As we approach the end of the financial year it is a time to take stock. A time to review and plan for the year ahead. Personally, I have had a very successful year and I have seen my online business grow. This year I have started working with a VA and also financially invested more in my business. Blogging offers a career with very low start-up costs. However this year I have invested more in myself. I have bought equipment, hello Canon G7X. The blog’s also moved to a new home, hello dedicated server. This has all had a positive effect and increased my yearly income.
Goal setting is proven to have a positive input in achieving your aims. By putting them out there to family, friends and blog readers it makes them more tangible. By verbalising goals you are giving yourself a mandate and more likely to follow them through. In our book Blogging Your Way To Riches Lynn and I discussed the importance of short term and long term goals.
This year I am setting myself three financial goals. This is driven by our long term goal to be mortgage free by 50. We have a desire to be financially free by 50. This will give us the freedom to work where and how often we want. Teaching is getting no easier and whilst I have left teaching my husband hasn’t. He would like to be in a position to leave at 50 if he wants to.
My three goals are
- To grow my online business income by a further 30%. This will be monitored each month as I obviously record all my income.
- Find the financial product where I am going to place my savings. I have spoken before about taking out a new pension or investing my money somewhere. I need advice on this.
- Continue to diversify my income streams. This will be harder to monitor as I already have two blogs Emma and 3 and this one. I am also the editor of Tots100, plus I do a little blogger outreach. However, I want to continue to grow and make money from other revenues, affiliate income being one of them.
If like me you are looking to make more money in 2017 do check out these top tips.
3 tips to help boost your savings in 2017 from Zurich
- Start a spreadsheet: With so many bills to pay each month, it can be difficult to keep up with how much is coming in and out of your account. You can keep up-to-date by creating a spreadsheet. Having a document that lists everything in one place will also help you to spot where you can make cutbacks. If you’re unsure about how to get started then there are many tools available online to help.
- Make the most of tax efficient savings: Saving for your pension may not be something you are thinking about now, but if you don’t you could be missing out on free money as the government essentially gives you money every time you pay in. For example, if you’re 30 and start saving the equivalent of just £10 a week more into your pension now, by the time you’re 65 you’ll have £48,400 more stashed away (equivalent to £20,400 after inflation) – and that’s before you factor in any added employer contribution you unlock. In addition, each year we also all have over £15,000 worth of tax free savings capacity in ISAs which can often offer attractive returns.
- Do a financial MOT: Consumers have many financial products from utility bills to car insurance and mobile phone contracts. With many, it can be difficult to keep track of how much you’re spending and when each policy is due to expire. By not knowing when your car insurance is due, you might end up being auto-renewed into a more expensive contract that can then be difficult to change at a later date.
Zurich currently is running an amazing competition. The #shareyourgoal competition will reward four winners with £5,000 to put towards their life goal, a bespoke life-goal experience and a financial assessment. To enter you must share a description, photo, or video of your life goal using #shareyourgoal as part of your post or tweet, or comment on the Zurich Facebook page.
Maybe you want to start your own business or you have a once in a lifetime ambition you’d like to realise. Whatever you would spend the money on it is good to set yourself a goal for the year ahead. Do let me know in the comments what your goal is.
All competition winners will be announced by April 17. Full competition terms and conditions are available on the Zurich Website.