I invite you, if you haven’t done so yet, to plan your financial goals for the new year. Maybe you’ve never done this before or you’ve managed to outline a few goals but they never materialized.
No matter what your situation is, this article is for you if you feel like you’re not putting your money to work for something truly important!
What do I mean when I say “important?”
From my experience in financial planning and consulting sessions, I have noticed that these are either buying a home – because we live in a culture of ownership (even closing early repayment of the loan), or financial support for children, to give them a good start in life, or creating a financial fund for our retirement from work (so that we can do this at the age we want and have the income we propose to be able to support ourselves).
If we think that when we retire from work, you will not have many expenses, ask yourself if you will not still want to travel or support your children or even grandchildren, or maybe have a certain standard of living, to maintain your quality of life. And since the state cannot support us through the pension system, which is based on contributions, and the birth rate and life expectancy are increasing, I invite you to still take this objective into consideration.
If you have already started working on objectives such as those I wrote about above, very good! At the end of each year or at the beginning of a new one, I invite you to review the plan, see what steps you have taken, to celebrate your successes. Specifically, to see where you are on the graph and see what steps you still have to complete.
It is essential to keep track of important financial goals. We only do this review once – if changes occur along the way, of course, you don’t have to wait until the end of the year to adapt the plan. But if it remains the same, it is important to evaluate it, to stay connected to your financial goals.
Many times we get caught up in our daily routine, emergencies arise that require our attention, and we “wake up” that it is December again, and we are in the same place on the graph.
On the other hand, I have also seen people who set goals year after year. Yes, if we are talking about short-term financial goals, it is okay to put them on the agenda annually.
Things change, however, when we talk about the important ones, which cannot be achieved in a year or two.
The plan remains the same, only the steps change.
Of course, if we have decided to increase income and/or reduce expenses – the two important aspects that it is preferable to do in parallel – then we adjust the plan.
Isn’t it too late to set big financial goals?
If you’re wondering if it’s too late to set big financial goals, or maybe too early – well, I recommend starting this process as early as possible in life. That’s because that’s when we have time. We may not have the money to achieve all the goals we set for ourselves, but we do have TIME.
That’s because when it comes to financial planning, we have two very important resources at our disposal:
✨ Time
✨ Money
If you are young and just starting out in the workforce, you will make the most of the time you have and start planning your important goals ✌️
I often hear “what is my goal for next year?”
Ok, we can have short-term financial goals, but what about long-term ones? What goals do I have in the years to come?
To help myself a little, I need to look back:
- To see what I did.
- What I achieved.
- What I am proud of.
- To see what I should have done and didn’t do.
At the same time, it is necessary to look back and realize what needs and desires we have. What is important to us.
I say this because I often see how people take on other people’s goals – from their parents, extended family, friends, society, etc.
“It’s good to…”
It’s good to have a house. Why? Maybe you don’t even want your own house. You need to see what you need.
Why do we need to put those important financial goals on paper (especially)?
Because they involve a greater financial effort, they cost more. And you need to allocate both money and time to achieve them. Be sure to introduce the work to achieve these goals into your routine. This is true, only if they correspond to your values, if they are current.
And the reverse is also true: don’t change a big goal just because it’s fashionable to make plans. If your desires remain the same, just adjust – see what steps will take you even closer to achieving them.
Why do you work?
It is necessary to set goals because they answer the big question WHY?
Why do we work?
If you don’t know the answer to these questions, take a look at Maslow’s pyramid of needs. Analyze each step there and see what is needed for you. If you need to, write it down.
Take a few days for this – it’s a process of introspection, don’t rush it.
I also recommend a very simple exercise in this direction:
Draw a horizontal line on a piece of paper and then mark a few milestones. What do you need to achieve at 25, at 30, at 35, 40 – or go from ten to ten years. Go beyond 70 even. Think even further.
Also imagine what that period after retirement will look like, when you will have time. How much money will you need to support yourself and maintain the lifestyle you love?
Think of the goal setting process as something long-term.
Not just for the next YEAR, but for the next YEARS.
I would love for you to tell me what these goals are for you and what steps you take, every day, to achieve them.
Don’t forget that we, at “Money Psychology”, can also help you in this direction. You can schedule a free 1:1 consultation with one of our consultants to see how we can support you, with the help of smart financial decisions, to achieve these important financial goals for you.
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