My 5 reasons to set financial goals


To recap, here are my 5 reasons to have financial goals.

Reason #1: You Need to Know Where You’re Going Reason #2: Setting Financial Goals Dictates How Much You Need To Save Reason #3: Setting Financial Goals Helps You Stay Focused Reason #4: You Can Find the Right Tools to Help Reason #5: Setting Financial Goals Creates a Sense of Achievement

In my career and life I have certainly benefited for having small achievable goals. Right now I have two financial goals Im going for: 1. To have a certain amount in my offset account so I can buy a house. 2. A decent holiday in a few years.

Holidays are more fun than offset accounts, so I thought it would be helpfull to apply my 5 reasons in the context of my family and our goal.

Our goal is to spend 6 weeks doing a road trip in the USA in 2020. In that year my youngest, Sylvie will be 5 and will hopefully have great memories of this trip. Ive calculated we will need $25,000 for all expenses other than flights.

Here is the 5 reasons

Reason #1: You Need to Know Where You’re Going

Pretty obvious, we know what our goal is and we have worked out the costs and when we want to achieve it. USA, 2020, $25,000.

Reason #2: Setting Financial Goals Dictates How Much You Need To Save

We could easily calculate what we needed to save each week to have $25,000 by mid 2020. I have a dedicated saving account and each week I deposit an amount to ensure I have the funds by mid 2020.

Reason #3: Setting Financial Goals Helps You Stay Focused

Im defiantly focused. As I know I will have the funds to afford this, I can concentrate on what we are going to do there.

Reason #4: You Can Find the Right Tools to Help

I use The Valley Mayfair Way, which is our unique savings, goals setting and reporting system. Ive set my goal, have the bank account to make it happen and can see its progress. See below, this is taken from my Wealth Portal account which we use to help with goals. You can see we are on track.

Reason #5: Setting Financial Goals Creates a Sense of Achievement

This is a big one for me, I like to see my progress, which gives me the great feeling you get when you know you are on track. I know my holiday will be enjoyable as I wont be thinking about the cost. I can sit back and enjoy the family time knowing I wont have a credit card debt or the like when I come home.

This was my personal goal, many of our clients have others such as paying off their home, paying for a wedding, saving a house deposit or planning when they can retire.

By setting goals and having professional advice from us ensures that you will have the very best chance of achieving them.

If you want to discuss further one on one, then please get in touch. Just navigate to our contacts page or book an appointment on the Book Online page.

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