I hope you have completed all the 4 previous tasks. If not you would want to complete them today as it’s the weekend.
- Day 1 – Track your expenses; download an expense tracker app
- Day 2 – Compile your income and fixed expenses
- Day 3 – Prepare a budget and stick to it!
- Day 4 – Save money wherever it is possible
Day 5 – Let’s think today and list down our Goals!
Goal setting is one of the first steps in financial planning. I am sure all of us have goals.
Some of us might have even categorized these goals based on long-term, short-term, and medium-term goals. And if you have done that you are on the correct track.
It’s important to list down each goal and it’s also important to write down by when you would like to achieve these goals.
Keep your goals realistic.
For example, my goals are –
- To save 40% of what I earn in this year 2019. Invest 30% of it and keep 10% for a rainy day.
- To buy an SUV by 2020.
- To buy a home for me by 2023.
- To start a business by 2025 for which I need to save enough and keep 1 year worth of cash flows.
Here my first 2 goals of mine are short team goals.
Other two can be classified as medium to long-term goals.
It’s advisable to discuss these goals with your partner, parents and even children as it would help you check if they are in line with the same thought process so as to avoid any conflicts.
Discussing and setting goals with the whole family together will result in a higher success rate.
So today you have to sit, discuss, think and write down your goals. Not just that try and form a strategy that can help you achieve your listed goals.
Share your thoughts in the comments section below.
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