Sanlam : Set and Achieve Your 2023 Financial Goals

1. Set clear goals: Identify two or three financial goals that you want to achieve this year, then write them out as objectives using the SMART approach. Here is an example:

"I want to save R1,000 per month on my eating out and entertainment expenses, and use that money towards paying down my debt. So by the end of December, I want to have paid off a total amount of R12,000."

Let's see if this objective qualifies as SMART:

• Specific - Yes, it is very clear, sets out a monthly target and a way for achieving it (there is a definite plan of action)
• Measurable - For sure, it can be measured monthly and at the end
• Achievable - It seems doable, especially if you consider the costs of eating out
• Realistic - Yes, it's spread out with milestones per month
• Timely - Yes, it's spread out with milestones per month

2. Create a timeline: Break your goals down into smaller, more achievable steps. Develop a plan of action that includes specific tasks and deadlines. Using the same example above, you can see how easy this step is once you have created a SMART goal, since the timeline is already embedded in your objective and clearly outlines a timeline with milestones and a deadline to keep you on track.

3. Analyse current resources: Evaluate the resources you have available that will help you to achieve your goal. You may, for example, select to use the insights section of your Sanlam Credit Dashboard to monitor your progress and track the impact that paying down your debt has on your credit score.

4. Identify challenges and eliminate distractions: Taking the time to identify and plan for any challenges upfront allows you to better deal with them when they happen. For example, what will you do when you are at the end of the month and your friends want to go out for dinner? Do you decline or will you be tempted to tuck into your savings? Communicating your goal upfront to your friends will make it easier for you in the long term. They will respect your decision and will admire your ability to stick to your plan. You may even influence their behaviour positively. Make sure that you are eliminating any distractions that may prevent you from reaching your goals. This must include limiting the time you spend on activities that don't contribute to your goals.

5. Create a budget: Develop a budget for the resources you'll need to reach your goals. If you are not going to be eating out, what's your plan for dinner? Maybe eat to a menu and shop proactively for groceries so you are not tempted to get take-out on those days that you just don't feel like cooking or are too tired after work to go shopping.

6. Monitor progress: Track your progress towards your goals throughout the year. This will help you stay motivated and accountable. Check your credit score monthly to monitor your progress regularly. From your Sanlam Credit Dashboard, it's easy to link your bank accounts and monitor your spending against a budget that you have created.

7. Evaluate, adjust and ask for help: Even a great plan sometimes gets derailed. As long as you are assessing and measuring your progress against your milestones, you will be able to adjust your plan and make the necessary changes as you go along. Don't be afraid to ask for help when you need it. Whether this is from a family member, friend, or a Sanlam Credit Management Coach, having someone to help you stay on track can be invaluable.

Mashile adds, "With Sanlam Credit Solutions, you can use your credit dashboard as a financial roadmap to achieve your goals. With the complementary helpful tools and access to experienced Credit Management coaches, you can take control of your credit profile, and focus on responsible credit utilisation and debt management while transforming goals into habit-forming and achievable plans."