Feature Image


Posted on Wednesday December 30th, 2020

Financial goals are the savings, investment or expenditure targets you plan to achieve over a set period of time. The phase of life or the age you’re in usually determines what type of financial goals you wish to achieve. For example, if you’re a teenager, it may be an easy short-term goal like saving for a new pair of branded jeans or something more challenging like saving for a bike. On the flip side, an individual with a growing family would have a long-term goal of going from renting a house to owning his/her own home by taking Home Loan. Moreover, saving for a child’s higher education and saving for your own retirement are the other popular financial goals.

How a one can set the financial goals?
Setting the financial goals is not an easy steps, one has to be determined about his/her decision. So, we are there to help you by suggesting some steps to set the financial goals.

• Figure out what matters to you at first. Put everything, from the practical and crucial to the unusual and distant, on the table for inspection and evaluation.

• Examine out what’s within reach, what will take a little time, and what must be part of a long-term strategy.

• Apply a SMART goal strategy on yourself. Make certain that your ambitions are Specific, Measurable, Achievable, Relevant, and Timely.

• Create a realistic monthly budget. Get a strong hold on what’s you saving and what’s you spending, and then work on it to address your goals. Use your budget to plug leaks in your financial boat.

• Your realistic and practical layout and water-tight budget will show at least a handful of leftover money. How much that money is, get it automatically directed into a separate account designed to complete the first couple of things on your list of priorities.

• Monitor your progress with passing time. Ensure yourself that you are hitting the set benchmarks. If not, take some time in that case to re-evaluate what is wrong.

How to achieve the financial goals?
The best way to achieve your financial goals is by making a layout that prioritizes your savings and investments. When you evaluate your own expenses and savings, you’ll discover that some are wide and distant-reaching goals, while others are narrow in aspect. Your goals can be separated into three categories according to time period:

• Short-term financial goals take a couple of months to achieve. For instance, it may include taking a holiday trip, buying a new gadget or paying off a particular debt by taking Personal Loan.

• Mid-term financial goals can’t be achieved in a short time and can take too many years to get accomplished. To illustrate, it may include purchasing a dream car, finishing a degree course or certification, or paying off your existing debts.

• Long-term financial goals (more than five years) may take long years to get accomplished and, as a result, they require longer commitments, true determination and often more money. To exemplify, it might include buying own home, saving for a child’s higher education, or for a comfortable retirement.