Stay motivated: Tips for achieving your financial goals

Making a New Year's resolution to achieve your financial goals is the easy but the hard work is staying motivated to keep to those goals. 

Lethukuthula Ngcobo, Integrated Advice Product Specialist, FNB said: "Making the resolution is the easy part. The real work is in sticking to one’s resolutions and seeing them through until the end of the year."

People need the right tools to not only to start the year right but achieve all the financial goals they set for themselves.

Here is a list of tools that consumers can use to achieve their goals for the year.

Saving money and reducing debt

South Africans are unfortunately known for not having a healthy savings culture.  

According to the South African government, the country has one of the lowest savings rates in the world, while research by FNB has revealed less than 23% of South Africans have a week's worth of emergency savings.

"Setting up automated transfers from a main account to a savings account takes away the fuss of needing to remember to do it, and eliminates the actual admin, making consumers habitual savers with very little effort," Ngcobo said. 

Consumers can also try to set up scheduled payments to ensure that as soon as their salary comes in, they quickly clear all of their financial obligations before splurging to avoid debt. 

Growing your wealth and investments 

The recent economic strain has taught consumers the importance of growing their wealth.

Proper investment goals create strong foundations that can contribute to protecting the life, health, and wellbeing of individuals in the short and long-term.

"As part of your resolutions, diversify your investments and build passive income streams to ensure financial stability and resilience," Samukelo Zwane, head of Product, FNB Wealth and Investments said.

"Additionally, strengthen your financial security by contributing to your emergency fund regularly, reviewing your insurance policies and planning adequately for your retirement, will not only safeguard you and your family against unexpected health or life emergencies, but ensure that you are protected in the future."

Travelling 

On the leisure side, travelling both locally and internationally is sitting pretty high on the list of resolutions for many people, but often gets grounded because of costs.

Loyalty and rewards programmes may just be the magic tool and saving grace that you might need as you plan or even embark on your adventure.  

These programmes can help you save money on your plane ticket, car hire, accommodation and fuel.

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