Saving is probably the number one financial advice we tend to hear repeatedly. Saving looks different for many people. Knowing how to practically save without placing strain on your current finance’s matters. But where do you start?
What Are Your Financial Goals?
Financial goals form part of financial planning. Think of it as your northern star that will guide you no matter what life throws at you. Without any set goals it is easy for finances to fall through the cracks and leave you wondering where your money is going. Before you start anything, make sure that you have long and short-term goals for your finances. Remember that your goals are not set in stone, and you can always come back later to adjust them to avoid biting off more than you can chew.
Short term goals
Create a list of short-term financial goals. These are usually things that are easy to start and stick to once you have built the habit of doing so. For example:
Always remember to make your goal as specific as possible and attainable to ease the pressure of starting. You will also need to be realistic with your goals and consistently measure how far you are by setting a time-bound limit. While this can come across as a lot of pressure for some people, speaking to a financial advisor can help you find something that works for your finances.
Long Term Goals
Long-term financial goals are all about helping you think of the big picture and taking steps towards achieving these in the long run. It does take longer to achieve long-term goals, but staying consistent can bring you closer to achieving your big-picture financial goals. These goals can be in the form of:
Carefully planning your financial future can protect you from some of life’s unexpected moments, but it also protects your loved ones who rely on you financially from taking on the financial burden when you die. Speaking to a financial planner can help you efficiently map your way towards these goals without being overwhelmed. Keep in mind that it is better to start off small than to not start at all.
