Monday, 27 October 2014

What's Your Goal?

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They say a goal is a dream with a deadline. What’s your goal? Do you want to be out of the country on vacation once or twice a year, buy a car or a home?

At times our goals seem like they would be too hard to achieve within a reasonable time frame. However, with some planning and altering of some habits, we can achieve our goals quicker than we think possible. About a year ago I noticed advertisements by a financial organization that showed a load of take-out boxes on an airport trolley and a car made up of coffee cups. Immediately, I was reminded of the book The Automatic Millionaire by David Bach where he talks about the Latte Factor. If you’re someone who buys a latte on your way to work every day and gets take-out a few times a week curbing that habit could get you closer to achieving your financial goals.

A medium latte at one of the largest coffee chains in North America is about $4 each and a take-out meal is an average of $12 each. So, five lattes and three take-out dinners a week turns out to be a total of $2,912 a year! With that you could take two vacations a year, or if you save over a couple of years it could be a decent chunk of money towards a down payment on a condo.

Whether it’s take-out dinners, clothes, shoes or entertainment ̶ some changes, better planning and management of your money could help get you whatever your dream is.

What's your goal and how will you achieve it?

Catherine
Photo courtesy of patpitchaya / FreeDigitalPhotos.net