Financial planner shares key to achievable goals

Following a year of financial shocks and budget squeezes in 2023, you may well be resolving to start the new year with a new money regime.

But what simple changes could yield the biggest financial return? BusinessDay spoke to several financial planners and coaches and here is some of their advice on how to achieve your financial goals in the new year.

Money Africa, a financial literacy platform

Money Africa suggests creating a more systematic approach to attaining your financial goals in its email titled A New Approach to Setting Financial Goals in 2024.

“Savings for a Goal: For instance, goals like “I want to save N5,000,000 this year” or “I want to pay off my mortgage loans by the end of the year” should be ditched. While these goals may sound good in theory, they often lack the specificity and strategy needed to achieve them,” it said.

Instead, start setting goals that are more actionable and realistic. “For example, instead of just saying, “I want to save N5,000,000 by the end of this year,” break it down to a monthly target, say, N416,667, that’s achievable for the next 12 months. By setting these smaller, more achievable targets, you’re more likely to stay motivated and reach your ultimate goal.”

Citing another example, such as paying off debt. “When it comes to paying off debt, instead of just setting a lofty goal to pay off the entire balance by the end of the year, try creating a step-by-step plan. Set a goal to pay off a certain percentage of the debt each month, or focus on paying off the highest-interest debt first. Breaking it down into smaller, actionable steps can make the process feel less overwhelming and attainable.”

Money Africa also touched on value alignment, it said an important aspect of setting financial goals is ensuring they align with your values and priorities.

“It’s not just about hitting arbitrary numbers; it’s about using your money to create the life you want. So, take some time to think about what matters to you and how your financial goals can help you achieve those things,” the email said.

Ultimately, setting financial goals shouldn’t just be about dreaming big and hoping for the best. It’s about creating a plan and taking intentional steps to make those dreams a reality, avoid vague, unrealistic goals, and start setting ourselves up for success in a way that’s practical and effective.

Ifeoluwa Adegoke, financial planner, lead financial planner Money talks…

Similarly, Adegoke advised that for those looking to set achievable personal finance goals for the year to focus on being realistic and having an action plan.

“With the euphoria that comes with the new year, many people tend to write unrealistic goals, especially for their finances, what makes it unrealistic? when you write a goal without taking into consideration your current financial realities and when those goals are not backed by clear action plans. Take into account your current capacity, think of how you can improve that reality to achieve your financial goals,” she said.

Jennifer Awirigwe, Certified Financial Instructor

Jennifer Awirigwe, Certified Financial Instructor by the National Financial Educators Council, USA, and stock broker said that for one’s 2024 money moves should have some of your money in a stronger currency.

“You can do this through, a foreign bank account,

Investing in foreign stocks, using dollar savings on platforms like Optimus, investing in solid crypto coins if you get the mind, invest in dollar mutual funds on Optimus,” she said.

Sola Adesakin, certified personal finance expert

Sola Adesakin, certified personal finance expert and lead coach of Smart Stewards said to fortify your economy in 2024 and beyond, embrace a strong WILL for a prosperous journey ahead.

The acronym WILL stands for Wealth, Income, Literacy, and Longterm Perspective.

Wealth – aim for abundance, not just sustenance. Wealth isn’t a wish or dream; it’s a goal to aim for and work for. Make money, build wealth.

I: Income – Earn massively and from various sources. Your income is your ticket to financial growth. Earn wisely, spend smarter.

L: Literacy – Knowledge is power, especially with finances. You cannot be financiall illiterate and think vou will have sustainable financial results. Navigate your financial journey with education.

L: Long-term: Think beyond today. Future-proof your finances with a long-term outlook.

The journey to build wealth is a marathon, not a sprint.

Oluchukwu Chiadika, personal finance educator

Oluchukwu Chiadika, shared some financial New Year resolution ideas to kickstart the year.

“Set specific savings targets, set clear investment goals, invest in financial education, build or boost your emergency fund, explore side income or passive opportunities,” she said.