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Set your own Financial Goals

27 Oct 2023

Behavioural Finance
Man writing at a desk daydreaming of a house on his work desk

Setting financial goals is not just a task for accountants and financial experts; it's a fundamental step towards achieving your dreams and securing your future. We all have financial goals, we think about them and dream them up, but rarely do we sit down to define them well and execute a plan.

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    Setting financial goals is not just a task for accountants and financial experts; it's a fundamental step towards achieving your dreams and securing your future. We all have financial goals, we think about them and dream them up, but rarely do we sit down to define them well and execute a plan.

    List and prioritize your goals

    Start by considering your short-term and long-term goals. Perhaps you want to buy a car or a house, fund your child’s education, travel more, or retire early – identify what matters most to you. Knowing what’s most important to you will help you determine how to set money aside and how to adjust when setbacks happen. List down both short and long-term goals.

    Get Specific

    Vague goals like “save more” won’t cut it. Be specific about the amount you want to save, invest, or pay off. Make your goals measurable; set clear targets with deadlines. For instance, aim to save ₹10,00,000 for a down payment on a house within three years. This specificity makes your goals tangible and attainable.

    Create a Realistic Plan

    Evaluate your current financial situation, including income, expenses, debts, and investments. Develop a budget that allocates funds towards your goals. Be realistic about what you can achieve within your means. Break down larger goals into smaller, manageable steps. Regularly review your progress and adjust your plan as needed.

    Stay Accountable

    Setting goals is one thing; sticking to them requires discipline. Cut down on unnecessary expenses, save consistently, and avoid impulsive financial decisions. Hold yourself accountable by tracking your spending, saving, and investment activities. Consider involving a trusted friend, family member, or financial advisor to keep you on track and provide guidance when needed.

    Setting financial goals is not just about numbers and plans; it's about envisioning the life you want to lead and taking proactive steps to make it a reality. It provides direction, instills discipline, and offers the priceless gift of financial security and peace of mind. So, start defining your financial goals today and pave the way for a brighter, more secure tomorrow.

    MyFi provides people with intelligent and unbiased financial advice. We find that people struggle with managing their finances, perhaps because they don’t have time, knowledge, or the inclination to dedicate to this. MyFi’s AI powered investment assistant does most of the work for you. It alerts you when things need your attention and assists you to make decisions that feel overwhelming. We are due to launch into the market soon. Get on our waitlist to participate in the pilot launch and take it for a test drive.

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