Making progress

Balancing your financial priorities as you start to plan for the future. 

Making Progress

Are you thinking about your financial future?

Think beyond a short, medium and long-term approach as you continue to balance life and build your wealth.

Setting your goals

Are you starting to think about your financial future? Managing your finances to create the life you want can seem overwhelming, but it doesn’t have to be if you take a short, medium and long-term approach. Follow the steps below and download our Financial Goals Tracker, it’ll help you set and monitor your goals.

Short-term goals

Focus first on the short-term (next 12 months). What life or financial goals do you want to achieve? Then, think about what money habits you need to change or introduce to meet these goals. For example:

  • move in with partner or friend to save on living expenses 
  • consider salary sacrificing some any extra income into super, you’ll thank yourself down the track 
  • plan some travel - include saving for holidays in your budget

Medium-term goals

Visualise what you want your life to look like over the next 2-5 years and start making choices that will benefit you in the longer term. For example:

  • want to buy your first home or investment property - save hard to secure your 20% deposit
  • thinking of starting a family- try living off one income, this will help you adapt to living on a new, smaller, budget and save for emergencies
  • build an investment portfolio - research your options and self-select or speak to a financial adviser

Long-term goals

Long-term goals can be 5 years or 25 years in the future. It can be tricky to plan so far ahead, that’s where a financial adviser can help. Examples include:

  • save for your child’s education with an education fund - raising a child to 17 years, costs approx. $300,000* - education savings funds are a tax effective option. 
  • retire debt free – pay off credit card debt, car loans and making extra mortgage repayments now
  • retire early or work less hours – use online calculators to work out how much you will need saved