Whether you want to buy a long-desired car with the money you’ve earned or plan to invest it in buying real estate or stocks…
…it’s important to get into the habit of managing your personal finances well.
Whether you want to buy a long-desired car with the money you’ve earned or plan to invest it in buying real estate or stocks, it’s important to get into the habit of managing your personal finances well. Quality setting of personal financial goals can help you in this. In this way, it will be easier to achieve what you have planned because you will have an idea of what you are saving the earned money for at all times, and you can efficiently redistribute the rest of the money to current expenses or other needs.
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Sort your goals into time categories
By putting your goals in certain categories, you will find it easier to navigate within your financial possibilities. So divide everything you plan to realize in the future into short-term (up to 3 months), medium-term (from 3 months to 5 years), and long-term goals (more than 5 years), depending on your income and monthly expenses.
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Example of a short-term goal:
“Next month I will buy new sports clothes worth USD 80, which I need for training.”
With a short-term goal, you don’t need a lot of time or money to achieve it because it doesn’t jump too far outside of your current financial capabilities.
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Example of a medium-term goal:
“In two years I will buy a new car worth USD 8,000.”
With a medium-term goal, you need a few more months to save the amount of money needed to achieve the goal.
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Example of a long-term goal:
” In seven years, I will buy a house with my family .”
You set long-term goals for larger investments, such as buying a new home for you and your family.
Set priorities
We live in turbulent times that are often prone to financial crises. Regardless of external factors, you may encounter unexpected expenses in life. At that moment, it is important to weigh priorities. This means that temporarily until your financial situation allows you to do so again, you will not set aside money for savings for the least priority goal. For example: “This month, I will not save HRK 700 for a trip to New York because I have to buy a new car battery.”
Be consistent
When realizing the set goals, it is important to be persistent and consistent. Of course, as mentioned, you will most likely encounter unexpected expenses in life that will temporarily put your goals on hold. By clearly visualizing your goals, and even if you have them written down somewhere, you will be more motivated in your plan and you will have a reminder at all times of what you are saving your hard-earned money for and thus reduce the possibility of spending money on other unnecessary things.