Whether saving for a short or long-term goal, setting a realistic one is important. Thus, having a plan of action catalyses the process. It helps understand the amount you need to achieve a specific goal. You can prioritise the goals according to your lifestyle and requirements. For example, if your financial goal is to retire early, save for it.
Once you achieve it, move on to the next one- like planning a holiday- analyse, save and achieve your aim. Following such a process will help you reach your goals timely. The blog lists the realistic ways to make your financial goals achievable.
Unless you dream it, you can’t achieve it.
You may decide the financial goal is to save for retirement, pay off debt or educate your child. Whatever it is, you need planning. Plan the timeline, the amount required and income sources. Every dime you save towards achieving a goal makes it a tangible reality. Here are some ways to achieve your goals:
You cannot achieve your goals unless you write it down. Penning the goals helps you manifest them one day. It is like something you wake up to every day. Write your goals according to the urgency. It means- write the first one according to what you want to achieve first.
Eventually, you can create a list of 10 goals (max) at a time. Adding more will only affect your motivation. Stick the chit on the surface you visit the most. It could be a refrigerator, kitchen countertop or your home workstation.
Some goals, like – getting debt-free or saving for a house deposit, are time-consuming. They require constant effort to save enough. Thus, splitting these into achievable bits makes things easier. For example, if you want to get debt-free, analyse liabilities.
List out the most expensive debts first. Mention the interest and penalties with the total amount to pay. Settle the costly debts first. For example- you may pay credit card dues first. Save according to the total amount you must pay. Ensure saving for this goal does not affect the other critical expenses. If you must pay the utility payments before the day but cannot, other options may help. For example, check options that may help you despite a poor credit score.
Too much credit card debt impacts the credit score. Don’t worry. Options like very bad credit loans and no guarantor from a direct lender may help. It may help you finance the utility bill before the due date. It prevents one from paying a penalty for late submission. You may get one without a third-person guarantee. It is ideal for one seeking independent finance management.
Do you want to achieve your goal in three or six months? Yes, it is the best way to achieve some goals. When you have small deadlines, motivation remains high. Moreover, consistent efforts towards achieving a goal in a short time help it. According to facts, setting short-term goals is successful compared to long-term ones.
Long-term goals require detailed planning and consistent investment for years. For example, you can choose from your wish list to achieve goals. For example- you want to set up an emergency fund. Saving consistently for 6 months will help you. You can save a fixed amount per month to reach your goal. Alternatively, it may imply cutting on other expenses simultaneously. Moreover, setting short-term goals does not affect your budget and savings much. You can save for your goals alongside meeting your needs.
It is one of the best ways to achieve goals requiring at least 5 years of investment. This is because the investment value may fluctuate. Thus, you don’t want to hit a rough patch before getting the money. Shop around to find the best provider that offers the right rates on the savings account. It should be higher than your other bank accounts.
In this, you can save a fixed amount for a fixed time. For example, you can save £5000/month for 7 years straight. The interest you get depends on the economy and the bank’s rate. Explore your options before finalising one for your needs.
You may believe that cutting small expenses would not make much difference. However, it’s not true. Sometimes excluding unnecessary expenses may save you over £6000/ month. Be strategic with every dime you spend. For example, analyse your monthly liabilities. Check the items that you often spend unnecessarily on. It could be stocking up on groceries to save time.
Sometimes, the vegetables may not last long. It may turn out to be an utter waste. Similarly, direct debits for monthly subscriptions for something you hardly use are a liability. Eliminating such expenses from your monthly budget makes room for more savings. However, you cannot avoid some good expenses that hit you accidentally. For example- your child gets selected for an interschool basketball match. He needs the best kit and the uniform to perform well. You may think of adjusting the budget a little.
However, if you want to meet this goal without disrupting savings, seek help. You may get 12-month instalment loans to finance the expense immediately. It is a healthy way to pay for your child’s needs. The instalment loan adjusts to your goals and budget. You pay only what you can afford to. You must make regular payments to clear the debt. Spread the costs in 8 or 12 months according to your needs.
As wise men say, “The moment you get distracted, you miss the goal”. Encouraging yourself to achieve a goal is challenging. In a world of distractions, one may get lazy towards a goal. Manifest goals every day and avoid spending on anything useless. It will help you achieve your goals faster. It is tough as one can hardly resist something, he deprived himself of for a long.
For example, if you want to buy an attractive outfit, think about the pending credit card debts. Avoid taking debit cards or enough cash for shopping. It will prevent you from spending more than what you must.
These are some crucial ways to achieve your dreams without affecting your goals. Understand the circumstances and situations that may be the obstacle. Check the best ways to eliminate those stumbling blocks to your goal’s achievement. Set small but achievable aims that seem realistic. It may imply depriving yourself of the needed distractions. If you can manifest, you can achieve.
Jennifer Powell embraced finance writing just the moment she started working as a finance executive with EasyCheapLoan, which is a direct lender in the industry. Jennifer has an exceptionally keen eye for details and used her skills to pen down numerous blogs and articles on finance. When asked, she simply replies with a look on her face that shows how genuinely she cares for people struggling with financial problems. Jennifer works dedicatedly as a finance professional and considers sharing both her experiences and knowledge to increase the financial literacy of people and businesses.
