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How Do I Set Personal Financial Goals?

 


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We all have financial goals-some seemingly unattainable, others that look more achievable. From saving for children's education, saving for retirement to saving for a house, many of us share similar goals and dreams. But rarely do we also share the means. This is why we should plan our finances according to our own specific needs.

The most important thing to do is to write down all your goals and then prioritize them as short-, medium- and long-term financial goals. This will help you to get a realistic idea of the kind of time you have on your hands for achieving each financial goal. This will also help you get a rain check on your financial goals. For example, if you are running a credit card debt, wiping it off will be your top priority, after which all else will follow.

Now, once you have decided on your financial goals and prioritized them, you will need to start saving accordingly, and make the right choices regarding what kind of savings options will you use-cash options like a savings bank account, shares, bonds, and so on.

You must also monitor your saving plan on a regular basis-about once every three months should be good enough. This will show you whether you are on track towards achieving your goal, and will help you gain a perspective on how you need to tailor your monthly budget to meet your saving needs.

It would also be helpful to try and educate yourself in financial matters. Don't give up by saying money matters are beyond you, or that the finance market works in ways you cannot understand. It is not so. Subscribe to a finance magazine and read up on the Internet. Soon you will realize it is not so hard. This will help you start making the right choices based on your own judgment and lead to growth of confidence in relation to financial matters.

What exact savings avenue you choose is only as important as the clarity of your financial goals, and your dedication in following it. Remember, you can save for almost anything in life, as long as you start early.

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