Before getting into the topic, let’s try to understand, why is it important to set financial goals?

Firstly, having a financial goal, sets a direction and dictates how much you need to save and for what purpose. And then You get to analyse your own priorities and decide exactly, what you think you should do with your hard-earned money.

Saving money is all well and good in theory. But what are you saving for? After all, money is just a tool. If you don’t have solid financial goals, you’re likely to spend, way more than you should actually be spending.

To start setting a goal, think about what you want to achieve and why. Then, assess where you are right now, to determine what you need to do to get there. It is difficult to decide on your financial goals, if you’re unaware of how much money you have or where it goes.


  1. The best way to start is by creating a budget. Having a budget in place helps you track and monitor the spending.
  2. Think of something you would like to achieve and set a goal.
  3. Once the goals are set, it’s important you categorize them, by how long it’ll take to save for and achieve.


Based on the time frame a goal can be short term, intermediate or long-term goals.

  • A Short-term financial goal can be saving money for vacation or building an emergency fund.
  • A Medium-term goal can include Paying off your debts within the next three to five years or to plan for higher education a few years down the line.
  • A Long-term financial goal can be anything like buying a house , accumulation of wealth or planning for retirement.


To achieve the goals effectively – you must,

  1. Set realistic goals and be clear about the objectives.
  2. In this process, respective cost for each goal must be determined, taking into consideration the time frame and inflation associated to it.
  3. Start saving more and invest wisely towards each goal.


This exercise offers you the opportunity to see what you prioritize, and it is important to review and revise those priorities periodically to see where you stand.

Once you’ve set these goals, you can follow the roadmap to achieve each of them. This in turn will ensure that, you have a secured financial future, in the coming decades of life that can help you retire in style and reach your financial goals successfully!

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