Setting Finance Goals

In many, if not all, aspects of life, setting goals is key in order to give yourself something to aim for in a specific period of time, whilst allowing you to track progress along the way.

Without setting goals and being disciplined enough to achieve them, motivation wains, focus is lost and then, before you know it, you end up drifting miles away, wondering what the heck happened!

That's not a good place to be.

Having goals for your finances is no different and it's completely up to you as to what those goals look like. Some examples of setting finance goals can be:

• Paying off a certain debt by a certain date

• Saving a certain amount for a holiday by a certain time

• Having a target amount in your investments to be able to retire/repurpose by a certain date

• Putting aside a certain amount for a house deposit in a certain time period

Did you notice the theme to the above bullet points?

This is where SMART goals come into their own for finance. Specific, Measurable, Achievable, Relevant and Time-bound.

As we have mentioned already in this section, getting comfortable with numbers and knowing your income and outgoings is half the battle.

Setting financial goals will help you win the other half.