Setting yourself financial goals

2020 has been a bit strange for us all, many of us will be very pleased to see the back of it. However, if like us, 2020 has put the brakes on some of your plans, now is the time to start looking ahead to getting ready to make 2021 the best year yet.

I have already started to think ahead to our next goal, that is one thing I have noticed on this journey. Whereas before our plans would be for the next few months, now I am planning ahead for the next 2-5 years. Not to wish time away but to plan a method of attack on the financial implications of those goals. Rather than scrapping around to make it work, now we plan ahead to get our mindset for what is coming up.

If 2020 has thrown you off your goal or you are just setting yourself some goals, here are my tips on getting yourself started.

How to set your financial goals:

    1. Be honest – What do you want to achieve? We are looking towards early retirement however before that we may be looking to move. Before we get there though we need to clear some debts, so that is our first financial goal. Be honest with what you want to achieve from this.
    2. Don’t be afraid – There is a great saying that says if your dreams don’t scare you, they are not big enough. Sometimes facing your fears head-on is what you need to get that motivation going. Don’t be afraid to set big financial goals, if it is something you want to achieve. Whether this is early retirement, clearing your mortgage or something else. If it is going to bring you some happiness, why not do it?
    3. Budget properly – If you are looking to set yourself some big financial challenges, you need to make sure you are budgeting properly. Pigly is a site with some really handy calculators such as this savings calculator. It makes it easier for you to work out what your savings could be worth, which in the current climate with the UK interest rates is likely to not be much!
    4. Remind yourself of your focus – Sometimes I find days a struggle to stick on track with our goals, it can be tough. So when I am having those days I remind myself why we are doing this. It is easier for me to visualise our goal when I see what we are trying to achieve.

Don’t be put off by other people’s goals and dreams. Everyone has a different thing they want to achieve out of life and the only way to make your’s matter to you is by focusing on it.

Setting yourself financial goals