The power of consistency in achieving financial success

Consistency is the magic key to achieving success in all areas of life, and the same is totally true for financial success. Whether you're saving for a deposit on a house, paying off debt, or investing for your retirement, consistency is the foundation that will help you achieve your financial goals. 

But as we also all know, consistency can be difficult, and sometimes we need a little help staying the course. In this blog, we'll look at why consistency in financial success is so important, talk about how to set your goals, and show you how Velocity Club's Money Coaches can help you stay disciplined, stay consistent, and ultimately, reach your financial goals.

Why is consistency so important to financial success?

Financial success is not achieved overnight but rather through a series of small, consistent actions taken over time. 

For example, if your goal is to save R100 000 for a deposit on a house over the next 2 years, you need to consistently save about R4 167 each month to reach your goal in 2 years. Without consistency, you may struggle to reach your goal of buying that house, or worse, you might give up on it altogether.

Consistency is not just important for achieving your financial goals, but it is also essential for maintaining your financial health.

Consistently paying your bills on time, tracking your expenses and income, and sticking  to a monthly spending plan can help you avoid bad debt, improve your credit score, and build wealth over time.

The value of a SMART financial goals framework

When you set financial goals, you need to make them SMART goals: Specific, Measurable, Achievable, Relevant, and Time-bound. 

Using our previous example of saving up for a deposit to buy a house and assuming it's affordable for you to do so, a SMART goal would be for you to decide to save R4 200 each month for 24 months until you have R100 000 saved up. 

• You're saving a Specific amount each month. 
• It's Measurable because the amount you're saving is clear, and your savings balance can be tracked at any time. 
• The goal is Achievable because you earn enough money to be able to afford the R4 200 every month for the next 24 months. 
• It's Relevant because buying a house is one of your financial goals 
• And it's Time-bound because you've set a specific time frame - 24 months - in which to achieve the goal. 

We can help you

At Momentum Velocity Club, we're your Money Coaches. We're a team of financial advisers who offer ongoing financial coaching and mentoring structured around your unique circumstances to make your money work for you. 

We'll help you with the following:

• Set your own SMART financial goals by assisting you in identifying what your financial priorities are.
• Solid financial advice so you can make the best decisions for your future.
• Being on hand throughout your journey to help you measure your success, answer your questions, and most of all, keep you accountable, ensuring that you stay consistent with your goals and build the wealth you dream of.

We aim to empower you to confidently make great financial decisions and achieve financial  success. We are guided by personal insights and experiences within the South African context, and as professionals, we understand the pressures you are facing and the dreams you have for your family and legacy. 

If you'd like to feel empowered to make better money decisions that will help you achieve financial success, book your FREE session with a Money Coach. 

How do we offer you personalised financial advice to help you achieve your goals?

Easy! A personalised Velocity Club Money Plan that helps you manage your cash better and provides you with the financial advice you need to do proper retirement and tax planning, investments, insurance and estate planning. The Money Plan is set up to help you build wealth. 

What's included in a personalised Money Plan:

•   Cash flow management

•   Building an emergency fund

•   SMART goal setting

•   Create a Will

•   Estate planning

•   Fiduciary and Trust services

•   Insurance solutions

•   Investments

•   Tax planning

•   Saving for retirement

•   Access to a personal Relationship Consultant

•   Portfolio management

•   Monthly check-ins

•   Access to community events

•   Access to exclusive content and research

Once you become a Velocity Club member, you'll be able to meet remotely with your personal Velocity Club Money Coach regularly to check on your progress. This meeting is an opportunity to review what's working for you and what isn't working so well, make changes, and ask questions. 

If you'd like to feel empowered to make better money decisions that will help you achieve financial success, click here to book your FREE session with a Money Coach. 

Practical tips to help you be more consistent 

The best way to be consistent with your finances is to meet with your Velocity Club Money Coach regularly. We'll take all of the guesswork out of the equation. But in the meantime, here are some practical tips for consistently sticking to your financial plans:

1. Automate it! 

One of the easiest ways to consistently save money is to automate deductions from your bank account. You may even be able to set up automatic transfers to your savings account, retirement account, or investment account. This way, you don't have to remember to save or invest each month, and the money is set aside before you have a chance to spend it.

2. Create a spending plan

Creating an income and expense summary is one of the most important  steps to achieving financial success, and it's the reason why the first thing we do when you join Velocity Club is create your Money Plan. This helps you track your income and expenses and identify areas where you can cut back or save more. By sticking to a plan, you can consistently make progress towards your financial goals.

3. Track your progress

Tracking your progress towards your financial goals is important to stay consistent and keep you motivated. That's the reason why it's so important to regularly meet with your Velocity Club Money Coach to track your personal progress towards your financial goals and to review how your Money Plan is going. 

But if you're not yet a Velocity Club member, you can use a spreadsheet or an App to track your income, expenses, and savings. This will help you see how much progress you're making towards your goals, which may help you to identify areas where you need to adjust your plan. 

4. Seek support

Having a support system can make a big difference in sticking to your financial plan, which is why we pair you up with a Velocity Club Money Coach from the moment we meet you. Your V.C. Money Coach is your accountability partner to help you stay on track and keep you motivated towards reaching your goals. If you don't have a Velocity Club membership yet, consider asking a partner or supportive friend to help keep you on track and stay motivated to achieve your goals.

Stick with us to stick to your plan

Consistency in managing your finances is the key to long-term financial success and, ultimately, to reach your financial goals. As we've seen, having a Velocity Club Money Coach in your corner is a huge help because it'll help you stay motivated and consistent. 

If you're ready to meet your Velocity Club expert, take charge of your financial future, and get SMART and consistent with your goals. Book a FREE one-to-one consultation with us. 

No strings attached!