5 Tips to set up your Financial Goals

Category : FINANCE Author : Rajaraman K Date : Sun Mar 04 2018 Views : 48

A healthier lifestyle, a strict exercise plan and losing weight are usually the items that get most of the wish lists. We are often reluctant to set important financial goals. At the same time, it is important to set goals for your financial dreams to come true. As otherwise it will only remain as a dream. 

Set up smart financial goals in 5 easy steps as under:

1. Determine what your financial dream is. Financial dreams differ from person to person. One person just wants to be financially stable and does not have to worry about where the money will come from. A next person would like to drive an expensive car or have a golf club. No matter what your dream is, but know what your dream is like. 

2. Turn your financial dreams into financial goals. Write it down in detail. Be specific and remember ‘to be rich’ is not a goal. Whereas, buying a new home is a goal. You must measure your goal like ‘I want to save 20% of the house's purchase price to pay as a deposit’ or something like that. Your goal must also be feasible considering your current financial status. The goal must be relevant and you need to set timelines like by what date do you want to achieve what. 

3. Knowing what it takes to achieve your goal needs to understand and analyze your current financial situation. It will determine how to set up your financial plan and how long it will take to achieve your goal. Know how much debt you have, how many assets you have as well as how much your monthly income and expenses are. 

4. When you know where you are heading and what your current situation is, you can easily set up a plan to help you reach your goal. So, write it down and be specific. Break that plan into small achievable goals and set timelines for them. 

5. The last step is to take action. If you do not actually do anything to achieve your goal, you will never achieve it. No matter how small your first step is, take that first step and keep up with it. 

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