Steps to prioritise your financial goals
Even if you're able to afford all of your goals, you need to focus on the right ones at the right time. Otherwise you could be concentrating on the wrong ones and ultimately miss out on your dream future.
It comes down to how you want to allocate your spare capital to achieve your goals. Should your money go to luxury products or a pension? A new car or an education fund for your children?
Five helpful steps to hitting your goals
Your goals are unique and could be absolutely anything – from boats and new babies to big houses and inheritance funds. Writing everything down gives you an overview of yourself.
- Short-term – these are the things you want as soon as possible, like a new car, a second house or a once-in-a-lifetime holiday
- Long-term – these are your goals for well into the future, such as leaving a big inheritance for your children or retiring early
- Essential – everyone's definition of essential is different, but retirement and protecting your family will probably be more important than anything else
- Non-essential – these are the things you'd love to have, but you're not in a hurry to get them
These are your high-priority goals – the ones you consider essential and want to achieve as soon as possible.
It could be that you need a new car in a few months' time when your first baby arrives, or a retirement fund that you need to access in less than 10 years.
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