Set your financial goals
Many of us find it difficult to get down to the hard work of saving money.
But people who have some clear purpose, or project, will find the task of cutting their expenses much easier.
This part of your plan is about setting goals. Your goals don’t need to be big, or long-term. But they must be important to you. What would you really love to accomplish? Here are some examples of short, medium and long-term goals:
Short-term goals could be to save enough money to cover the cost of your next summer holiday, pay for gym membership, or maybe buy a new computer.
Medium-term goals might be saving up for a round-the-world trip, to pay for your child’s wedding, or to help them with the deposit on their first home.
Long-term goals might involve saving for retirement – or perhaps building up a fund which could go towards care needs in later life, or be passed on as an inheritance.
Whatever your goals, having one or more of them gives us a strong purpose to go out and accomplish our aims. It also helps you focus on what’s important to you.
Whenever you’re finding the motivation to manage your money a chore – and, at times, you will – remind yourself of the pot of gold at the end of your rainbow.
Now read step 2:
Step1: set your financial goals