HOME > BLOG > Budgeting and Saving > New Year, new you, new goals?

Research1 suggests that only nine per cent of people keep their New Year’s resolutions.

Whether it’s a renovation, house deposit or getting ahead on mortgage repayments, keep your 2019 property goals on track with our tips for sticking to your resolutions.

Write down your goals

  • Picturing and writing down your goals will increase your chances of achieving them – so do yourself a favour and put pen to paper! It will challenge you to be clear about what you actually want and what you need to do to reach your goals.

    Here are a few things to keep in mind when you are setting your goals:

    • Be specific with your goal and ensure it’s measurable in an allocated time period. You are more likely to reach your goal if it is tangible. If your goal is to save money, put an amount and time period to your goal. For example, saving $1,000 per month is something you can keep track of and measure your progress.
    • Keep it real. While it’s important to challenge yourself, there is no point setting a financial goal you cannot achieve – don’t set yourself up for failure! On paper you might be able to achieve your goal, but realistically are you willing to make the sacrifices for it, or do you need to reassess the goal?

    Check out ASIC’s Money Smart savings goal calculator which will help you work out how long it will take to reach your savings goals.

Writing down your goals will help you commit to and achieve them

Create a checklist

  • It's also helpful to break your large goal into smaller stepping stones so you can celebrate wins along the way. Create a timeline, marking off milestones as you achieve them to help you stay focussed and motivated.

    Throughout the journey, reassess the checklist. Your priorities might change or you might need to give yourself extra time than anticipated. On the flip side, you might find yourself in a position where you can extend your goal.

Get your finances in order

  • If you’ve got renovation plans or a property purchase you want to save for, it’s important to plan ahead financially. Creating a budget that divides your weekly spending into ‘buckets’ for savings, bills and everyday expenses will make it clear where you overspend and how you can cut costs. The Money Smart budget planner will only take you about 20 minutes to fill out.

    If you’ve never put together a budget of your typical spending you may be surprised when all your money is going!

    As part of your budgeting, it’s also a good idea to plan for the unexpected – the emergency fund. This includes expenses you know are coming, but are not sure when or how much they will be, such as car or home repairs. You can look at what they have cost previously and plan based on these figures. Even if you don’t get it right, you’ll have some extra funds put aside.

    Don’t set and forget. You’ll need to review your budget every quarter to ensure it still reflects your current income, spending and goals.

Be sure to review your finances.

Improve your cash flow

  • There are some ways you can free up cash from your current budget, such as trading takeaway food and coffee for at-home options or catching public transport or carpooling to get to work. Take a look at your budget and look for easy swaps which will add up to make a difference on a monthly or yearly basis.

    However, growing your income sources through a pay rise, promotion or side venture is the most effective way of increasing your personal cash flow. The start of the year is the perfect time to put together some professional growth goals which can also can help your pocket too!

Stop saying ‘I’ll get around to it’

  • Life gets busy at times. It’s very easy to say ‘I’ll do that later’. Make 2019 the year you stick to your New Year’s property resolutions! Stay accountable to yourself, be realistic and don’t get too hung up if things don’t go exactly to plan!

1Based from the research shared from Domain.
The opinions expressed in this article are the opinions of the author(s) and not necessarily those of State Custodians. The above is general commentary only and is not advice tailored to any individual’s financial situation. We recommend seeking advice from a mortgage or finance professional before implementing changes relating to your finances.

  • Use a calculator to get an estimate of how much you can borrow. Try one here.

  • See if you qualify. To get a more accurate idea of how much you can borrow with State Custodians, click here.

  • Call our Lending Specialists and they can do the calculation for you over the phone plus answer any questions you have at the time. Talk to us on 13 72 62.