Monday, 27 October 2014

What's Your Goal?

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?

Photo courtesy of patpitchaya /