2015 Finance Goals, Wellness and Recommendations
Each end of the year many of us set to ourselves Personal Finance goals for the up coming year, these goals are strictly related to our finances, both personal as well as our business finance and / or family finance.
In this article we want to help our readers to set attainable goals and also we would like to offer financial advice that could be very useful in 2015.
It is important to set attainable and achievable objectives, we must focus on achieving the financial goals we set for ourselves and for this we do periodic review of these goals, ie quarterly, or any other period we feel confortable to work with to review what percentage level of the goals we have achieved.
We can use spreadsheets to keep track of the process and thus facilitate periodic reviews as spreadsheets greatly help with automation that they offer.
Among the most common financial goals is to homeownership because it offers peace for our families. A new house is a huge expense for any family now a day, which is why most people use MORTGAGE LOANS. and this is why we always recommend that we must have at least 15% of the total cost of the new house, that percent will be used as initial payment, that will help us to only need to finance the mortgage loan no more than 85% of the total value of the property, we also recommend for a term not exceeding 20 years, because 20 years represent a longest period to complete the mortgage loan, wish will become into more money to pay for our debt.
However, it is highly recommended that the initial percentage that we'll use as initial payment be set between 20 and 25% and that the deadline to pay for a period of 12-14 years for the remaining 75 to 80% and as possible to add extra payment to the loan, all this in search of gradually reduce the amount payable in monthly installments.
Among the goals for the upcoming 2015 must create a spending plan, budgeting our expenses properly, either quarterly, monthly, fortnightly and in case of weekly or daily end control, by this we mean that if we create a budget cost control which can include items like housing, food, entertainment, transport and loan payments, family vacations and any other item that applies to our particular case, we could achieve our financial and economic goals more easily. This will help us set our costs and control our personal and family finances. Notably, our costs must be strictly related to our ability to spend ie our expenses should be less than our income.
SAVE Many of us, when we are in an careless economic situation, we put SAVINGS habbits aside, this important sector of our PERSONAL FINANCE, saving helps to achieve our FINANCIAL GOALS. It's recommend saving at least 10% of our revenue, these savings should not be used to help us to achieve any of the goals that we set for a year or two... is more a saving for our retirement years which help us to our stability after leaving the workplace, This is why SAVINGS are so important.
Finally another Financial Goal that we set ourselves for next year (but being the last it is no less important than any of the above) is to always find the best options, we must optimize our costs to reach our goals effectively, all the things we intend to involve sacrifices and those sacrifices are what ultimately allow us to appreciate what we have achieved. We wish all our readers financial prosperity and stability in the coming year 2015.
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