8 Tips to Reach Your Money Goals for 2019

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A few weeks ago, we talked about freelancer goals for a better 2019.  Are you starting to draft your goals for this year? I hope you are. And what's yearly goal setting without targeting your financial goals! Before you raise your pitchforks and curse my materialism, hear me out.

Money may not be the most important thing in the world. But let's face it. It definitely affects the travels you can do, the houses you can live in, and the quality of life for you and your family.

Therefore, you should be adamant in setting realistic financial goals for 2019! Don't know where to start? Here are 8 tips to reach your money goals for the coming year.

 

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Create a Budget, If You Haven't Already


This is the first step to financial freedom. You should plan your expenses depending on your current income and projected expenses. How many years have passed when you had so much money but didn't even know where it all went?

It's time to start a new habit today! Remember, what you don't measure, you don't improve.

If you have a working budget already, you can tweak it this year with the new goals that you might have. New mortgage? New Car? Did you get more income? Adjust your budget accordingly. Time to track your income and expenses. Check out this budgeting and investing guide to jumpstart your prosperous year ahead!

 

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Create a Plan to Pay Off Your Bad Debts


Overspending and swiping you card like there's no tomorrow. We all have been there. This may be from our tumultuous youth years or maybe a sickness up until today! It's time to end the cycle. 2019 marks the end of your debt downward spiral.

There are numerous techniques to pay off your debts. You can target the debt with the largest interest or start by snowballing the lowest balance first while paying off the minimum from the others.

There is no right or wrong approach. Find the approach that would work for you. Because if you eliminate these bad debts, you will surely have more income and savings by the end of the year!

 

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Be Conservative in Your Estimated Income


As a freelancer, we might have projects that come and go. And in budgeting, having a dwindling income figure might deter us from properly preparing. What if your expected income didn't arrive because the client terminated? What will happen? Goodbye budgeting goals!

With this, you should be conservative in your income estimates. Check out your clients. Which are the biggest, most loyal, and recurring ones? Better based your budget from there at least for your fixed expenses like food, shelter, and the like.

 

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Prepare Your Taxes Early


The end of the year means the tax season is approaching. We all have roughly 3 months to prepare for it. But with this pseudo time limit, we procrastinate until the very last minute.

You don't want this to happen. The penalties you might incur could've been used for other more important things. Check out this taxation guide to help you in the process.

 

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Avoid Buying on Full Price during Peak Season


Unless you absolutely need it, you should refrain from buying anything at full price. I mean, gadgets, clothes, and anything sold for that matter has ample margin for the company to profit.

Give or take, most have more than 100% markup. This allows them to lower the prices during sale periods and slack season. Knowing this fact, why should you buy anything at full retail price then?

If you want something and your budget is tight, better wait for the prices to go down first before you purchase. Because I tell you, it will go down. Just be patient.

 

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Review Your Subscriptions and Small Purchases that Accumulates Overtime


In any way, I'm not saying that you shouldn't enjoy your money. In fact, you really should. But if you have financial goals with a tight budget, you better rethink some of your recurring expenses.

Look at your gym memberships, Netflix accounts, and etc. Did you use them frequently? OR did you even use them at all?! Do you really need that $5 dollar coffee every single day? Do you have to really eat out with your friend every week?

Weigh these expenses because this can be the answer to that extra cash that you desperately need in 2019.

 

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Create an Emergency Fund


But you really can't help it when your clients suddenly stop getting your services.  Also, a sudden emergency might happen. That's why we need an emergency fund!

I know. Almost every budgeting and financial guru implore you to build one. And there's a good reason for it! You want the peace of mind it holds.

You don't want to spiral down to debt when something bad happens (which is the case for most people). So build at least 3-6 months worth of expenses to be protected from mishaps that may happen.

 

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Protect Your Assets with Insurance Plans


And speaking of great emergencies, although we may have the money to pay health or accident-related expenses, we certainly don't want to use the money on it.

Therefore, we must be prepared with some form of insurance to protect our assets. In the Philippines, there are health insurance companies like Allcare.io that designed their products to cater to the needs of freelancers. You even get grab app vouchers and free Internet!

But regardless of the provider, you should have some form of insurance to protect your hard earned money from such expensive emergencies.

What are your financial goals for 2019? It’s hard to reach them. But it’s all worth it. With these 8 tips, let us strive to reach our money goals for 2019! Good luck!


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