Why is defining your goals important while planning your finances?
Ever felt your dream is just a dream and you might not be able to fulfil it. You would be surprised to know that by planning your finances appropriately with defined goals, you might be able to achieve the same.
Have you ever thought of playing a game where you don’t know how to play. Let’s take case of football, you can only win if you know where the goal of the opponent is and to hit the ball there. Otherwise, you would be just running around in the field with the ball not actually knowing what to do.
Planning your finances without defining goals is like driving a car without a steering wheel.
Goals offer you direction and give you something to constantly strive for.
Therefore, defining of goals is of utmost importance. Now there might be a question in your mind : How to define goals or Who will define goals?
Don’t worry, goals are intrinsic to every individual and will vary from person to person. Just list down all the things you would like/have to do in future that come to your mind such as child education, marriage, your retirement, vacations etc. along with the time you have to achieve the same. Then you need to prioritize them in an order of your preference.
After you have the above in place, check if your Goals are S.M.A.R.T. or not?
S for Specific: The goal should be clear and not ambiguous.
M for Measurable: Its progress should be trackable.
A for Achievable : It must be achievable even though it may be challenging
R for Relevant : It directly affects you and your life and is realistic.
T for Time-Bound: You should have a target timeline to achieve the same.
You must only keep goals which meet the SMART criterion or you need to modify them.
Only precaution, stick to the financial plan with a disciplined approach and monitor it periodically.
Mindset + Discipline + S.M.A.R.T Goal Setting = Financial Success
This is what I tell my clients, for Financial Success : Learn to Live on Less Than What You Earn – No Matter What
Wish you a financially successful life.
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