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Financial goals are savings, investments or spending targets that you hope to achieve over a certain period. They are monetary goals that determine where you want to be with your money in the next 5, 10 and 20 years, or even next year. All of these things make up financial goals, however, there are various types of financial goals, and they include:
- Long-term financial goals: These financial goals, sometimes, take up to five to ten years. Apparently, goals like this might take such a long time.
- Short-term financial goals: Short-term goals usually take a year or two to achieve, hence, the name.
- Mid-term financial goals: Goals like this cannot be achieved right away, however, they shouldn’t take too many years to achieve.
How To Set And Achieve Financial Goals
The best way to achieve your financial goals is by making a plan that prioritizes your goals, then, you’ll discover that some are extensive and far-reaching, while others are constricted in scope. The most important thing to note is that if you don’t set goals, you’ll end up being stagnant and never evolving. Financial goals give life and direction to your dreams, so instead of killing your dreams, set financial goals to help you reach them! There are so many strategies to setting and achieving financial goals, some of which include: Prioritize your Goals: The first thing you need to do is to figure out what matters to you and ensure it’s top of your list. A scale of preference would go a long way to assist you in setting your priorities. This is done so that you can focus more on the most important areas.Sign up to the Connect Nigeria daily newsletter
Apply a SMART- goal strategy: While you set your goals, do not set unrealistic goals. This is why most persons are advised to adopt the S-M-A-R-T goal strategy. Here you have to ensure that your ambitions are Specific, Measurable, Achievable, Relevant, and Timely. Create a realistic budget: You are setting a financial goal, this means that money will be involved, however, it is best that you work with a realistic budget. Work with a realistic budget that will address your goals. Observe your progress: As you work on achieving your set goals, it is also important that you observe and monitor your progress. This helps you make a record of the things you’re doing right and the things you’re not. If there is no observed progress in some areas, then take some time to re-evaluate what went wrong. Make sure that you are hitting certain benchmarks. Write out your goals: Work with a written plan that you can always fall back on to track your progress or know the next action to take. You won’t put your goals into action if you don’t write them, speak them, and see them. Be accountable: One of the best ways to stay accountable is by finding a trustworthy person to talk through your goals with, someone who would constantly check in on your progress, cheer on your accomplishments, and give you a reality check and encouragement along the way. Reevaluate your goals from time to time: Life changes, times evolve and people change as well. So do goals. It’s wise that you evaluate your goals every now and then. However, it is unwise to abandon a goal just because it’s going to mean hard work. Never be afraid to make changes so your goals fit where you are and where you’re going. You are a goal-getter so you can do this and pull through, whether it’s a new year, a new month, or a random day when you’re feeling motivated to change, you can do it. Goals are dreams with work clothes on, so get them dressed and ready to come true. Featured Image Source: Clever Girl Finance
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