Money Management /

8 top tips to help you afford your dreams

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We all have dreams and goals. Maybe you want to travel the world, own your first home or put yourself through university. Our dreams and goals are as diverse as we are.

Sometimes it can be easy to focus on achieving a goal, other times we can get caught up in everyday life and forget to look to the future. Here are our top tips to help you achieve your financial goals:

1. Write down your goals 

This is the fun part. Create a list a vision board or a scrapbook to help you visualise what you want to achieve - consider where you want to be this time next year, in 2 years, 5 or 10 years.

2. Prioritise your goals

Now that you have a list to work with, prioritise your goals. Highlight your goals for the short, medium and long term, and decide which ones you want to tackle first.

3. Look at the finance

Work out how much you need to finance your goals. This may be the amount you owe on your credit cards or what you need to pay for a holiday or a house deposit.

4. Do a budget

If we have said it once we’ve said it a hundred times, we’ll probably say it a hundred times more... create a budget. A budget can give you an idea of how much you can allocate to achieving your goals each week. Read here for our tips on creating a budget that works for you.

5. Review finance options available to you

Once you have done your budget you should have a better idea of how much you can afford to allocate to achieving your chosen goals. This will also help work out how long it will take you to reach your savings goals. Use a savings calculator to help you work out a savings plan. Alternatively, use a loan repayments calculator to work out what your repayments would be on a loan if you were to take one out to fund your goals.

6. Share your plans 

Talking about your plans with someone can help solidify them in your own mind. If you have any questions about financing your goals, have a chat to your local bank manager. They should have some great insights about the products available that can help your reach your goals.

7. Stay motivated

Give yourself a constant reminder about the goals you are working towards to help you stay motivated. Use images on your phone or computer screen saver to remind you of your goals and if you can, rename your savings account. It might help you to think twice when you go to take money out of your ‘Europe Holiday’ account.

8. Review your list of goals regularly

Life changes, and as life changes you may find your goals change. Regularly reviewing your list of goals will keep it fresh and help you stay focused. If you require further assistance with budgeting or saving, our qualified financial planners can help you get into a better financial position.

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Why choose IMB Bank?

Established in 1880, IMB has been helping people achieve their financial goals for 139 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking, financial planning and can arrange a wide range of insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

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