How to make your 2015 goals a reality

Are you still on track with your 2015 goals?

2015 Goals

It’s March! Already?
Who would have thought it, March already? Hopefully those financial New Year’s resolutions are going well, but for many of us they are long forgotten as soon as the first unexpected emergency rears its ugly head in January.

So dust off those resolutions, and let’s take a look to see whether or not you’re still on track to reach your goal.

The four most common savings goals people have at New Year are for:
A holiday
A new car
A deposit for a house -or-
Finally paying off that credit card!

Happy Holidays

Let’s look at the figures for each of these worthy goals. If you’re planning on a holiday overseas at the end of the year, putting aside a small amount each week can see your dream come true.

For a $5,000 holiday, you need to save only $122 per week over 40 weeks. For a $10,000 holiday – save $244 per week.

Why not just wait and put this holiday on your credit card? Because if you put that same amount on your credit card, you will end up paying up to an extra 20% on interest. So, even if you paid it off over a frugal 3 months that still equates to an additional $377 that your $10,000 holiday would cost you, purely in interest alone.
A Brand Spanking New Car

If instead you’re looking to buy a new car, you’ll be looking at around $10,000 for a cheap city run about. Again, budget to save $244 per week and buy the car at the end of the year. Compare this to car financing – if you financed the car over a 5 year lease at 8% this will cost you an additional $2,166 on the car price in interest!
A Deposit on a New Home

Could you increase your deposit for a home by $20,000? When looking at purchasing a property, this would increase your borrowing power by $38,075. Imagine what kind of property you could buy with that little bit extra – could you get another bathroom with that? Perhaps some more outdoor area? Perhaps a little closer to the suburb you want?

To see your dreams and goals come true by the end of this year, start now. Even if you’ve fallen off the wagon on your New Year’s resolutions, getting back on track today will pay dividends by the end of the year.

Contact Us to make your 2015 goals reality!