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GROW Financial Stability This 2017

GROW Financial Stability This 2017

It is the ideal time to clear your mind and to start thinking about clever ways to do a few things differently this year. One of the most important things to consider is how to find some financial stability.

The GROW coaching model is effective in reaching financial goals. This model enables you to plan your particular journey (in this case your journey to financial stability) and keeping the end result in mind.

G – GOAL

Know where you are going.

An important aspect when it comes to creating financial stability is to have an idea where you are going with your finances. This can be achieved by putting SMART financial goals in place. Make sure your financial goals are specific (not general), measurable (seeing progress), attainable (making goals practical), realistic (being willing to make it work) and that it goes hand in hand within a time frame (timely).  Goals can differ from person to person, for example:
•    Getting your spending habits in check.
•    Lowering your debt pile.
•    Saving for those rainy days.

R – REALITY

Your current reality reveals where you are at.

Be aware of your current fiscal reality by checking your bank statement. Say it by the name and start renewing your mind to kick the year off with the way you want to finish it.  Consumers try to reach a goal without fully considering their starting point and this leads to missing their goal/s completely. It is most likely that the choices you made in 2016 left you in a bit of debt now in January. Therefore, keep the end in mind, get rid of your debt bit by bit and achieve financial stability at the end of the year.

O – OBSTACLES / OPTIONS

Obstacles can hold you back from where you need to go. Choose different options in dealing with them.

Consider a few options to gain financial stability at the end of 2017. If 2016 left you in a difficult position, brainstorm and think of creative and practical ways to get rid of your debt. This will ensure that you get to a place where you want to be. Practical ways include taking a good look at your budget (download DebtSafe’s free template if you don’t have one), getting the right advice from a financial advisor or receiving help from a debt counsellor.

W – WAY FORWARD

Where there is a plan, there is a way.

Without realistic action steps, you are going nowhere to attain your financial goal in gaining financial stability. Be committed to taking specific actions to achieve your financial goal/s this year. Actions steps can include: lowering your debt pile or going on regular spending freezes.