As we enter a year that follows hard on a year that many would rather just forget and one which promises a lot of change in the way we do things, one might be forgiven for being a little ambivalent about how they approach goals for the coming year. It is reasonable to ask “what kind of goals mind-set do you have right now?”

We are still facing and fighting a second wave of the virus that took us all by surprise just shortly after we set our goals last year – and look at the storm caused by that! What we need to remember though is that we are better prepared now. We know something about this virus and all over the world vaccines are rolling out. We are no longer not in control or likely to suffer the same kind of consequences that we did in 2020 – so let’s not go into 2021 with a ‘Willy-nilly’ goal-setting attitude.

Certainly, we know from the lessons learned in 2020 that we need to proceed a little more cautiously and many of our articles during the thick of the pandemic and the ensuing market downturn spoke about the types of insurances and other financial protectors that we do need to have in place to ensure that our long term goals are realised – but let’s also not compromise what we still want to aim for.

Here are a few useful tips you can keep in mind as you decide on financial goals for the coming year –and just as importantly – to remain committed to them as 2021 unfolds…

Keep your eyes on the prize

There’s an old saying about keeping your eye firmly fixed on the prize. When you set out to set financial goals this year remember the future you have always envisaged for yourself. Don’t think because you may have just suffered a couple of setbacks that you can’t still achieve that retirement villa in Spain.

Keep visual reminders of the big prize around to see and encourage you all the time. Go to Spain the next time you can afford a good holiday and look at the kind of place you want to buy – and even if you don’t get there now have pictures up wherever you can see them and always remain ‘fixed on the prize!’

Be realistic and build it into the budget

Remember that building wealth is about creating a holistic plan that gets there step by step. Be realistic about what you can spend and save every month, then build your financial wealth plan into your budget. This must be fixed and not negotiable.

Try to extend yourself a little too if you want the big prize. Add some big bonuses you might achieve to the package as you go along.

Setbacks should simply be a change of course

To remain committed to long term financial goals the biggest thing is not to just stop when setbacks occur. These often simply mean a change of course or short term strategy adjustment.

This is where Financial Advisors play such a huge role, as they plan for contingencies when they assist you to structure the initial profile. This was attested to by many Hereford Group clients when the pandemic hit us and those who had taken solid financial advice had found themselves pretty well cushioned to take the blows in the short term and remain on course for the duration.

Choose a Financial partner to assist you

One of the best things you can do when goal setting for any financial future is to enlist the assistance of an experienced, knowledgeable Financial Advisor who can partner you throughout your financial journey.

Talk to us – and whatever 2021 holds, with a Hereford Group Financial Advisor at your side the chances are you will enter it with a positive goals mind set – determined to achieve financial security, independence and yes – that Villa in Spain!

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Stay Safe. For all official information and updates regarding COVID-19, visit the South African Department of Health’s website at www.sacoronavirus.co.za