Achieving Your Goals

Budgeting, Goals

When setting out on a journey in your car, the first thing you must do is decide upon a destination. Then you choose the best route to take you there. Setting financial goals works in the same way. You must know where you want to end up before charting the course that will lead you to your goal.

Let’s look at some examples of short, medium, and long-term goals to help you get started:

Short-term goal

Take a romantic 4-day weekend 3 months from now
Months available: 3
Cost: £600
Amount to save each month: £200
Amount to save each week: £50

Medium-term goal

Take an international holiday 2 years from now
Months available: 24
Cost: £4,000
Amount to save each month: £167.00
Amount to save each week: £38.50

Long-term goal

Take an around the world cruise 5 years from now
Months available: 60
Cost: £15,000
Amount to save each month: £250
Amount to save each week: £58.00

By breaking down the goal into manageable steps, it immediately looks more achievable.

You might be thinking that the example of saving £50 per week sounds great, but you have no idea where to find the money. By creating a budget and taking a careful look at your finances, you might be surprised at what you can save. Look at each expense and ask yourself whether you would be prepared to give that up in order to achieve your goal.

Finding money to save

Think about which expenses might be unnecessary: Are you paying a monthly bank fee for insurances you don’t need or use? Or a gym membership? So many things now are offered on subscription, and it’s easy to forget what you have that you don’t use. For example, fitness services, tv subscriptions, magazine subscriptions, etc. Check old direct debits and see what you can cut out. Most online banking services have a ‘direct debits and standing orders’ section where you can view what is set up from your account. Be careful not to cancel anything important!

Are you already spending £50 per week on unnecessary items? What about takeaway food or expensive coffees on the way to work? Do you munch on artisan sandwiches instead of a packed lunch? Over 12 months, spending £6 per workday on lunch equates to over £1,000! Swapping to a cheaper supermarket for your family food shop can also help you to save substantial amounts over the year.

You might look into comparing the cost of your utilities to see whether you could get a better deal on things like: mobile phone tariffs, TV services, internet packages, and utilities. Review your car and home insurance to make sure you have the coverages that’s right for you.

You might consider making some money by selling unwanted items online, starting an online business, or taking a part-time job.

If you are an impulse spender, try waiting 72 hours before purchasing something you think you need or want. This should help you avoid impulse purchases, because if you have forgotten about it over 3 days, you probably didn’t need it.

To keep yourself focused on your goal, put pictures of it around your house. This will remind you what you are working towards and serve as a constant motivator.

For more on goal setting, read Goal Setting in 8 Easy Steps

Your Genistar representative can offer you a complimentary Financial Game Plan which is like a ‘sat nav’ for your finances. Based on your own goals and objectives, it can show you how to get from where you are to where you want to be financially.

And if you’re thinking about planning a trip, get in touch with your Genistar Representative to see how they can help. Alongside our partners at Not Just Travel, we can help you to plan your dream getaway with special offers and bespoke packages available now.

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