Advancing Associations

Thomas International Join Growing PGAs of Europe Supplier Group

6th Dec 2018

PGA of Botswana and PGA of Nigeria Join PGAs of Europe Membership

5th Dec 2018

Global Consensus for Golf in the Race to Tackle Physical Inactivity

17th Oct 2018 Crosses Borders to Champion Female Participation in Spain

16th Oct 2018

Why Coaching Trips Can Be a Money-Spinner for PGA Professionals

15th Oct 2018

GolfBox ProPlanner Statistically Proves That Lessons Improve Game Performance

14th Oct 2018

‘Académie PGA’ Brings PGA Professional Expertise to Ryder Cup Fans

1st Oct 2018

The R&A and USGA to Engage Global Golf Community in Distance Insights Project

19th Sep 2018

Maintaining the Most Important Members…

6th Sep 2018

The Big Golf Pride Regripping Survey Goes Live

6th Sep 2018

Sean Foley – Coaching Philosophy, Justin Rose, and the Sacrifices Coaches Make for Tour Life…

5th Sep 2018

US Kids Venice Open Brings Sustainability To Young Golfers

21st Aug 2018

Europe Announces Team for Junior Ryder Cup

21st Aug 2018

Jamie Gough (PGA of South Africa) – 2018 Open Championship

21st Jul 2018

The PGAs of Europe and Unite to Grow Female Participation Across Europe

2nd Jul 2018

PGAs of Europe Launch Travel Club in Partnership With Golf Escapes

13th May 2018

Myth-Busting GDPR for the Golf Industry

12th May 2018

Member Country Spotlight: PGA of Hungary

18th Apr 2018

Get Into Golf – A Campaign for the Modern Millennial

18th Apr 2018

#FalconerForeGolf: TV & Radio Star, Jenni Falconer, Fronts Latest Female Golf Development Activity from PGAs of Europe

13th Apr 2018
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Pay Your Dues and Prosper – Financial Planning & Goal Setting3 min read

Corporate Golf MagazineAuthor: Corporate Golf Magazine

Posted on: 26th Jun 2016

Most of us start each year with great plans, but the problem is most of them are not executed.  In January, you had a clean slate and planned to start afresh.

To do this you would have to start by listing the personal, financial and professional goals that you wished to accomplish this year.  Often these plans fall by the wayside.

To prevent this, you need to ask yourself if you have made any progress and you need to review your goals.

lt is important to periodically monitor the progress you are making with your finances.  The halfway point of the year is a good time to reflect on your goals, take stock, and determine if you have lived up to your own expectations.  lt is an opportune time to identify any festering problems and start to make adjustments if necessary.

With barely six months left to go this year, if you have not made much progress, it may seem overwhelming.  Try to find some time for yourself- an hour is all you need -to review your finances. If you have made some progress in the goals mentioned below, you are on the road to financial health.


The first step to take is to put a budget in place.  A budget is one of the hardest things to prepare; yet it is one of the most important steps to take to address your personal financial issues.

Do you have a clear idea of how much you are spending each week or month?  Have you tracked your expenses for a period and developed a clear picture of what can be cut back?

You can use one of many online tools or just simply get out a notepad and track your expenses on paper. You will make much more progress if you have a clear idea of where all your money is going.

Reduce Your Debts

The second step is to try and reduce your debt. Do you carry less debt today than you did at the beginning of the year?  Until you start to face up to your debt, it will continue to grow.

The general rule of thumb, and the fastest way to reduce your debt, is to tackle your highest interest rate debt first.  By automating your debt payments and making incremental principal payments each month, you will soon find your debt is under control.

Don’t ignore your debt or wish it away; if it becomes a burden, approach your lender and discuss the possibilities for rescheduling to make it more manageable.

Article Header Images_Corporate Golf Magazine - Financial Planning

Build Savings

The final step is to start building your savings.  If you don’t have a budget in place and you haven’t paid any attention to your debt, it will be difficult for you to save; they are all connected.  You need to find the discipline to draw up a budget and reduce your debt before you can increase your savings.

Most financial advisors suggest that you should save at least 10 to 15% of your income.  Have you built an emergency fund over the past six months?  If you are suddenly faced with unexpected job loss, major car repairs or medical expenses, you will be better prepared to cope with it if you have this cushion to fall back on.

The easiest way to grow your savings is to automate it by putting a direct debit in place so that you won’t be tempted to spend all your income.  It will instead be directed to an appropriate savings vehicle.  Most mutual fund companies make it easy for you to be able to do this with your savings and investment plan.

The difference between those who attain financial security and those who do not is simply the discipline to take control of their financial situation.  If you are on track, congratulations!  If not, don’t worry, there is still some way to go this year to put things right, but you need to get started now.


This article was written by Nimi Akinkugbe and appears courtesy of Corporate Golf Magazine and was sponsored By FBN Capital Asset Management, as published in Forbes Africa June 2014.

Corporate Golf MagazineAuthor: Corporate Golf Magazine

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