Leon Bart Financial Services

Financial GOALS to Implement in 2020

5 Financial GOALS to Implement Right NOW IN 2020

It’s a New Year 2020, and that means it’s time to set Financial Goals and Review your Financial planning. Whether you want to save up to buy your first home, jump start your retirement savings, or pay off debt, there’s no better time to set your Financial goals straight away to kick start 2020 positively?

These 5 Financial Goals will help you make lasting and meaningful changes to take control of your Finances in 2020, and beyond. Choose to do just a few of them or tackle all of them, but either way, working towards your financial goals — and having a plan to make your resolutions stick — are the first steps to maintaining a healthier Financial future.

Here are 5 Financial Goals

1. Stick to a Monthly Spending Plan

This may seem like a simple Goal, writing out a spending Plan each month is the first step in getting control of your Finances. If you can write out your budget each month, and put every Rand you earn in a specific place, you will begin to improve your Finances. My advice to you – seek the services of a trusted Financial Planner to assist you appropriately with your budgeting and advise you accordingly?

Here’s why: Writing out your budget and how you spend your money helps you get a better handle on where you are each month — where you’re excelling, plus where you can improve, i.e. cut spending. 

2. Pay Off Debt

Make a specific goal on how much debt you want to get rid of this year. If possible, you should try to get completely out of debt, but depending on your income and the amount of debt you currently have, you may not be able to do that.

Set a goal of how much debt you want to pay off this year, then work backward and calculate how much money you’ll need to put toward that debt each month. If you follow a debt payment plan, you will speed up how quickly you can pay off your debt.

3. Save Up an Emergency Fund

The size of your Emergency fund really depends on your current situation. If you are still getting out of Debt, you should have a smaller Emergency fund until you pay off your Debt, like a R10 000.

If your job is more volatile or you are the primary breadwinner for your family, you should aim to save up at least three to six months of living expenses in your Emergency fund. This will help cover you in the event of an Emergency without accumulating more Debt. 

4. Start Saving for Retirement

If you have a fulltime job, you should contribute up to the amount that the company will match until you are out of Debt. Once you are out of Debt, then you should begin contributing at least 15% of your Gross income towards retirement savings. The amount you get from your employer match should count towards that fifteen percent.

Otherwise, you should contribute 7.5% of your earnings until you are out of debt (not counting your mortgage). This allows you to start building your retirement savings, while still freeing up money to put towards Debt. If your company does not provide for a company Pension / Provident Fund, you should consider contributing towards a Retirement Annuity Fund instead.

5. Set up a Financial Plan and regularly Review

long-term Financial Plan will address all aspects of your Financial Fitness. This plan should have timelines of when you will purchase a Property when you will Retire and any career changes you plan to make. It should also include an Investment strategy and a plan to build wealth creation.

The Financial Plan will help you make financial decisions over the next few years and can be one of the most beneficial things you do. A financial plan can be more effective than just setting random financial goals without looking at the bigger picture. Your Financial plan may be different if you are single than if you are married, but it is essential to have one, no matter your relationship status.

Please ask me to assist and implement a FINANCIAL PLAN in place for you to navigate your future Financial journey.

Looking forward to catching up with you soon.


Financial GOALS to Implement in 2020