Setting Financial Goals.

Posted on Posted in Personal Finance Advice

 

Happy Friday everyone, it’s amazing how the days go so fast. Few weeks back, we were shouting happy new year and now it’s already the end of January.

How has the month been so far for everyone. For those that have new year resolutions, have you been faithful to it? While setting your goals for the year, did you create a financial goal? If you did not, I will encourage you to create one.

It’s really easy to create one, not a general one as, ‘Buy a house or save N5 million’, I am talking about a detailed step by step financial goal. 

Having a financial goal is so important, because it keeps you in check and you are able to follow your money. A financial goal may be short ,medium or long.

Short term goals – These are goals with less than 6 months target such as; buy a new laptop, pay off a small debt (e.g overdraft or cloths bought on credit).

Medium term goals – These are goals with a target of between 6 – 24 months such as; buy a land, buy a car, going for an MBA. etc.

Long term goals – These are goals above 24 months such as; retirement fund, education trust fund for your children. etc.

Steps to setting your financial goal.

Step 1: Determine the type of goal you want to set and place each goal under different category using Short, Medium, or Long term.

Step 2: Write down your goals. The bible even encourages us to write down our visions and make it plain on tablet. Why? So that he/she that readedth it, will run with it. Habakkuk 2:2

Step 3: Each goal must be specific. E.g I want to buy a land of N1 million

Step 4: Each goal must have a time frame. E.g I want to be able to achieve my land goal by November 2016.

Step 5: Each goal must have the actions you will take to achieve them. E.g To save N1 million by November 2016, I will adhere to the following;

           – Save N100,000  monthly from my salary. (Remember, you save first and spend what is left).

           – Cut my weekly grocery spending by N5,000.

           – Cut my weekly airtime allowance by N1,000.

Step 6: Review your goals weekly/monthly to see if you are on track and amend if necessary.

I have attached a sample financial goal worksheet.  Sample Financial Goal

Let’s make this year 2016 count for us.

God bless.

 

6 thoughts on “Setting Financial Goals.

  1. Yes, setting goals is a great way of measuring achievements. Yes, it is important to attach timelines to set goals so that one can be motivated to work towards them.

    I looked at the worksheet, I will use it as a template for writing down my own financial goals. Thank you! 🙂

    1. My january goals are yet to be achieved, setting a timeline to them has motivated me to ensure I achieve it by first week in Feb. Thank u for visiting dear. Feel free to share the template to anyone that wants it.

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