Posted on: 15 Jan, 20
Taking control of our financial life requires planning, and that starts with setting financial goals. Setting short-term, mid-term and long-term financial goals is an important step towards becoming financially secure and independent.
We all have different financial goals and aspirations in life. Yet often, these goals can seem out of reach. In today’s complex financial environment, achieving our financial goals may not be that straightforward. This is where financial planning is essential to help secure your financial future.
A financial plan seeks to identify your financial goals, prioritise them, and then outline the exact steps that you need to take to achieve your goals. Figuring out your objectives and matching them with timelines are the keys to setting financial goals. Your financial goals are specific and unique to a number of factors related to you, like your age, your interests, current financial situation and your aspirations. Based on these, you need to develop your goals and establish a plan to achieve them.
If your New Year’s resolutions include giving your financial plans an overhaul, here are our financial planning tips to help you create a robust financial plan for 2020 and beyond. Be specific about your objectives Any goal (let alone financial) without a clear objective is nothing more than a pipe dream, and this couldn’t be more true when setting financial goals.
It is often said that saving and investing is nothing more than deferred consumption. Therefore, you need to be crystal clear about why you are doing what you’re doing. This could be planning for your children’s education, your retirement, that dream holiday, or a property purchase.
Once the objective is clear, it’s important to put a monetary value to that goal and the time frame you want to achieve it by. The important point is to list all of your goal objectives, however small they may be, that you foresee in the future and put a value to them...
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