Photography: Dean Mitchell
The most common financial goals are to own a car and a home, start a family, provide education for your future children, and in the distant future live a comfortable retirement. You might also have the many hopes and dreams together that you built with your fiancé, such as going for a family vacation at least once a year to a new exciting destination. Perhaps to have a romantic candle light dinner once a month to reinvigorate your love for each other, or to pay for a dance or sports club so that you can spend time and get fit together.
Whatever your goals are, list it down. Once you've shortlisted your life goals, put in a time frame of when you want to achieve each of it. Put a monetary value against each goal. Don't forget that the money we will spend in the future for that specific activity or product is not going to be the same we pay today.
When setting your financial goals, you might also want to consider the currency in which they will be spent. Expenses such as overseas holidays and education, for example, are goals that are denominated in foreign currency. Since we often earn in local currency, we will also need to make an estimate on the exchange rate for that foreign currency.
Once you've set your financial goals, you might ponder at times if it's achievable? The amount of money might seem insurmountable. Don't be discouraged; instead discipline yourself to saving your hard earned income and in investing your savings in a portfolio of investments. They can grow your money on rates exceeding inflation, and that's the key to achieving your financial goals.
But remember, your life goals are not set in stone, and your financial goals are not either. It is a desirable wish list that is also subject to change as you change too.
