In life, there are always competing needs and desires pulling us in different directions.

One of the most important areas where this conflict arises is in our finances.

Because we need to balance our immediate needs with our long-term goals to achieve financial stability and security, it can feel confusing and complicated.

This is where setting financial goals can be the key to meeting both priorities.

What are financial goals?

A financial goal is any money-based need or want or need to plan for. You can have short-term financial goals (like paying off a credit card debt) or long-term financial goals (like investing for retirement or saving for your children to attend university).

However, setting financial goals is not just about making more money or being frugal with your spending, rather about prioritising your needs and wants and creating a plan to achieve them. It's about finding a balance between your present and future financial needs.

Why set financial goals?

Setting financial goals is a crucial step in achieving financial stability and balance in your life. It helps you prioritise your spending, save money for future needs, and avoid unnecessary debt.

To balance your needs for the present and the future, it's important to set both short-term and long-term financial goals. Short-term goals should focus on immediate needs, such as paying off bills or saving for a vacation. Long-term goals, on the other hand, should focus on more distant objectives, such as saving for retirement or buying a home.

Setting financial goals to balance your needs for the present and the future

Here are some steps to help you set financial goals that balance your needs for the present and the future:

Assess your current financial situation: Start by evaluating your current income, expenses, debts, and assets. This will help you identify areas where you can cut back on spending and areas where you need to increase your income.

Identify your short-term financial goals: Set goals for the next few months to a year, such as paying off credit card debt or saving for a down payment on a car.

Identify your long-term financial goals: Write down goals for the next several years to a decade, such as saving for retirement, buying a house, or starting a business.

Prioritise your goals: Decide which goals are most important to you and focus on them first. Remember that it's okay to adjust your goals as your priorities and circumstances change.

Create a budget: Develop a budget that allows you to achieve your goals while still meeting your basic needs. Make sure to include a savings plan in your budget.

Monitor your progress: Keep track of your spending and savings to ensure that you're on track to meet your goals. Make adjustments to your budget as necessary.

Celebrate your successes: When you achieve a financial goal, celebrate your success and use it as motivation to continue working toward your other goals.

Remember, setting financial goals takes time and effort, but it's well worth it in the end. By balancing your needs for the present and the future, you can achieve financial stability and peace of mind.

We help with personal financial planning

Financial Planning for EVERYONE.

Many people think financial planning is only for the rich and famous, but it is indispensable for people of all ages and all levels of financial health.

But we can help you create a sound financial plan with short, medium, and long-term goals to build and protect your wealth, with peace of mind along the way.

We can help you with:

  1. Building up a plan to get out of debt as soon as possible
  2. Setting financial goals to balance your needs for the present and the future
  3. Protecting you and your family with life insurance, total & permanent disability insurance, trauma insurance and income protection
  4. Starting to invest or optimising your existing portfolio
  5. Maximising the potential locked up in your superannuation fund
  6. Finding a Self-Managed Super Fund (SMSF)
  7. Planning for retirement
  8. Getting the most out of inheritance, pay rise, bonus or passive income
  9. More investment planning

We are trusted by our clients to offer an experienced and professional service. 

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