{"id":371,"date":"2021-04-06T12:24:30","date_gmt":"2021-04-06T11:24:30","guid":{"rendered":"https:\/\/www.redstareducation.co.uk\/blog\/?p=371"},"modified":"2021-09-14T10:44:12","modified_gmt":"2021-09-14T09:44:12","slug":"financial-goal-setting","status":"publish","type":"post","link":"https:\/\/www.redstareducation.co.uk\/blog\/financial-goal-setting\/","title":{"rendered":"Financial Goal-Setting"},"content":{"rendered":"

People set goals for lots of different aspects of their lives \u2013 professional goals, fitness goals, leisure goals and even romantic goals \u2013 but one of the most overlooked (and most important) goals we can set are financial goals<\/em>. Most people will say they want to live in a nice house, drive a modern car and take regular holidays. But many will not put a viable plan in place to achieve them, so they become just wishful pipe dreams. This is where financial goal setting comes in.<\/p>\n

What are financial goals?<\/strong><\/p>\n

Financial goals are the priorities and targets you set for how you want to spend or save your money. Financial goals are not one size fits all, they are individual preferences because everyone has different needs, wants and priorities. If financial goals have not been set, you could be left wondering where all your money went. Financial goals do not always have to be purchases, they can also be aspirations such as becoming debt free, saving for retirement, or giving to charity. Don\u2019t confuse a financial goal with the process of achieving it – a financial goal will only tell you what the end result will be but having a good financial plan will ensure you reach your goal.<\/p>\n

Why should we use them? <\/strong><\/p>\n

Setting and working towards financial goals helps to keep the big picture in mind rather than day-to-day expenses. Day to day expenses will demand your attention but it\u2019s important to make your financial goals a priority. Creating a budget and reducing expenses with your goals in mind makes managing your spending easier. It also makes it easier to avoid impulse purchases. For example, if you\u2019re working towards buying a dream holiday by saving \u00a3100 per month, financial goals make it easier to build discipline and avoid the temptation to buy on impulse a bunch of items you really don\u2019t need. It is very easy, especially with developments in technology that allows us to spend, spend, and spend some more, to fritter away money on frivolous purchases. Financial goals remind you of the reasons why you are choosing a particular financial journey.<\/p>\n

Setting your Financial Goals<\/strong><\/p>\n

How do we go about setting our financial goals? Here are some important points to think about:<\/p>\n