthly payment for your student loan as a fixed expense. Follow the SMART planning that we have mentioned earlier!
  • Set realistic goals

  • Identify your income and expenses

  • Separate needs and wants

  • Put your plan into action
Make sure that you are not spending more than you make. Balance your budget to accommodate everything you need to pay for.

Earn Extra Money

There are several ways to earn extra money which will help you achieve your financial goals. Some of these ways are as follows.
  • You can join as a part-time teacher in educational institutions by choosing a suitable time.

  • Try applying as a barista in your favorite local coffee shop. Many students do this because most cafes offer flexible time and they are always in need of baristas!

  • English tutors are very in demand these days. Lots of international companies offer this job position. Plus, English tutors are well-paid!

By following the above-mentioned ways, you can easily fulfill your 2020 financial goals!

InvestEd offers Student Loan Programs that will help you achieve your dreams! Head to www.invested.ph