In Summary

Now is a good time to assess your finances to make sure you’re on track to reach your financial goals by year’s end, Annet Katusiime writes.

To succeed in your financial goals, one thing is needed – commitment. But along the way, there are people and systems that can transition your dream to reality.

I have an accountability partner whose role is to barge me in a positive way. He constantly asks me about whether I have made progress in what I set to achieve at the beginning of 2018. He is a constant reminder about my financial goals.
When setting your financial goals, it’s advisable to have that other person who will look out for your best interests.
When all seems almost impossible, that person becomes your morale booster. Before you know it, you will have accomplished these goals.

This article will act like your accountability partner. So, how far have you gone with your financial goals? It’s the eighth month of the year pretty to say the year is in its evening stage.

However, that does mean it’s over for you who is still figuring out how to start on that financial goal you have been planning for or probably saving for. It is still possible to achieve your dream.

Start now!
Better late than never. Don’t shelve your plans for another year. The start is always the hardest step. Just imagine you have been pushed to the pool of water. It is up to you to swim or drown.
Develop a business plan and get down to the nitty-gritty of set up costs, cash flow projections and balance sheets.

Start small!
Small beginnings harvest great empires. Most people think they need certain amounts of money to start a business. This becomes their greatest challenge.

I believe there is more to do as a person, for example, start networking with people in the same field and do a market research, gather as much information as possible before and after you start your business. Remember every step you make matters to reaching your big dream.

Seek for financial advice

No one knows it all. Information is key as I mentioned earlier. Look for someone who inspires you and ask as much as you need to know in regard to investment, insurance and the economy as a whole. Financial advice is inevitable to the success of your dream.

Save as much as you can
It can be overwhelming when starting up a project or business. However, don’t lose track of your savings since they will be your fall back solution in case of the unforeseen circumstances.

Don’t give up!
The journey to financial freedom is never smooth. Challenges are inevitable. Despite all this, don’t give up. Instead, find solutions and get back to the wheel until you aim at what you envisioned.

Ms Annet Katusiime is a financial literacy trainer and consultant at Be Money Wiser co. Ltd.