• Saturday, July 13, 2024
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BusinessDay

Start early preparation to unlock the year’s potential

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The heat of the festivities are gradually winding up and it’s time to start a new year that could deliver your financial goals, but only if you commence preparations early enough.

One major way of meeting your financial obligation is by strengthening your weaknesses in the outgoing year and also showing the zeal to accomplish your set goals in the New Year.

If you intend meeting a financial need by year end, ensure you do not commence the year with an outstanding debt because it enables you meet your target timely rather than utilising your resources to offset past debt.

A periodic assessment on how far you have gone in meeting your target is also important because it allows you access how much effort you have put in and how much is left in meeting whatever your target is.

However, if you feel your target is enormous, then you have to employ effective tools early enough to enable you meet your needs such as debt control, profit yielding investments and special savings if necessary.

The tendency to encounter some challenges as the year progresses should be expected, thus the need to have an alternative plan to mitigate any challenge that attempts to thwart your effort should be considered from the onset and employed when the need arises.

A major advantage of early planning is the ability to be at a seemingly steady pace with the year, so that you do not feel out paced by the year as against attaining your intended goals by year end.

ODINAKA MBONU